<SEC-DOCUMENT>0001213900-23-068723.txt : 20230818
<SEC-HEADER>0001213900-23-068723.hdr.sgml : 20230818
<ACCEPTANCE-DATETIME>20230818083516
ACCESSION NUMBER:		0001213900-23-068723
CONFORMED SUBMISSION TYPE:	10-12B/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20230818
DATE AS OF CHANGE:		20230818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Safe & Green Development Corp
		CENTRAL INDEX KEY:			0001959023
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				871375590
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-12B/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41581
		FILM NUMBER:		231183819

	BUSINESS ADDRESS:	
		STREET 1:		5011 GATE PARKWAY
		STREET 2:		BUILDING 100
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32256
		BUSINESS PHONE:		(646) 240-4235

	MAIL ADDRESS:	
		STREET 1:		5011 GATE PARKWAY
		STREET 2:		BUILDING 100
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32256
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-12B/A
<SEQUENCE>1
<FILENAME>ea183571-1012ba6_safe.htm
<DESCRIPTION>AMENDMENT NO. 6 TO FORM 10-12B
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As Filed with the Securities and Exchange
Commission on August 18, 2023</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>File No. 001-41581</B> </P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><FONT STYLE="font-size: 10pt"></FONT></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 14pt"><B>AMENDMENT
NO. 6 TO</B></FONT> </P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>
<FONT STYLE="font-size: 14pt">FORM 10</FONT></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL FORM FOR REGISTRATION OF SECURITIES<BR>
Pursuant to Section&nbsp;12(b) or (g)&nbsp;of the Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SAFE AND GREEN
DEVELOPMENT CORPORATION</B></FONT><FONT STYLE="font-size: 10pt"><BR>
(Exact name of Registrant as specifie<FONT STYLE="font-family: Times New Roman, Times, Serif">d in its charter)</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87-1375590</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. employer<BR>
    identification number)</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">990
                                            Biscayne Blvd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">#501, Office 12</P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">Miami, FL</P></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33132</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    code)</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(904) 496-0027</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Registrant&rsquo;s telephone number,
including area code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities to be registered pursuant to Section&nbsp;12(b) of the
Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Title of Each Class to
    be so Registered</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt"><B></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name
    of Each Exchange on which<BR>
    Each Class is to be Registered</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities to be registered pursuant to Section&nbsp;12(g) of the
Act:&nbsp;<B>None</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;CROSS-REFERENCE SHEET BETWEEN INFORMATION
STATEMENT AND ITEMS OF FORM 10</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain information required to be included herein is incorporated
by reference to specifically identified portions of the body of the information statement filed herewith as Exhibit&nbsp;99.1. None of
the information contained in the information statement shall be incorporated by reference herein or deemed to be a part hereof unless
such information is specifically incorporated by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Special Note Regarding Forward-Looking Statements,&rdquo; &ldquo;Information
Statement Summary,&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;The Separation and Distribution,&rdquo; &ldquo;Capitalization,&rdquo; &ldquo;Unaudited
Pro Forma Financial Statements,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations,&rdquo;
&ldquo;Business,&rdquo; &ldquo;Management,&rdquo; &ldquo;Executive and Director Compensation,&rdquo; &ldquo;Certain Relationships and
Related Party Transactions,&rdquo; &ldquo;Where You Can Find More Information,&rdquo; and &ldquo;Index to Financial Statements&rdquo;
(and the statements referenced therein). Those sections are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1A. Risk Factors.</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required by this item is contained under the section
of the information statement entitled &ldquo;Risk Factors.&rdquo; That section is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Financial Information.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Capitalization,&rdquo; &ldquo;Unaudited Pro Forma Financial Statements,&rdquo;
&ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations,&rdquo; and &ldquo;Index to Financial
Statements&rdquo; (and the financial statements referenced therein). Those sections are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Properties.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the section of the information statement entitled &ldquo;Business.&rdquo; That section is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Security Ownership of Certain Beneficial Owners and Management.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the section of the information statement entitled &ldquo;Security Ownership of Certain Beneficial Owners and Management.&rdquo;
That section is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Directors and Executive Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the section of the information statement entitled &ldquo;Management.&rdquo;&nbsp; That section is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Executive Compensation.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Executive and Director Compensation.&rdquo; Those sections are incorporated
herein by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Certain Relationships and Related Transactions, and Director
Independence.</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required by this item is contained
under the sections of the information statement entitled &ldquo;The Separation and Distribution&mdash;Agreements with SG Holdings,&rdquo;
&ldquo;Management&rdquo; and &ldquo;Certain Relationships and Related Party Transactions.&rdquo; Those sections are incorporated herein
by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Legal Proceedings.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the section of the information statement entitled &ldquo;Business&mdash;Legal Proceedings.&rdquo; That section is incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Market Price of and Dividends on the Registrant&rsquo;s
Common Equity and Related Stockholder Matters.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Risk Factors,&rdquo; &ldquo;The Separation and Distribution,&rdquo; &ldquo;Dividend
Policy,&rdquo; &ldquo;Capitalization,&rdquo; &ldquo;Executive and Director Compensation,&rdquo; and &ldquo;Description of Capital Stock.&rdquo;
Those sections are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10. Recent Sales of Unregistered Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the section of the information statement entitled &ldquo;Description of Capital Stock&mdash;Sale of Unregistered Securities.&rdquo;
That section is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 11. Description of Registrant&rsquo;s Securities to Be Registered.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Risk Factors&mdash;Risks Related to Our Common Stock,&rdquo; &ldquo;Dividend
Policy,&rdquo; and &ldquo;Description of Capital Stock.&rdquo; Those sections are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12. Indemnification of Directors and Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Certain Relationships and Related Party Transactions&mdash;Other Related
Party Transactions&rdquo; and &ldquo;Description of Capital</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stock&rdquo; Those sections are incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Financial Statements and Supplementary Data.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Unaudited Pro Forma Financial Statements,&rdquo; &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations,&rdquo; and &ldquo;Index to Financial Statements&rdquo; (and
the statements referenced therein). Those sections are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>(a) Financial Statements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this item is contained
under the sections of the information statement entitled &ldquo;Unaudited Pro Forma Financial Statements&rdquo; and &ldquo;Index to Financial
Statements&rdquo; (and the financial statements referenced therein). Those sections are incorporated herein by reference.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents are filed as exhibits hereto:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 9%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1%"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023053065/ea181143ex2-1_safeandgreen.htm">Form of Separation and Distribution Agreement by and between Safe &amp; Green Holdings Corp. and the Registrant</A></FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1**</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="ea183571ex3-1_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Amended and Restated Certificate of Incorporation</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex3-2_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.2 to the Amendment No. 1 to Form 10 Registration Statement
    as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-1_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Shared Services Agreement by and between Safe &amp; Green Holdings Corp. and the Registrant (incorporated herein by reference
    to Exhibit 10.1 to the Amendment No. 1 to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange
    Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-2_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Tax Matters Agreement by and between Safe &amp; Green Holdings Corp. and the Registrant (incorporated herein by reference to Exhibit
    10.2 to the Amendment No. 1 to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission
    on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-3_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Indemnification Agreement to be entered into between the Registrant and each of its directors and executive officers (incorporated
    herein by reference to Exhibit 10.3 to the Amendment No. 1 to Form 10 Registration Statement as filed by the Registrant with the
    Securities and Exchange Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390022082588/ea170280ex10-4_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fabrication
    Agreement by and between SG Echo, LLC and the Registrant (incorporated herein by reference to Exhibit 10.4 to the Form 10 Registration
    Statement as filed by the Registrant with the Securities and Exchange Commission on December 23, 2023 (File No. 001-41581)&nbsp;</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5#+</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-5_safeandgreen.htm">Form
    of 2023 Incentive Compensation Plan (incorporated herein by reference to Exhibit 10.5 to the Amendment No. 2 to Form 10 Registration
    Statement as filed by the Registrant with the Securities and Exchange Commission on May 1, 2023 (File No. 001-41581)</A></FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-6_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewal
    &amp; Extension of Real Estate Note and Lien between the Registrant and Weinritter Realty, LP (incorporated herein by reference to
    Exhibit 10.6 to the Amendment No. 1 to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange
    Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-7_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second
    Lien Deed of Trust between the Registrant and Weinritter Realty, LP (incorporated herein by reference to Exhibit 10.7 to the Amendment
    No. 1 to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023
    (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-8_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory
    Note between the Registrant and Palermo Lender LLC (incorporated herein by reference to Exhibit 10.8 to the Amendment No. 1 to Form
    10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-9_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory
    Note between the Registrant and SG Blocks, Inc. (incorporated herein by reference to Exhibit 10.9 to the Amendment No. 1 to Form
    10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 9%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1%"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-10_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    Agreement of JDI Cumberland Inlet, LLC (incorporated herein by reference to Exhibit 10.10 to the Amendment No. 1 to Form 10 Registration
    Statement as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023 (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-11_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Operating Agreement of Norman Berry II Owners, LLC (incorporated herein by reference to Exhibit 10.11 to the Amendment
    No. 1 to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023
    (File No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023008268/ea172633ex10-12_safeandgreen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment
    Agreement, dated February 3, 2023, with David Villarreal (incorporated herein by reference to Exhibit 10.12 to the Amendment No.
    1 to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission on February 6, 2023 (File
    No. 001-41581)&nbsp;</FONT></A> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13#+</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-13_safeandgreen.htm">Employment
    Agreement, dated February 14, 2023, with Nicolai Brune (incorporated herein by reference to Exhibit 10.13 to the Amendment No. 2
    to Form 10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission on May 1, 2023 (File No.
    001-41581)</A></FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0.8pt 0pt 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-14_safeandgreen.htm">Loan
                                            Agreement, dated March 30, 2023, between LV Peninsula Holding LLC and Austerra Stable Growth
                                            Fund, LP (incorporated herein by reference to Exhibit 10.14 to the Amendment No. 2 to Form
                                            10 Registration Statement as filed by the Registrant with the Securities and Exchange Commission
                                            on May 1, 2023 (File No. 001-41581)</A> </P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0.8pt 0pt 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-15_safeandgreen.htm">Promissory
                                            Note, issued by LV Peninsula Holding LLC, dated March 30, 2023 (incorporated herein by reference
                                            to Exhibit 10.15 to the Amendment No. 2 to Form 10 Registration Statement as filed by the
                                            Registrant with the Securities and Exchange Commission on May 1, 2023 (File No. 001-41581)</A> </P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0.8pt 0pt 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-16_safeandgreen.htm">Deed
                                            of Trust and Security Agreement, dated March 30, 2023 (incorporated herein by reference to
                                            Exhibit 10.16 to the Amendment No. 2 to Form 10 Registration Statement as filed by the Registrant
                                            with the Securities and Exchange Commission on May 1, 2023 (File No. 001-41581)</A> </P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0.8pt 0pt 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-17_safeandgreen.htm">Assignment
                                            of Contract Rights, dated March 30, 2023 (incorporated herein by reference to Exhibit 10.17
                                            to the Amendment No. 2 to Form 10 Registration Statement as filed by the Registrant with
                                            the Securities and Exchange Commission on May 1, 2023 (File No. 001-41581)</A> </P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0.8pt 0pt 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-18_safeandgreen.htm">Mortgage,
                                            dated March 30, 2023 (incorporated herein by reference to Exhibit 10.18 to the Amendment
                                            No. 2 to Form 10 Registration Statement as filed by the Registrant with the Securities and
                                            Exchange Commission on May 1, 2023 (File No. 001-41581)</A> </P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023034583/ea177498ex10-19_safeandgreen.htm">Guaranty,
    dated March 30, 2023 (incorporated herein by reference to Exhibit 10.19 to the Amendment No. 2 to Form 10 Registration Statement
    as filed by the Registrant with the Securities and Exchange Commission on May 1, 2023 (File No. 001-41581)</A></FONT> </TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">10.20#</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"> <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023053065/ea181143ex10-20_safeandgreen.htm">Loan Agreement, dated as of June 16, 2023, between Registrant and BCV S&amp;G DevCorp</A></FONT> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023053065/ea181143ex10-21_safeandgreen.htm">Escrow Agreement, dated as of June 21, 2023, among Registrant, Bridgeline Capital Partners S.A, acting on behalf BCV S&amp;G DevCorp, and American Stock Transfer &amp; Trust Company, LLC, as Escrow Agent</A></FONT></P></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22**</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: #CCEEFF"><A HREF="ea183571ex10-22_safeandgreen.htm">Note Cancellation Agreement, effective as of July 1, 2023, by and between Safe &amp; Green Holdings Corp. and Safe and Green Development Corporation</A></FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23**</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea183571ex10-23_safeandgreen.htm">Promissory Note, in the principal amount of $908,322.95, in favor of Safe and Green Development Corporation</A></FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023065463/ea183219ex21-1_safeandgreen.htm">Subsidiaries
    of the Registrant</A></FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1**</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea183571ex99-1_safeandgreen.htm">Information Statement of Safe and Green Development Corporation preliminary and subject to completion</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2#</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390023065463/ea183219ex99-2_safeandgreen.htm">Form
    of Notice of Internet Availability of Information Statement</A></FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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> ** </TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> # </P>
</TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously filed</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management contract or compensatory plan or arrangement.</FONT></TD></TR>
  </TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt">Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt">&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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SAFE AND GREEN DEVELOPMENT CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0.7pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David Villarreal</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Villarreal</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT> </TD>
    <TD STYLE="padding-right: 0.75pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Chief Executive Officer</FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt"> Date: August 18, 2023 </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ea183571ex3-1_safeandgreen.htm
<DESCRIPTION>FORM OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 3.1</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safe
and Green Development Corporation, a corporation organized and existing under the laws of the State of Delaware,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOES
HEREBY CERTIFY:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 9pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1. </B>The
name of this Corporation is &ldquo;Safe and Green Development Corporation.&rdquo; The original Certificate of Incorporation was
filed with the Secretary of State of the State of Delaware on<BR> February 17, 2021. The name under which this corporation was
originally incorporated was SGB Development Corp. A Certificate of Amendment to the corporation&rsquo;s Certificate of Incorporation
was filed with the Secretary of State of the State of Delaware on December 16, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 9pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2. </B>This
Amended and Restated Certificate of Incorporation (&ldquo;<B><I>Restated Certificate</I></B>&rdquo;) was duly adopted by the Board
of Directors and the stockholders of the corporation in accordance with Sections 228, 242 and 245 of the General Corporation Law of
the State of Delaware.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3. </B>This
Restated Certificate restates and amends the original Certificate of Incorporation, as it was amended on December 16, 2022, to read
in its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
name of this Corporation is Safe and Green Development Corporation (the &ldquo;<B><I>Corporation</I></B>&rdquo;).</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of the registered office of the Corporation in the State of Delaware shall be located at 1209 Orange Street, Wilmington, Delaware
19801, County of New Castle. The name of the Corporation&rsquo;s registered agent at such address is The Corporation Trust Company.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of this corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation
Law of the State of Delaware or any applicable successor act thereto, as the same may be amended from time to time (&ldquo;<B><I>DGCL</I></B>&rdquo;).</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B>
This Corporation is authorized to issue two classes of stock to be designated, respectively, &ldquo;<B><I>Common
Stock</I></B>&rdquo; and &ldquo;<B><I>Preferred Stock</I></B>.&rdquo; The total number of shares which the Corporation is authorized
to issue is Fifty-Five Million (55,000,000) shares. Fifty Million (50,000,000) shares shall be Common Stock, each having a par value
of $0.001; and Five Million (5,000,000) shares shall be Preferred Stock, each having a par value of $0.001.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B>
The Preferred Stock may be issued from time to time in one or more series. The Board of Directors is hereby expressly authorized to
provide for the issue of all of any of the shares of the Preferred Stock in one or more series, and to fix the number of shares and
to determine or alter for each such series, such voting powers, full or limited, or no voting powers, and such designation,
preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions thereof,
as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issuance of
such shares and as may be permitted by the DGCL. The Board of Directors is also expressly authorized to increase or decrease the
number of shares of any series subsequent to the issuance of shares of that series, but not below the number of shares of such
series then outstanding. In case the number of shares of any series shall be decreased in accordance with the foregoing sentence,
the shares constituting such decrease shall resume the status that they had prior to the adoption of the resolution originally
fixing the number of shares of such series. The number of authorized shares of Preferred Stock may be increased or decreased (but
not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of
the stock of the Corporation entitled to vote thereon, without a separate vote of the holders of the Preferred Stock, or of any
series thereof, unless a vote of any such holders is required pursuant to the terms of any certificate of designation filed with
respect to any series of Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B>
Shares of Common Stock and Preferred Stock may be issued from time to time as the Board of Directors shall determine, and on such
terms and for such consideration as shall be fixed by the Board of Directors.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the management of the business and for the conduct of the affairs of the Corporation, and in further definition, limitation and regulation
of the powers of the Corporation, of its directors and of its stockholders or any class thereof, as the case may be, it is further provided
that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Board of Directors</B><FONT STYLE="font-variant: small-caps">.</FONT> The management of the business and the conduct of the affairs
of the Corporation shall be vested in its Board of Directors. The number of directors which shall constitute the Board of Directors
shall be fixed exclusively by resolutions adopted by a majority of the authorized number of directors constituting the Board of
Directors. In no event shall the number of directors be less than the minimum prescribed by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Election of Directors</B>. The directors, other than those who may be elected by the holders of any series of Preferred Stock under
specified circumstances, shall be divided into three classes designated as Class I, Class II and Class III, respectively. The Board
of Directors is authorized to assign members of the Board of Directors already in office to such classes at the time the
classification becomes effective. At the first annual meeting of stockholders following the initial classification of the Board of
Directors, the term of office of the Class I directors shall expire and Class I directors shall be elected for a full term of three
years. At the second annual meeting of stockholders following such initial classification, the term of office of the Class II
directors shall expire and Class II directors shall be elected for a full term of three years. At the third annual meeting of
stockholders following such initial classification, the term of office of the Class III directors shall expire and Class III
directors shall be elected for a full term of three years. At each succeeding annual meeting of stockholders, directors shall be
elected for a full term of three years to succeed the directors of the class whose terms expire at such annual meeting. The
directors of the Corporation need not be elected by written ballot unless the Bylaws so provide. Directors need not be stockholders
of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Removal of Directors<FONT STYLE="font-variant: small-caps">.</FONT></B> Subject to the rights of holders of any series of Preferred
Stock to elect additional directors under specified circumstances, neither the Board of Directors nor any individual director may be
removed without cause. Subject to the rights of holders of any series of Preferred Stock or any limitation imposed by law, any
individual director or directors may be removed from office at any time with cause by the affirmative vote of the holders of at
least a majority of the voting power of all then outstanding shares of capital stock of the corporation entitled to vote generally
at an election of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Vacancies</B><FONT STYLE="font-variant: small-caps">. </FONT>Subject to any limitations imposed by applicable law and subject to the
rights of the holders of any series of Preferred Stock, any vacancies on the Board of Directors resulting from death, resignation,
disqualification, removal or other causes and any newly created directorships resulting from any increase in the number of
directors, shall, unless the Board of Directors determines by resolution that any such vacancies or newly created directorships
shall be filled by the stockholders and except as otherwise provided by applicable law, be filled only by the affirmative vote of a
majority of the directors then in office, even though less than a quorum of the Board of Directors, and not by the stockholders. Any
director elected in accordance with the preceding sentence shall hold office for the remainder of the full term of the director for
which the vacancy was created or occurred and until such director&rsquo;s successor shall have been elected and
qualified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.
Bylaw Amendments</B><FONT STYLE="font-variant: small-caps">.</FONT> The Board of Directors is expressly empowered to adopt, amend or
repeal the Bylaws of the Corporation<FONT STYLE="font-variant: small-caps">.</FONT> Any adoption, amendment or repeal of the Bylaws
of the Corporation by the Board of Directors shall require the approval of a majority of the authorized number of directors<FONT STYLE="font-variant: small-caps">. </FONT>The
stockholders shall also have power to adopt, amend or repeal the Bylaws of the Corporation; <I><U>provided</U>, <U>however</U>, </I>that,
in addition to any vote of the holders of any class or series of stock of the Corporation required by law or by this Certificate of
Incorporation, such action by stockholders shall require the affirmative vote of the holders of at least sixty-six and two-thirds
percent (66 2/3%) of the voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote
generally in the election or directors, voting together as a single class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.
Stockholder Nominations</B>. Advance notice of stockholder nominations for the election of directors and of business to be brought
by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws of the
Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.
Committees of the Board of Directors</B>. Pursuant to the Bylaws the Board of Directors may establish one or more committees of the
Board of Directors to which may be delegated any or all of the powers and duties of the Board of Directors to the full extent
permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.
Written Consent</B>. No action shall be taken by the stockholders by written consent or electronic transmission.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIMITATION
OF LIABILITY OF DIRECTORS AND OFFICERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
director or officer of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director or officer, as applicable, except to the extent such an exemption from liability or limitation thereof is not permitted
under the DGCL, or as the same my hereafter be amended. No amendment to or repeal of this provision shall apply to or have any effect
on the liability or alleged liability of any director or officers of the Corporation for or with respect to any acts or omissions or
such director or officer occurring prior to such amendment or repeal. If applicable law is amendment after approval by the stockholders
of this Article VI to authorize corporate action further eliminating or limited the personal liability of directors, then the liability
of a director or officer to the Corporation shall be eliminated or limited to the fullest extent under applicable law as so amended.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORUM
FOR ADJUDICATION OF DISPUTES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the Corporation consents in writing to the selection of an alternative forum, (A) the Court of Chancery of the State of Delaware shall,
to the fullest extent permitted by law, be the sole and exclusive forum for the following actions (unless such court does not have subject
matter jurisdiction thereof, in which case the federal district court of the State of Delaware shall be the sole and exclusive forum):
(1) any derivative action or proceeding brought on behalf of the Corporation; (2) any action asserting a claim of breach of a fiduciary
duty owed by any current or former director, officer or other employee of the Corporation to the Corporation or the Corporation&rsquo;s
stockholders; (3) any action asserting a claim arising pursuant to any provision of the DGCL, the Corporation&rsquo;s Certificate of
Incorporation or the Bylaws of the Corporation (as either may be amended or restated) or as to which the DGCL confers jurisdiction on
the Court of Chancery of the State of Delaware; or (4) any action asserting a claim against the Corporation or any director or officer
or other employee of the Corporation governed by the internal affairs doctrine of the law of the State of Delaware; and (B) the federal
district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act of 1933, as amended. Notwithstanding the foregoing, this Article VII shall not apply to claims seeking to enforce
any liability or duty created by the Securities Exchange Act of 1934, as amended. To the fullest extent permitted by law, any person
or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to
have notice of and consented to the provisions of this Article VII.&nbsp;</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, this Restated Certificate has been executed by a duly authorized officer of this Corporation on this [&nbsp;&nbsp;&nbsp;] day of
[&nbsp;&nbsp;&nbsp;], 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-transform: uppercase">Safe and Green Development Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</P>

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<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>3
<FILENAME>ea183571ex10-22_safeandgreen.htm
<DESCRIPTION>NOTE CANCELLATION AGREEMENT, EFFECTIVE AS OF JULY 1, 2023, BY AND BETWEEN SAFE & GREEN HOLDINGS CORP. AND SAFE AND GREEN DEVELOPMENT CORPORATION
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.22</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
CANCELLATION AGREEMENT</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note Cancellation Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is entered into August 9, 2023, effective as of July 1, 2023 (the &ldquo;<B>Effective
Date</B>&rdquo;), by and between Safe &amp; Green Holdings Corp. (the &ldquo;<B>Lender</B>&rdquo;) and Safe and Green Development Corporation
(the &ldquo;<B>Borrower</B>&rdquo;). Borrower and Lender may be referred to individually as a &ldquo;<B>Party</B>&rdquo; or collectively
as the &ldquo;<B>Parties</B>&rdquo;.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Borrower is indebted to Lender as evidenced by that certain Promissory Note dated December 19, 2021, made by Borrower in favor of Lender
in the amount of <B>FOUR MILLION TWO HUNDRED THOUSAND DOLLARS ($4,200,000.00)</B> (the &ldquo;<B>Note</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Borrower has made payments on the Note, which have been accepted and applied to the balance by Lender, with the current balance of the
Note being <B>FOUR MILLION DOLLARS AND 00/100 ($4,000,000.00)</B> (the &ldquo;<B>Balance</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Borrower and Lender have mutually agreed to cancel and forgive the remaining Balance of the Note, being, according to the terms and conditions
set forth herein.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cancellation
                                            of Promissory Note</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parties agree and affirm that as of the Effective Date the Balance shall be forgiven by Lender in its entirety and Borrower shall have
no further obligation to Borrower with respect to the Note.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ratification</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parties acknowledge, agree and represent that this Agreement is a legal, valid and binding obligation and is binding upon it according
with its terms, that it has the corporate authority to enter into this Agreement, and that it has obtained all corporate approvals necessary
to enter into this Agreement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that Borrower and/or Lender has any claims, offsets, defenses to or counterclaims against the other, the same are hereby irrevocably
waived and released in their entirety.</FONT></P>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Applicable
                                            Law</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement, and all matters relating hereto or arising therefrom, shall be construed and enforced in accordance with the laws of the state
of New York, without regard to conflicts of laws principles. Borrower and Lender hereby consent to the exclusive jurisdiction of the
state and federal courts located in the state of New York and irrevocably here that all actions or proceedings arising out of or relating
to this Agreement shall be litigated in such courts.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent
                                            Advice</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Party hereby represents and warrants that it has had the opportunity to seek the advice of its own independent legal counsel and financial
advisors with respect to the provisions of this Agreement. Each Party represents to the other that in executing this Agreement, it has
read this Agreement, and such Party understands the terms of this Agreement and its significance. This Agreement shall be construed neutrally,
without regard to the party responsible for its preparation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement is entered into as of the date indicated above and effective as of the Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 49%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LENDER</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>BORROWER</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Safe &amp; Green Holdings Corp.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Safe and Green Development Corporation</FONT></TD></TR>
  </TABLE>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Tricia Kaelin</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Nicolai Brune</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tricia Kaelin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nicolai Brune</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">CFO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">CFO</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>4
<FILENAME>ea183571ex10-23_safeandgreen.htm
<DESCRIPTION>PROMISSORY NOTE, IN THE PRINCIPAL AMOUNT OF $908,322.95, IN FAVOR OF SAFE AND GREEN DEVELOPMENT CORPORATION
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.23</B></FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$908,322.95</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/9/2023</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
VALUE RECEIVED</B>, the undersigned (the &ldquo;<B>Maker</B>&rdquo;), promises to pay on demand to the order of Safe and Green Development
Corporation (the &ldquo;<B>Payee</B>&rdquo;) the principal sum of <B>NINE HUNDRED EIGHT THOUSAND THREE HUNDRED TWENTY-TWO DOLLARS AND
95/100 ($908,322.95)</B>, without interest, in lawful money of the United States of America unless Payee agrees to another form of payment.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Presentment,
                                            demand, protest or notice of any kind are hereby waived by the Maker. Maker may not set off
                                            against any amounts due to Payee hereunder any claims against Payee or other amounts owed
                                            by Payee.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event this Note is not paid when due, the Payee may proceed to protect and enforce its
                                            rights either by suit in equity and/or by action at law, or by other appropriate proceedings.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Maker agrees to pay all reasonable costs of collection, including attorney&rsquo;s fees which
                                            may be incurred in the collection of this Note or any portion thereof and, in case an action
                                            is instituted for such purposes, the amount of all attorneys&rsquo; fees shall be such amount
                                            as the court shall adjudge reasonable.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Note is made and delivered in, and shall be governed, construed and enforced under the laws
                                            of the State of New York.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            delay or omission of the Payee to exercise any right hereunder, whether before or after the
                                            happening of any event of default, shall impair any such right or shall operate as a waiver
                                            thereof or of any event of default hereunder nor shall any single or partial exercise thereof
                                            preclude any other or further exercise thereof, or the exercise of any other right. This
                                            Note shall be subject to prepayment, at the option of the Maker, in whole or in part, at
                                            any time and from time to time, without premium or penalty.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Note or any benefits or obligations hereunder may not be assigned or transferred by the Maker.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MAKER</B>:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safe &amp; Green Holdings Corp.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tricia Kaelin</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tricia Kaelin</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ea183571ex99-1_safeandgreen.htm
<DESCRIPTION>INFORMATION STATEMENT OF SAFE AND GREEN DEVELOPMENT CORPORATION PRELIMINARY AND SUBJECT TO COMPLETION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-1_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_____, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Safe &amp; Green Holdings Corp. Stockholder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, we announced our plan to separate
into two separate publicly traded companies. To implement the separation, we will distribute 30% of the outstanding shares of common
stock of Safe and Green Development Corporation (&ldquo;SG DevCo&rdquo;) to our stockholders on a pro rata basis as a distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each stockholder of Safe &amp; Green Holdings
Corp. (&ldquo;SG Holdings&rdquo;) as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2023, the record date for the distribution, will receive approximately 0.94 shares of SG DevCo
common stock for every five (5) shares of SG Holdings common stock held as of the close of business on the record date, as well as a cash
payment in lieu of any fractional shares. SG DevCo common stock will be issued in book-entry form only, which means that no physical share
certificates will be issued. You do not need to take any action to receive shares of SG DevCo to which you are entitled as a SG Holdings
stockholder, and you do not need to pay any consideration or surrender or exchange your SG Holdings common stock. &nbsp;Following the
consummation of the distribution, you will own common stock in both SG Holdings and SG DevCo.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separation of SG DevCo from SG Holdings and
the distribution of SG DevCo common stock is intended, among other things, to enable the management of the two companies to pursue opportunities
for long-term growth and profitability unique to each company&rsquo;s business and to allow each business to more effectively implement
its own distinct capital structure and capital allocation strategies. SG Holdings is expected to continue developing, designing and fabricating
modular structures. SG DevCo will focus on real estate development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SG Holdings Board of Directors believes that,
following the spin-off, the combined value of SG Holdings&rsquo; common stock and SG DevCo&rsquo;s common stock could, over time and
assuming similar market conditions, be greater than the value of SG Holdings&rsquo; common stock had the spin-off not occurred. With
two separate public companies having distinct business models and investment characteristics, investors will have the opportunity to
value each against distinct sets of peers and investment metrics. This has the potential to increase the overall valuation of the companies,
thus unlocking stockholder value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We encourage you to read the attached information
statement, which is being provided to all SG Holdings stockholders that held shares on the record date for the distribution. The information
statement describes the distribution in respect of SG DevCo in detail, material tax consequences and contains important business and
financial information about SG DevCo. The included financial statements of SG DevCo are prepared from SG Holdings&rsquo; historical accounting
records and contain certain allocations of SG Holdings&rsquo; costs as required, and we encourage you to read them together with the
pro&nbsp;forma financial information included in the attached information statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the separation provides tremendous
opportunities for our businesses, as we work to continue to build long-term value. We appreciate your continuing support of SG Holdings.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Paul M. Galvin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Executive Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Safe &amp; Green Holdings Corp.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-1_002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_____, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Future Safe and Green Development Corporation Stockholder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Safe and Green Development Corporation
(&ldquo;SG DevCo&rdquo;) it is my great privilege to welcome you as a future stockholder of our company. Following our separation from
Safe &amp; Green Holdings Corp. (&ldquo;SG Holdings&rdquo;), we will operate as a separate publicly traded company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG DevCo is a real estate developer which has
been and intends on continuing to engage primarily in the acquisition, development, management, sale and leasing of green single or multi-family
projects nationally. We plan to construct many of the developments using modular structures constructed by SG Holdings. In addition to
these development projects, we intend, subject to our ability to raise sufficient capital, to build strategically placed manufacturing
facilities. We expect to begin to break ground on several projects in 2023.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separation will create two companies with
more focused, aligned businesses, which will allow each company to more effectively articulate a clear investment thesis to attract a
long-term investor base suited to its business and the industries in which it operates and serves. We believe that each company will
benefit from the investment community&rsquo;s ability to value its businesses independently within the context of its particular industry
with the anticipation that, over time, the aggregate market value of the companies will be higher, assuming the same market conditions,
than if SG Holdings were to remain under its current configuration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We invite you to learn more about our company
by reading the enclosed information statement, which details our strategy and plans for near and long-term growth to generate value for
our stockholders. We are excited about our future as a separate company, and we look forward to your support as a Safe and Green Development
Corporation stockholder as we begin this new and exciting chapter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&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: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">David Villarreal</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Safe and Green Development Corporation</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Red"><B>Information
contained herein is subject to completion or amendment. A registration statement on Form 10 relating to these securities has been filed
with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>Preliminary and Subject to Completion,
dated August 18, 2023</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-1_002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Safe and Green Development
Corporation </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This information statement is being furnished
in connection with the distribution by Safe &amp; Green Holdings Corp. (&ldquo;SG Holdings&rdquo;), to its stockholders of 30% of the
outstanding shares of common stock of Safe and Green Development Corporation (&ldquo;SG DevCo&rdquo;), a wholly owned subsidiary of SG
Holdings, that holds the assets and liabilities associated with SG Holdings&rsquo; real estate development business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to apply to have our common stock listed
on the Nasdaq Capital Market as of the effective date of the distribution of our common stock to the stockholders of SG Holdings. For
every five (5) shares of common stock of SG Holdings held of record by you as of the close of business on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, the record
date for the distribution, you will receive approximately 0.94 shares of our common stock.&nbsp;The distribution will generally be taxable
to stockholders for U.S. federal income tax purposes. See &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo; The distribution
is expected to be completed on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, the distribution date. Immediately after SG Holdings completes the distribution,
we will be a separate publicly traded company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No vote or other action is required by you to
receive shares of our common stock. You will not be required to pay anything for the new shares or to surrender any of your shares of
SG Holdings common stock. We are not asking you for a proxy, and you should not send us a proxy or your share certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There currently is no trading market for our
common stock. Assuming the Nasdaq Capital Market authorizes our common stock for listing, we anticipate that a limited market, commonly
known as a &ldquo;when-issued&rdquo; trading market, for our common stock will commence on or shortly before the record date for the
distribution and will continue until the distribution of our common stock to SG Holdings stockholders. We expect the &ldquo;regular-way&rdquo;
trading of our common stock will begin on the first trading day following the completion of the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements.
See &ldquo;Business&mdash;Emerging Growth Company.&rdquo; &nbsp;In addition, we will be a &ldquo;controlled company&rdquo; within the
meaning of the corporate governance rules of the Nasdaq Stock Market due to SG Holding&rsquo;s anticipated 70% ownership interest in
us immediately following the completion of the distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>In reviewing this information statement, you
should carefully consider the matters described under the caption &ldquo;Risk Factors&rdquo; beginning on page 13.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This information statement does not constitute
an offer to sell or the solicitation of an offer to buy any securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this information
statement is [&nbsp;&nbsp; ] 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This information statement was first made available
to SG Holdings stockholders on or about [&nbsp;&nbsp; ] 2023.</P>

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

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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#D_001">ABOUT THIS INFORMATION STATEMENT</A></TD>
    <TD STYLE="width: 10%; text-align: center">1</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_002">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_003">QUESTIONS AND ANSWERS ABOUT THE SEPARATION AND DISTRIBUTION</A></TD>
    <TD STYLE="text-align: center">5</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_004">INFORMATION STATEMENT SUMMARY</A></TD>
    <TD STYLE="text-align: center">9</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_005">RISK FACTORS</A></TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_006">THE SEPARATION AND DISTRIBUTION</A></TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_007">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_008">CAPITALIZATION</A></TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_009">UNAUDITED PRO FORMA FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_010">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_011">BUSINESS</A></TD>
    <TD STYLE="text-align: center">49</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_012">MANAGEMENT</A></TD>
    <TD STYLE="text-align: center">55</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_013">CORPORATE GOVERNANCE</A></TD>
    <TD STYLE="text-align: center">58</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_014">EXECUTIVE AND DIRECTOR COMPENSATION</A></TD>
    <TD STYLE="text-align: center">62</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_015">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></TD>
    <TD STYLE="text-align: center">66</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_016">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD>
    <TD STYLE="text-align: center">68</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_017">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</A></TD>
    <TD STYLE="text-align: center">70</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#D_018">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: center">73</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#D_019">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: center">79</TD></TR>
  <TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#e_001">INDEX TO FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="text-align: center">F-1</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="D_001"></A>ABOUT
THIS INFORMATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This information statement forms part of a registration
statement on Form 10 (File No. 001- 41581) filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), with respect to the
shares of our common stock to be distributed to SG Holdings stockholders in connection with the separation of SG Holdings and SG DevCo.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and SG Holdings have supplied all of the information
contained in this information statement relating to our respective companies. We and SG Holdings have not authorized anyone to provide
you with information other than the information that is contained in this information statement. We and SG Holdings take no responsibility
for, and can provide no assurances as to the reliability of, any other information that others may give you. This information statement
is dated [&nbsp;&nbsp;&nbsp;], 2023, and you should not assume that the information contained in this information statement is accurate
as of any date other than such date.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Except as otherwise indicated or unless the
context otherwise requires, the information included in this information statement about SG Holdings assumes the completion of all of
the transactions referred to in this information statement in connection with the separation of SG Holdings and SG DevCo.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated or as the context
otherwise requires, all references in this information statement to the following terms will have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&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="white-space: nowrap; width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;SG DevCo,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo;
    &ldquo;our Company,&rdquo; and &ldquo;the Company&rdquo; means Safe and Green Development Corporation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;SG Holdings&rdquo; means Safe &amp; Green Holdings Corp. and,
    when appropriate in the context, also includes the subsidiaries of this entity;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Distribution&rdquo; means the distribution of 30% of the
    outstanding shares of our common stock, which are owned by SG Holdings, to stockholders of SG Holdings;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Distribution Date&rdquo; means the date on which the Distribution
is completed, which is expected to be&nbsp;on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Separation&rdquo; means the separation of the Spin-Off Business
    from SG Holdings to SG DevCo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Nasdaq&rdquo; means the Nasdaq Capital Market;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Spin-Off Business&rdquo; means SG Holdings&rsquo; real estate
    development business currently conducted by SG DevCo, including the operations, properties, services, and activities of such business.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;Record Date&rdquo; means &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, the record date for
the Distribution.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_002"></A>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements contained in this information
statement that are not purely historical are forward-looking statements. All statements other than statements of historical facts contained
or incorporated herein by reference in this information statement, including statements regarding our future operating results, future
financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectives for future operations,
are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;targets,&rdquo; &ldquo;contemplates,&rdquo;
&ldquo;projects,&rdquo; &ldquo;predicts,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo;
&ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;can,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;objective,&rdquo;
or the negative of those terms, or similar expressions intended to identify forward-looking statements. However, not all forward-looking
statements contain these identifying words. Specific forward-looking statements in this information statement, include statements regarding
our strategies, outlook, business and prospects; and statements regarding potential share gains. Forward-looking statements are not guarantees
of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although each
of SG Holdings and SG DevCo believes that the expectations reflected in any forward-looking statements it makes are based on reasonable
assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially
from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include,
but are not limited to:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            limited operating history makes it difficult for us to evaluate our future business prospects.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            auditors have expressed substantial doubt about our ability to continue as a going concern.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            financial condition and results of operations could be negatively affected if we fail to
                                            grow or fail to manage our growth or investments effectively.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            long-term sustainability of our operations as well as future growth depends in part upon
                                            our ability to acquire land parcels suitable for residential projects at reasonable prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            operate in a highly competitive market for investment opportunities, and we may be unable
                                            to identify and complete acquisitions of real property assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            property portfolio has a high concentration of properties located in certain states.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">There
                                            can be no assurance that the properties in our development pipeline will be completed in
                                            accordance with the anticipated timing or cost.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            insurance coverage on our properties may be inadequate to cover any losses we may incur and
                                            our insurance costs may increase.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We
                                            may not be able to secure sufficient modular units to complete our developments using modules
                                            built by SG Echo.</P></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            operating results may be negatively affected by potential development and construction delays
                                            and resultant increased costs and risks.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            rely on third-party suppliers and long supply chains, and if we fail to identify and develop
                                            relationships with a sufficient number of qualified suppliers, or if there is a significant
                                            interruption in our supply chains, our ability to timely and efficiently access raw materials
                                            that meet our standards for quality could be adversely affected.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            construction of manufacturing facilities involves significant risks.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Discovery
                                            of previously undetected environmentally hazardous conditions may adversely affect our operating
                                            results.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Legislative,
                                            regulatory, accounting or tax rules, and any changes to them or actions brought to enforce
                                            them, could adversely affect us.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            business, results of operations, cash flows and financial condition are greatly affected
                                            by the performance of the real estate industry.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            industry is cyclical and adverse changes in general and local economic conditions could reduce
                                            the demand for housing and, as a result, could have a material adverse effect on us.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Fluctuations
                                            in real estate values may require us to write-down the book value of our real estate assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may be required to take write-downs or write-offs, restructuring, and impairment or other
                                            charges that could have a significant negative effect on our financial condition, results
                                            of operations, and our stock price, which could cause you to lose some or all of your investment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Inflation
                                            could adversely affect our business and financial results.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            could be impacted by our investments through joint ventures, which involve risks not present
                                            in investments in which we are the sole owner.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Risks
                                            associated with our land and lot inventories could adversely affect our business or financial
                                            results.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may not be able to sell our real property assets when we desire.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Access
                                            to financing sources may not be available on favorable terms, or at all, which could adversely
                                            affect our ability to maximize our returns.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">If we were to
default in our obligation to repay the loan we received from BCV S&amp;G DevCorp, which loan is secured by 19.99% of our outstanding shares,
it could disrupt or adversely affect our business and our stock price could decline.</P>
</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            COVID-19 pandemic, or the future outbreak of any other highly infectious or contagious diseases,
                                            could materially and adversely impact our performance, financial condition, results of operations
                                            and cash flows.</FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            have no recent history of operating as an independent company, and our historical and pro&nbsp;forma
                                            financial information is not necessarily representative of the results that we would have
                                            achieved as a separate, publicly traded company and may not be a reliable indicator of our
                                            future results.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Following
                                            the Separation and Distribution, our financial profile will change, and we will be a smaller,
                                            less diversified company than SG Holdings prior to the Separation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may not achieve some or all of the expected benefits of the Separation and Distribution.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">SG
                                            Holdings&rsquo; plan to separate into two publicly traded companies is subject to various
                                            risks and uncertainties and may not be completed in accordance with the expected plans or
                                            anticipated timeline, or at all, and will involve significant time and expense.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Until
                                            the Distribution occurs, SG Holdings&rsquo; Board of Directors has sole and absolute discretion
                                            to change the terms of the Separation and Distribution in ways which may be unfavorable to
                                            us.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may have indemnification liabilities to SG Holdings under the separation and distribution
                                            agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Immediately after
                                            the Distribution, 70% of our common stock will be owned by a single stockholder, and it may
                                            therefore be able to substantially control our management and affairs.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">After
                                            the Distribution, we will be a &ldquo;controlled company&rdquo; within the meaning of the
                                            Nasdaq listing standards and, as a result, will qualify for, and could rely on, exemptions
                                            from certain corporate governance requirements. You may not have the same protections afforded
                                            to stockholders of companies that are subject to such requirements.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            currently do not intend to pay dividends on our common stock. Consequently, our stockholders&rsquo;
                                            ability to achieve a return on their investment will depend on appreciation in the price
                                            of our common stock.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            cannot be certain that an active trading market for our common stock will develop or be sustained
                                            after the Distribution and, following the Distribution, our stock price may fluctuate significantly.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            combined post-Separation value of SG Holdings and SG DevCo shares may not equal or exceed
                                            the pre-Separation value of SG Holdings shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may issue shares of preferred or common stock in the future, which could dilute your percentage
                                            ownership of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Anti-takeover
                                            provisions could enable SG DevCo to resist a takeover attempt by a third party and limit
                                            the power of our stockholders.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that the Separation,
Distribution or any other transaction described above will in fact be consummated in the manner described or at all. The above list of
factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual
results to vary materially from those stated in forward-looking statements, see the discussions under &ldquo;Risk Factors&rdquo; in this
information statement. Any forward-looking statement speaks only as of the date on which it is made, and each of SG Holdings and SG DevCo
assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except
as required by applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="D_003"></A>QUESTIONS
AND ANSWERS ABOUT THE SEPARATION AND DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Please see &ldquo;The Separation and Distribution&rdquo;
for a more detailed description of the matters summarized below</B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Why am I receiving this document?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are receiving this document because you are
a SG Holdings stockholder as of the close of business on the record date and, as such, will be entitled to receive shares of our common
stock upon completion of the transactions described in this information statement. This document will help you understand how the Separation
and Distribution will affect your post-separation ownership in SG Holdings and SG DevCo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How will SG Holdings accomplish the Separation
of the Spin-Off Business?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Separation will be implemented by SG Holdings
distributing 30% of the outstanding shares of common stock of SG DevCo to SG Holdings&rsquo; stockholders on a pro rata basis.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Why is SG Holdings separating the Spin-Off
Business from its current business operations?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separation of SG DevCo from SG Holdings and
the distribution of SG DevCo common stock is intended, among other things, to enable the management of the two companies to pursue opportunities
for long-term growth and profitability unique to each company&rsquo;s business and to allow each business to more effectively implement
its own distinct capital structure and capital allocation strategies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SG Holdings Board of Directors believes that,
following the spin-off, the combined value of SG Holdings&rsquo; common stock and SG DevCo&rsquo;s common stock could, over time and
assuming similar market conditions, be greater than the value of SG Holdings&rsquo; common stock had the spin-off not occurred. As a
combined company, SG Holdings has no exact peers, which, the SG Holdings Board of Directors believes, causes the market to undervalue
the combined company. With two separate public companies having distinct business models and investment characteristics, investors will
have the opportunity to value each against distinct sets of peers and investment metrics. This has the potential to increase the overall
valuation of the companies, thus unlocking stockholder value. The increased market value of the common stock of each company should provide
additional flexibility for each company to pursue its business strategy. For additional information, see &ldquo;The Separation and Distribution&thinsp;&mdash;&thinsp;Reasons
for the Separation.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is the record date for the Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The record date for the Distribution will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution is expected to occur on or around
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What do I have to do to participate in the
Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders of SG Holdings as of the record
date for the Distribution will not be required to take any action to receive SG DevCo common stock in the Distribution, but you are urged
to read this entire information statement carefully. No stockholder approval of the Distribution is required. You are not being asked
for a proxy. You do not need to pay any consideration, exchange or surrender your existing shares of SG Holdings common stock or take
any other action to receive your shares of SG DevCo common stock. Please do not send in your SG Holdings stock certificates. The Distribution
will not affect the number of outstanding shares of SG Holdings common stock or any rights of SG Holdings stockholders, although it will
affect the market value of each outstanding share of SG Holdings common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What will I receive in the Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Distribution, you will
be entitled to receive approximately 0.94 shares of our common stock for every five (5) shares of SG Holdings common stock held by you
as of the close of business on the record date, as well as a cash payment in lieu of any fractional shares, as discussed herein.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>As an SG Holdings stockholder as of the record
date, how will shares of common stock be distributed to me?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the effective time of the Distribution, we
will instruct our transfer agent and distribution agent to make book-entry credits for the shares of our common stock that you are entitled
to receive as a stockholder of SG Holdings as of the close of business on the record date. Since shares of our common stock will be in
uncertificated book-entry form, you will receive share ownership statements in place of physical share certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What if I hold my shares through a broker,
bank, or other nominee?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings stockholders that hold their shares
through a broker, bank, or other nominee will have their bank, brokerage, or other account credited with our common stock. For additional
information, those stockholders should contact their broker or bank directly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How will fractional shares be treated in the
Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You will not receive fractional shares of our
common stock in connection with the Distribution. SG Holdings stockholders who would otherwise be entitled to a fraction of our common
stock (after aggregating all fractional shares of our common stock that otherwise would be received by such holder), will, in lieu of
such fraction of a share, be paid in cash the dollar amount (rounded to the nearest whole cent), without interest, determined by multiplying
such fraction by the volume weighted average closing trading price of a share of our common stock for the five consecutive trading days
ending five trading days immediately after the date the Distribution is effected. Recipients of cash in lieu of fractional shares will
not be entitled to any interest on the amounts paid in lieu of fractional shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What are the conditions to the Separation
and Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Separation and Distribution is subject to
the satisfaction or waiver of the following conditions, among other conditions described in this information statement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            SEC will have declared effective our registration statement on Form 10, of which this information
                                            statement is a part, under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
                                            Act&rdquo;); and no stop order suspending the effectiveness of our registration statement
                                            on Form 10 will be in effect.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">This information
                                            statement having been made available to SG Holdings&rsquo; stockholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Nasdaq will have
                                            approved the listing of SG DevCo common stock, subject to official notice of issuance.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">No events or developments
                                            shall have occurred or exist that, in the sole and absolute judgment of the SG Holdings Board
                                            of Directors, make it inadvisable to effect the Distribution or would result in the Distribution
                                            and related transactions not being in the best interest of SG Holdings or its stockholders.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings and SG DevCo cannot assure you that
any or all of these conditions will be met, or that the Separation and Distribution will be consummated even if all of the conditions
are met. SG Holdings can decline at any time to go forward with the Separation and Distribution. In addition, SG Holdings may waive any
of the conditions to the Distribution. To the extent that the SG Holdings Board of Directors determines that any modifications by SG
Holdings, including any waivers of any conditions to the Distribution, materially change the terms of the Distribution, SG Holdings will
notify SG Holdings stockholders in a manner reasonably calculated to inform them about the modifications as may be required by law, by
publishing a press release, filing a current report on Form 8-K and/or circulating a supplement to this information statement. For a
complete discussion of all of the conditions to the distribution, see &ldquo;The Separation and Distribution&thinsp;&mdash; Conditions
to the Distribution.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What are the U.S. federal income tax consequences
to me of the Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The receipt by you of shares of SG DevCo common
stock in the Distribution and a cash payment in lieu of any fractional shares will generally be a taxable distribution in an amount equal
to the sum of the fair market value of such SG DevCo common stock and the amount of such cash you receive, which will be treated as a
taxable dividend to the extent of your ratable share of SG Holdings&rsquo; current and accumulated earnings and profits. The amount by
which the sum of the fair market value of such SG DevCo common stock and such cash you receive exceeds your ratable share of SG Holdings&rsquo;
current and accumulated earnings and profits will be treated first as a non-taxable return of capital to the extent of (and in reduction
of) your tax basis in shares of SG Holdings common stock (but not below zero) and then as capital gain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should consult your own tax advisor as to
the particular consequences of the Distribution to you as well as your receipt of a cash payment in lieu of fractional shares, including
the applicability and effect of any U.S. federal, state and local tax laws, as well as any non-U.S. tax laws. For more information regarding
the material U.S. federal income tax consequences of the Distribution, see the section entitled &ldquo;Material U.S. Federal Income Tax
Consequences.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How will I determine the tax basis I will
have in the SG DevCo shares I receive in connection with the Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your tax basis in the shares of SG DevCo common
stock received generally will equal the fair market value of such shares on the Distribution Date. For a more detailed discussion see
&ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Can SG Holdings decide to cancel the Separation
and Distribution even if all the conditions have been met?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. SG Holdings has the right to terminate,
or modify the terms of, the Separation and Distribution at any time prior to the Distribution Date, even if all of the conditions to
the Separation and Distribution are satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What if I want to sell my SG Holdings common
stock or my SG DevCo common stock?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should consult with your financial advisors,
such as your stockbroker, bank or tax advisor. If you sell your shares of SG Holdings common stock in the &ldquo;regular-way&rdquo; market
after the record date and before the Distribution Date, you also will be selling your right to receive shares of SG DevCo common stock
in connection with the Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is &ldquo;regular-way&rdquo; and &ldquo;ex-distribution&rdquo;
trading of SG Holdings common stock?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning on or shortly before the record date
for the Distribution and continuing up to and through the Distribution Date, we expect that there will be two markets in SG Holdings
common stock: a &ldquo;regular-way&rdquo; market and an &ldquo;ex-distribution&rdquo; market. SG Holdings common stock that trades in
the &ldquo;regular-way&rdquo; market will trade with an entitlement to shares of SG DevCo common stock distributed pursuant to the Distribution.
Shares that trade in the &ldquo;ex-distribution&rdquo; market will trade without an entitlement to SG DevCo common stock distributed
pursuant to the Distribution. If you decide to sell any shares of SG Holdings common stock before the Distribution Date, you should make
sure your stockbroker, bank or other nominee understands whether you want to sell your SG Holdings common stock with or without your
entitlement to SG DevCo common stock pursuant to the Distribution. See &ldquo;The Separation and Distribution&thinsp;&mdash; Trading
Between the Record Date and the Distribution Date&rdquo; on page 31 of this information statement for a discussion of selling SG Holdings
common stock on or before the Distribution Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How will SG Holdings&rsquo; common stock and
SG DevCo&rsquo;s common stock trade after the Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no public market for our common
stock. We plan to apply to have our common stock listed on Nasdaq under the ticker symbol &ldquo;SGD.&rdquo; SG Holdings common stock
will continue to trade on Nasdaq under the ticker symbol &ldquo;SGBX.&rdquo; &nbsp;SG DevCo anticipates that trading in shares of its
common stock will begin on a &ldquo;when-issued&rdquo; basis on or shortly before the record date for the distribution and will continue
up to and through the Distribution Date, and that &ldquo;regular-way&rdquo; trading in SG DevCo common stock will begin on the first
trading day following the completion of the Distribution. If trading begins on a &ldquo;when-issued&rdquo; basis, you may purchase or
sell SG DevCo common stock up to and through the Distribution Date, but your transaction will not settle until after the Distribution
Date. SG DevCo cannot predict the trading prices for its common stock before, on or after the Distribution Date.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. SG Holdings stockholders do not have any
appraisal rights in connection with the Separation and Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Does SG DevCo intend to pay cash dividends
on its common stock?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. We do not currently intend to pay cash dividends
on our common stock. See &ldquo;Dividend Policy.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Will the Separation and Distribution affect
the trading price of my SG Holdings stock?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading price of shares of SG Holdings common
stock immediately following the consummation of the Separation and Distribution may be expected to be lower than immediately prior to
that time because the trading price will no longer reflect the value of the Spin-Off Business (except to the extent of the shares of
our common stock retained by SG Holdings as described herein). There can be no assurance that, following the Separation and Distribution,
the combined trading prices of the SG Holdings common stock and our common stock will equal or exceed what the trading price of SG Holdings
common stock would have been in the absence of the Separation and Distribution. It is possible that after the Separation and Distribution,
our and SG Holdings&rsquo; combined equity value will be less than SG Holdings&rsquo; equity value before the Separation and Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What will the relationship between SG Holdings
and SG DevCo be following the Separation and Distribution?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Separation and Distribution,
we will enter into a separation and distribution agreement and several other agreements with SG Holdings to provide a framework for our
relationship with SG Holdings after the Separation and Distribution. These agreements will provide for the allocation between SG Holdings
and SG DevCo of the assets, employees, liabilities and obligations (including, among others, investments, property, employee benefits
and tax-related assets and liabilities) of SG Holdings and its subsidiaries attributable to periods prior to, at and after the Separation
and will govern the relationship between us and SG Holdings subsequent to the completion of the Separation. In addition to the separation
and distribution agreement, the other principal agreements to be entered into with SG Holdings include a tax matters agreement and a
shared services agreement. See &ldquo;The Separation and Distribution&mdash;Agreements with SG Holdings.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Who is the Distribution Agent, Transfer Agent,
and Registrar for SG DevCo?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">American Stock Transfer and Trust Company, LLC
will be the distribution agent for SG DevCo common stock and the transfer agent and registrar for SG DevCo common stock. For questions
relating to the transfer or mechanics of the stock distribution, you should contact:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">American Stock Transfer and Trust Company, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">6201 15</FONT><SUP>th</SUP><FONT STYLE="font-size: 10pt">&nbsp;Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brooklyn, New York 11219</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Who can I contact for more information?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions relating to SG Holdings,
you should contact:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">Safe &amp; Green Holdings Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">990 Biscayne Blvd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">#501, Office 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">Miami FL 33132</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">Tel: (646) 240-4235</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">Attn: Paul Galvin, Chairman &amp; CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Separation, if you have questions relating
to SG DevCo, you should contact:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt">Safe and Green Development Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">990 Biscayne Blvd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">#501, Office 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">Miami FL 33132<BR>
Tel: (904) 496-0027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">Attn: David Villarreal, President
&amp; CEO&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">&nbsp;</P>


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

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="D_004"></A>INFORMATION
STATEMENT SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights information contained
in this information statement relating to us and shares of our common stock being distributed by SG Holdings in connection with the Distribution.
This summary may not contain all details concerning the Separation, Distribution or other information that may be important to you. To
better understand the Separation, Distribution and our business and financial position, you should carefully review this entire information
statement, including the risk factors, the material tax consequences discussion, our historical financial statements, our unaudited pro
forma financial statements, and the respective notes to those historical and pro forma financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Our historical financial statements have been
prepared on a &ldquo;carve-out&rdquo; basis to reflect the operations, financial condition, and cash flows of the Spin-Off Business during
all periods shown. Our unaudited pro forma financial statements adjust our historical financial statements to give effect to our Separation
from SG Holdings and our anticipated post-Separation capital structure.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify">We were formed in 2021 for
the purpose of real property development utilizing SG Holdings&rsquo; proprietary technologies and SG Holdings&rsquo; manufacturing
facilities Our current business focus is primarily on the direct acquisition and indirect investment in properties nationally that
will be further developed in the future into green single or multi-family projects. To date, we have not generated any revenue and
our activities have consisted solely of the acquisition of three properties and an investment in two entities that have acquired two
properties to be further developed; however we have not yet commenced any development activities. We are focused on increasing our
presence in markets with favorable job formation and a favorable demand/supply ratio for multifamily housing. We intend to construct
many of the planned developments using modules built by SG Echo, LLC, a subsidiary of SG Holdings (&ldquo;SG Echo&rdquo;). In
addition to these development projects, we intend, subject to our ability to raise sufficient capital, to build additional,
strategically placed manufacturing facilities that will be sold or leased to third parties. We also intend to build manufacturing
sites for lease to SG Echo near our project sites in order to support SG Holdings $6,810,762 backlog of signed construction and
engineering contracts in existence at December 31, 2022 and take advantage of cost savings for transportation of modules from SG
Echo to our sites. We intend to build our first manufacturing facility on the land owned by us in St Mary&rsquo;s, GA at a cost of approximately $16,000,000. We intend to fund the project
through a combination of debt, in the form of a construction loan, and equity from limited partners. We expect
that this facility will be fully operational by Q3 2024 and will fulfill the need for modular units at both our Norman Berry and
Cumberland Inlet projects. Our business model is flexible and we anticipate developing properties on our own and also through joint
ventures in which we partner with third-party equity investors or other developers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to develop the properties that we own
from the proceeds of future financings, both at the corporate and project level, and / or sale proceeds from properties that are sold.
However, our ability to develop any properties will be subject to our ability to raise capital either through the sale of equity or by
incurring debt. We have forecasted to invest approximately $1.6 million over the course of the next 12 months to start the development
of three different projects, subject to our ability to raise additional capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The projects we intend to develop over the next 12 months are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Finley
                                            Street Apartments (165 Units), the first phase of our Cumberland Inlet Site</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">St
                                            Mary&rsquo;s Industrial, a 120,000 SF Manufacturing Facility to be leased by SG Echo</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Magnolia
                                            Gardens I (100 Units), the first phase of our McLean Mixed Use Site</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">An investment in our Company is subject to a
number of risks, including risks relating to our business, risks related to the Separation and Distribution and risks related to our
common stock. Set forth below is a high-level summary of some, but not all, of these risks. Please read the information in the section
entitled &ldquo;Risk Factors&rdquo; of this information statement, for a more thorough description of these and other risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Risks Related to Our Business
Generally</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            limited operating history makes it difficult for us to evaluate our future business prospects.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            auditors have expressed substantial doubt about our ability to continue as a going concern.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            financial condition and results of operations could be negatively affected if we fail to
                                            grow or fail to manage our growth or investments effectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            long-term sustainability of our operations as well as future growth depends in part upon
                                            our ability to acquire land parcels suitable for residential projects at reasonable prices.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            operate in a highly competitive market for investment opportunities, and we may be unable
                                            to identify and complete acquisitions of real property assets.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            property portfolio has a high concentration of properties located in certain states.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">There
                                            can be no assurance that the properties in our development pipeline will be completed in
                                            accordance with the anticipated timing or cost.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            insurance coverage on our properties may be inadequate to cover any losses we may incur and
                                            our insurance costs may increase.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&#9679;</TD><TD STYLE="text-align: justify">We may not be able to secure sufficient modular units to complete our
                               developments using modules built by SG Echo.</TD></TR>
                                                                                       </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            operating results may be negatively affected by potential development and construction delays
                                            and resultant increased costs and risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            rely on third-party suppliers and long supply chains, and if we fail to identify and develop
                                            relationships with a sufficient number of qualified suppliers, or if there is a significant
                                            interruption in our supply chains, our ability to timely and efficiently access raw materials
                                            that meet our standards for quality could be adversely affected.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            construction of manufacturing facilities involves significant risks.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Discovery
                                            of previously undetected environmentally hazardous conditions may adversely affect our operating
                                            results.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Legislative,
                                            regulatory, accounting or tax rules, and any changes to them or actions brought to enforce
                                            them, could adversely affect us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            business, results of operations, cash flows and financial condition are greatly affected
                                            by the performance of the real estate industry.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our
                                            industry is cyclical and adverse changes in general and local economic conditions could reduce
                                            the demand for housing and, as a result, could have a material adverse effect on us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Fluctuations
                                            in real estate values may require us to write-down the book value of our real estate assets.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may be required to take write-downs or write-offs, restructuring, and impairment or other
                                            charges that could have a significant negative effect on our financial condition, results
                                            of operations, and our stock price, which could cause you to lose some or all of your investment.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Inflation
                                            could adversely affect our business and financial results.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            could be impacted by our investments through joint ventures, which involve risks not present
                                            in investments in which we are the sole owner.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Risks
                                            associated with our land and lot inventories could adversely affect our business or financial
                                            results.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may not be able to sell our real property assets when we desire.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Access
                                            to financing sources may not be available on favorable terms, or at all, which could adversely
                                            affect our ability to maximize our returns.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we were to default in our obligation to repay the loan we received from BCV S&amp;G DevCorp, which loan is secured by 19.99% of our outstanding
shares, it could disrupt or adversely affect our business and our stock price could decline.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            COVID-19 pandemic, or the future outbreak of any other highly infectious or contagious diseases,
                                            could materially and adversely impact our performance, financial condition, results of operations
                                            and cash flows.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 20pt"><B><I>Risks Related to the
Separation and Distribution</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            have no recent history of operating as an independent company, and our historical and pro&nbsp;forma
                                            financial information is not necessarily representative of the results that we would have
                                            achieved as a separate, publicly traded company and may not be a reliable indicator of our
                                            future results.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Following
                                            the Separation and Distribution, our financial profile will change, and we will be a smaller,
                                            less diversified company than SG Holdings prior to the Separation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may not achieve some or all of the expected benefits of the Separation and Distribution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">SG
                                            Holdings&rsquo; plan to separate into two publicly traded companies is subject to various
                                            risks and uncertainties and may not be completed in accordance with the expected plans or
                                            anticipated timeline, or at all, and will involve significant time and expense.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Until
                                            the Distribution occurs, SG Holdings&rsquo; Board of Directors has sole and absolute discretion
                                            to change the terms of the Separation and Distribution in ways which may be unfavorable to
                                            us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may have indemnification liabilities to SG Holdings under the separation and distribution
                                            agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Immediately after
                                            the Distribution, 70% of our common stock will be owned by a single stockholder, and it may
                                            therefore be able to substantially control our management and affairs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">After
                                            the Distribution, we will be a &ldquo;controlled company&rdquo; within the meaning of the
                                            Nasdaq listing standards and, as a result, will qualify for, and could rely on, exemptions
                                            from certain corporate governance requirements. You may not have the same protections afforded
                                            to stockholders of companies that are subject to such requirements.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0pt 0pt 0.25in; font: 10pt Times New Roman, Times, Serif"><B><I>Risks Related to Our Common Stock</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            currently do not intend to pay dividends on our common stock. Consequently, our stockholders&rsquo;
                                            ability to achieve a return on their investment will depend on appreciation in the price
                                            of our common stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            cannot be certain that an active trading market for our common stock will develop or be sustained
                                            after the Distribution and, following the Distribution, our stock price may fluctuate significantly.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">The
                                            combined post-Separation value of SG Holdings and SG DevCo shares may not equal or exceed
                                            the pre-Separation value of SG Holdings shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">We
                                            may issue shares of preferred or common stock in the future, which could dilute your percentage
                                            ownership of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Anti-takeover
                                            provisions could enable SG DevCo to resist a takeover attempt by a third party and limit
                                            the power of our stockholders.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, we announced our plan to separate
into two publicly traded companies. The Separation will occur through a pro&nbsp;rata distribution to SG Holdings&rsquo; stockholders
of 30% of the outstanding shares of common stock of SG DevCo. In connection with the Distribution, each SG Holdings stockholder will receive
approximately 0.94 shares of SG DevCo common stock for every five (5) shares of SG Holdings common stock held as of the close of business
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, the record date for the Distribution, as well as a cash payment in lieu of any fractional shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>SG DevCo&rsquo;s Post-Separation
Relationship with SG Holdings</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Distribution, SG Holdings and SG DevCo
will be separate companies with separate management teams and separate boards of directors. Prior to the Distribution, SG Holdings and
SG DevCo will enter into a separation and distribution agreement. In connection with the Separation, we will also enter into various
other agreements to provide a framework for our relationship with SG Holdings after the Separation, including a tax matters agreement
and a shared services agreement. These agreements will provide for the allocation between SG Holdings and SG DevCo of the assets, employees,
liabilities and obligations (including, among others, investments, property, employee benefits and tax-related assets and liabilities)
of SG Holdings and its subsidiaries attributable to periods prior to, at and after the Separation and will govern the relationship between
us and SG Holdings subsequent to the completion of the Separation. For additional information regarding the separation agreement and
other transaction agreements, see &ldquo;The Separation and Distribution&mdash;Agreements with SG Holdings.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B><I>Reasons
for the Separation</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings previously announced that it was
proceeding with a plan to spin-off its real estate development business. We are currently a wholly owned subsidiary of SG Holdings and
expect to hold all of the assets, subject to any related liabilities, associated with the Spin-Off Business. Following a strategic review,
it was determined that separating the Spin-Off Business from SG Holdings&rsquo; current business operations would be in the best interests
of SG Holdings and its stockholders and that the Separation would create two companies with attributes that best position each company
for long-term success, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Distinct
                                            Focus. </I></B>Each company will benefit from a distinct strategic and management focus on
                                            its specific operational and growth priorities. SG Holdings is expected to continue developing,
                                            designing and fabricating modular structures. SG DevCo will focus on real estate development.
                                            Because each company will have a smaller portfolio of businesses, management of each company
                                            is expected to be able to better allocate time and resources to identifying and executing
                                            operational and growth strategies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Allocation
                                            of Financial Resources and Separate Capital Structures</I></B>. The Separation will permit
                                            each company to allocate its financial resources to meet the unique needs of its own business,
                                            which will allow each company to intensify its focus on its distinct strategic priorities.
                                            The Separation will also allow each business to more effectively pursue its own distinct
                                            capital structures and capital allocation strategies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Targeted
                                            Investment Opportunity</I></B>. The Separation will create two companies with more focused,
                                            aligned businesses, which will allow each company to more effectively articulate a clear
                                            investment thesis to attract a long-term investor base suited to its businesses and the industries
                                            in which it operates and serves, and will facilitate each company&rsquo;s access to capital
                                            by providing investors with two distinct and targeted investment opportunities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Employee
                                            Incentives, Recruitment and Retention</I></B>. The Separation will allow each company to
                                            more effectively recruit, retain and motivate employees through the use of stock-based compensation
                                            that more closely reflects and aligns management and employee incentives with specific growth
                                            objectives, financial goals and business performance. In addition, the Separation will allow
                                            incentive structures and targets at each company to be better aligned with each underlying
                                            business. Similarly, recruitment and retention will be enhanced by more consistent talent
                                            requirements across the businesses, allowing both recruiters and applicants greater clarity
                                            and understanding of talent needs and opportunities associated with the core business activities,
                                            principles and risks of each company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Direct
                                            Access to Capital Markets</I></B>. Each company will have its own equity structure that should
                                            afford it direct access to the capital markets and allow it to capitalize on its unique growth
                                            opportunities appropriate to its business.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Incremental
                                            Stockholder Value</I></B>. We believe that each company will benefit from the investment
                                            community&rsquo;s ability to value its businesses independently within the context of its
                                            particular industry with the anticipation that, over time, the aggregate market value of
                                            the companies will be higher, assuming the same market conditions, than if SG Holdings were
                                            to remain under its current configuration.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we, nor SG Holdings, can assure you that,
following the Separation, any of the benefits described above or otherwise in this information statement will be realized to the extent
anticipated or at all. For more information, see &ldquo;Risk Factors.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We must complete the necessary registration under
the federal securities laws of our common stock to be issued in connection with the Distribution. We must also complete the applicable
listing requirements on Nasdaq for such shares. Other than these requirements, we do not believe that any other material governmental
or regulatory filings or approvals will be necessary to consummate the Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings stockholders will not have any appraisal
rights in connection with the Separation and Distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">We were incorporated
in Delaware in February 2021. We maintain our principal executive offices at 990 Biscayne Boulevard, #501, Office 12, Miami, Florida
33132. Our telephone number is (904) 496-0027. Our website will be located at&nbsp;www.sgdevco.com and we expect to launch it prior the Distribution.
Our website and the information contained therein or connected thereto are not incorporated into this information statement or the registration
statement of which this information statement forms a part, or in any other filings with, or any information furnished or submitted to,
the SEC.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Reason for Furnishing this Information
Statement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">This information statement is being furnished
solely to provide information to SG Holdings stockholders who will receive shares of SG DevCo common stock in the Distribution. It is
not, and is not to be construed as, an inducement or encouragement to buy or sell any of SG DevCo&rsquo;s securities. The information
contained in this information statement is believed by SG DevCo to be accurate as of the date set forth on its cover. Changes may occur
after that date, and neither SG Holdings nor SG DevCo will update the information except as may be required in the normal course of their
respective disclosure obligations and practices.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_005"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>You should carefully consider the following
risks and other information in this information statement in evaluating SG DevCo and SG DevCo common stock. Any of the following risks
and uncertainties could materially adversely affect our business, financial condition or results of operations. The risks and uncertainties
described in this information statement are not the only risks and uncertainties that we face. Additional risks and uncertainties not
presently known to us or that we currently believe to be immaterial may become material and adversely affect our business, financial
condition and results of operations.</I>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our limited operating history makes it
difficult for us to evaluate our future business prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were incorporated in February 2021. We cannot
assure you that we will be able to operate our business successfully or profitably or find additional suitable investments. There can
be no assurance that we will be able to generate sufficient revenue from operations to pay our operating expenses. The results of our
operations and the execution on our business plan depends on the availability of additional land parcels, the performance of our currently
held properties, competition, the ability to obtain building permits, the availability of adequate equity and debt financing, and conditions
in the financial markets and economic conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should consider our business and prospects
in light of the risks and significant challenges we face as a new entrant into our industry. If we fail to adequately address any or
all of these risks and challenges, our business, prospects, financial condition, results of operations, and cash flows may be materially
and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our auditors have expressed substantial
doubt about our ability to continue as a going concern.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never generated any revenue and have incurred significant net
losses in each year since inception. For the six months ended June 30, 2023, we incurred a net loss of $1,692,422 as compared to a net
loss of $995,667 for the six months ended June 30, 2022. For the year ended December 31, 2022 we incurred a net loss of $2,444,259 as
compared to a net loss of $485,747 for the period from February 17, 2021 through December 31, 2021 We expect to incur increasing losses
in the future when we commence development of the properties we own. We cannot offer any assurance as to our future financial results.
Also, we cannot provide any assurances that we will be able to secure additional funding from public or private offerings on terms acceptable
to us, or at all, if, and when needed. Our inability to achieve profitability from our current operating plans or to raise capital to
cover any potential shortfall would have a material adverse effect on our ability to meet our obligations as they become due. If we are
not able to secure additional funding, if, and when needed, we would be forced to curtail our operations or take other action in order
to continue to operate. We currently do not have any cash or cash equivalents on hand and since inception, we have been funded by SG Holdings
and have relied solely on SG Holdings to fund operations. These and other factors raise substantial doubt about our ability to continue
as a going concern. If we are unable to meet our obligations and are forced to curtail or cease our business operations, our stockholders
could suffer a complete loss of any investment made in our securities. Our independent registered public accounting firm has indicated
in their audit report that there is substantial doubt about our ability to continue as a going concern.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business strategy includes growth plans.
Our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth or investments
effectively.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our prospects must be considered in light of
the risks, expenses and difficulties frequently encountered by companies in significant growth stages of development. We cannot assure
you that we will be able to successfully develop any of our properties or that we will have access to additional development opportunities.
Failure to manage potential transactions to successful conclusions, or failure more generally to manage our growth effectively, could
have a material adverse effect on our business, future prospects, financial condition or results of operations and could adversely affect
our ability to successfully implement our business strategy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The long-term
sustainability of our operations as well as future growth depends in part upon our ability to acquire land parcels suitable for residential
projects at reasonable prices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The long-term sustainability
of our operations, as well as future growth, depends in large part on the price at which we are able to obtain suitable land parcels
for development or homebuilding operations. Our ability to acquire land parcels for various residential projects may be adversely affected
by changes in the general availability of land parcels, the willingness of land sellers to sell land parcels at reasonable prices, competition
for available land parcels, availability of financing to acquire land parcels, zoning, regulations that limit housing density, the ability
to obtain building permits, environmental requirements and other market conditions and regulatory requirements. If suitable lots or land
at reasonable prices become less available, the number of units we may be able to build and sell could be reduced, and the cost of land
could be increased substantially, which could adversely impact us. As competition for suitable land increases, the cost of undeveloped
lots and the cost of developing owned land could also rise and the availability of suitable land at acceptable prices may decline, which
could adversely impact us. The availability of suitable land assets could also affect the success of our land acquisition strategy, which
may impact our ability to maintain or increase the number of our active communities, as well as to sustain and grow our revenues and
margins, and achieve or maintain profitability. Additionally, developing undeveloped land is capital intensive and time consuming and
we may develop land based upon forecasts and assumptions that prove to be inaccurate, resulting in projects that are not economically
viable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We operate in a highly competitive market
for investment opportunities, and we may be unable to identify and complete acquisitions of real property assets.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The housing industry is highly competitive, and
we face competition from many sources, including from other housing communities both in the immediate vicinity and the geographic market
where our properties are and will be located. Furthermore, housing communities we invest in compete, or will compete, with numerous housing
alternatives in attracting residents, including owner occupied single and multifamily homes available to rent or purchase. Increased
competition may prevent us from acquiring attractive land parcels or make such acquisitions more expensive, hinder our market share expansion,
or lead to pricing pressures that may adversely impact our margins and revenues. Competitors may independently develop land and construct
housing units that are superior or substantially similar to our products and because they are or may be significantly larger, have a
longer operating history, and have greater resources or lower cost of capital than us, may be able to compete more effectively in one
or more of the markets in which we operate or plan to operate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will also compete with public and private
funds, commercial and investment banks, commercial financing companies and public and private REITs to make certain of the investments
that we plan to make. Many of such competitors are substantially larger and have considerably greater financial, technical and marketing
resources than us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, allowing them
to pay higher consideration, consider a wider variety of investments and establish more effective relationships than us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These competitive conditions could adversely
affect our ability to make investments. Moreover, our ability to close transactions will be subject to our ability to access financing
within stipulated contractual time frames, and there is no assurance that we will have access to such financing on terms that are favorable
to us, if at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our property portfolio has a high concentration
of properties located in certain states.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, our properties are located in Georgia,
Texas and Oklahoma. Certain of our properties are located in areas that may experience catastrophic weather and other natural events
from time to time, including hurricanes or other severe weather, flooding fires, snow or ice storms, windstorms or earthquakes. These
adverse weather and natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage.
In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, as well as anticipated
future revenue from that property. We could also continue to be obligated to repay any mortgage indebtedness or other obligations related
to the property. Any such loss could materially and adversely affect our business and our financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that significant changes in the
climate occur, we may experience extreme weather and changes in precipitation and temperature and rising sea levels, all of which may
result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Should the
impact of climate change be material in nature, including destruction of our properties, or occur for lengthy periods of time, our financial
condition or results of operations may be adversely affected. In addition, changes in federal and state legislation and regulation on
climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties or to protect
them from the consequence of climate change.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><B><I>There can be no
assurance that the properties in our development pipeline will be completed in accordance with the anticipated timing or cost.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">The development of the
projects in our pipeline is subject to numerous risks, many of which are outside of our control, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">inability
                                            to obtain entitlements;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">inability
                                            to obtain financing on acceptable terms;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">default
                                            by any of the contractors we engage to construct our projects;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">site
                                            accidents; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">failure
                                            to secure tenants or residents in the anticipated time frame, on acceptable terms, or at
                                            all.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We can provide no assurances
that we will complete any of the projects in our development pipeline on the anticipated schedule or within the budget, or that, once
completed, these properties will achieve the results that we expect. If the development of these projects is not completed in accordance
with our anticipated timing or cost, or the properties fail to achieve the financial results we expect, it could have a material adverse
effect on our business, financial condition, results of operations and cash flows and ability to repay our debt, including project-related
debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our insurance
coverage on our properties may be inadequate to cover any losses we may incur and our insurance costs may increase.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We maintain insurance
on our properties. However, there are certain types of losses, generally of a catastrophic nature, such as floods or acts of war or terrorism
that may be uninsurable or not economical to insure. Further, insurance companies often increase premiums, require higher deductibles,
reduce limits, restrict coverage, and refuse to insure certain types of risks, which may result in increased costs or adversely affect
our business. We use our discretion when determining amounts, coverage limits and deductibles, for insurance, based on retaining an acceptable
level of risk at a reasonable cost. This may result in insurance coverage that, in the event of a substantial loss, would not be sufficient
to pay the full current market value or current replacement cost of our lost investment. In addition, we may become liable for injuries
and accidents at our properties that are underinsured. A significant uninsured loss or increase in insurance costs could materially and
adversely affect our business, liquidity, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to secure sufficient
modular units to complete our developments using modules built by SG Echo</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to construct many of our planned developments using modules
built by SG Holdings subsidiary, SG Echo, and to rely on SG Holdings and SG Echo as the sole source of the modular units used in our projects.
SG Holdings has a $2,232,645 backlog of signed construction and engineering contracts in existence at June 30, 2023 on which work has
not yet begun. Our ability to complete our modular developments will limited to the available capacity of the SG Echo facility. If we
are unable to secure sufficient modular units to complete our developments using modules built by SG Echo, our business, prospects, financial
condition, results of operations, and cash flows would be materially and adversely affected and the value of your investment in our company
may be materially adversely affected.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operating results may be negatively
affected by potential development and construction delays and resultant increased costs and risks.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acquired properties upon which we will
construct improvements. In connection with our development activities, we are subject to uncertainties associated with re-zoning for
development, environmental concerns of governmental entities or community groups and our contractor&rsquo;s or partner&rsquo;s ability
to build in conformity with plans, specifications, budgeted costs, and timetables. Performance also may be affected or delayed by conditions
beyond our control. We may incur additional risks when we make periodic progress payments or other advances to builders before they complete
construction. If a builder or development partner fails to perform, we may resort to legal action to rescind the purchase or the construction
contract or to compel performance, but there can be no assurance any legal action would be successful. These and other factors can result
in increased costs of a project or loss of our investment. In addition, we will be subject to normal lease-up risks relating to newly
constructed projects. We also must rely on rental income and expense projections and estimates of the fair market value of property upon
completion of construction when agreeing upon a price at the time we acquire the property. If our projections are inaccurate, we may
pay too much for a property, and our return on our investment could suffer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We rely on third-party
suppliers and long supply chains, and if we fail to identify and develop relationships with a sufficient number of qualified suppliers,
or if there is a significant interruption in our supply chains, our ability to timely and efficiently access raw materials that meet
our standards for quality could be adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our ability to identify
and develop relationships with qualified suppliers who can satisfy our standards for quality and our need to access products and supplies
in a timely and efficient manner will be a significant challenge. We may be required to replace a supplier if their products do not meet
our quality or safety standards. In addition, our suppliers could discontinue selling products at any time for reasons that may or may
not be in our control or the suppliers&rsquo; control. Our operating results and inventory levels could suffer if we are unable to promptly
replace a supplier who is unwilling or unable to satisfy our requirements with a supplier providing similar products. Our suppliers&rsquo;
ability to deliver products may also be affected by financing constraints caused by credit market conditions, which could negatively
impact our revenue and costs, at least until alternate sources of supply are arranged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B><I>The construction of manufacturing facilities
involves significant risks.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have limited experience constructing manufacturing
facilities and doing so is a complex and lengthy undertaking that requires sophisticated, multi-disciplinary planning and precise execution.
The construction of manufacturing facilities is subject to a number of risks. In particular, the construction costs may materially exceed
budgeted amounts, which could adversely affect our results of operations and financial condition. For example, we may suffer construction
delays or cost overruns as a result of a variety of factors, such as labor and material shortages, defects in materials and workmanship,
adverse weather conditions, transportation constraints, construction change orders, site changes, labor issues and other unforeseen difficulties,
any of which could delay or prevent the completion of our planned facilities. While our goal is to negotiate contracts with engineering,
procurement and construction firms that minimize risk, any delays or cost overruns we encounter may result in the renegotiation of our
construction contracts, which could increase our costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In addition, the construction of manufacturing
facilities may be subject to the receipt of approvals and permits from various regulatory agencies. Such agencies may not approve the
projects in a timely manner or may impose restrictions or conditions on a production facility that could potentially prevent construction
from proceeding, lengthen its expected completion schedule and/or increase its anticipated cost. If construction costs are higher than
we anticipate, we may be unable to achieve our expected investment return, which could adversely affect our business and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Discovery of previously undetected environmentally
hazardous conditions may adversely affect our operating results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to various federal, state and
local laws and regulations that (a) regulate certain activities and operations that may have environmental or health and safety effects,
such as the management, generation, release or disposal of regulated materials, substances or wastes, (b) impose liability for the costs
of cleaning up, and damages to natural resources from, past spills, waste disposals on and off-site, or other releases of hazardous materials
or regulated substances, and (c) regulate workplace safety. Compliance with these laws and regulations could increase our operational
costs. Violation of these laws may subject us to significant fines, penalties or disposal costs, which could negatively impact our results
of operations, financial position and cash flows. Under various federal, state and local environmental laws, a current or previous owner
or operator of currently or formerly owned, leased or operated real property may be liable for the cost of removal or remediation of
hazardous or toxic substances on, under or in such property. The costs of removal or remediation could be substantial. Such laws often
impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances.
Accordingly, we may incur significant costs to defend against claims of liability, to comply with environmental regulatory requirements,
to remediate any contaminated property, or to pay personal injury claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, environmental laws also may impose
liens on property or other restrictions on the manner in which property may be used or businesses may be operated, and these restrictions
may require substantial expenditures or prevent us or our lessees from operating such properties. Compliance with new or more stringent
laws or regulations or stricter interpretation of existing laws may require us to incur material expenditures. Future laws, ordinances
or regulations or the discovery of currently unknown conditions or non-compliances may impose material liability under environmental
laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Legislative, regulatory, accounting or
tax rules, and any changes to them or actions brought to enforce them, could adversely affect us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to a wide range of legislative,
regulatory, accounting and tax rules. The costs and efforts of compliance with these laws, or of defending against actions brought to
enforce them, could adversely affect us. In addition, if there are changes to the laws, regulations or administrative decisions and actions
that affect us, we may have to incur significant expenses in order to comply, or we may have to restrict or change our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have invested, and expect to continue to invest,
in real property assets which are subject to laws and regulations relating to the protection of the environment and human health and
safety. These laws and regulations generally govern wastewater discharges, noise levels, air emissions, the operation and removal of
underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid and hazardous materials
and the remediation of contamination associated with disposals. Environmental laws and regulations may impose joint and several liabilities
on tenants, owners or operators for the costs to investigate and remediate contaminated properties, regardless of fault or whether the
acts causing the contamination were legal. This liability could be substantial. In addition, the presence of hazardous substances, or
the failure to properly remediate these substances, could adversely affect our ability to sell, rent or pledge an affected property as
collateral for future borrowings. We intend to take commercially reasonable steps when we can to protect ourselves from the risks of
environmental law liability; however, we may not obtain independent third-party environmental assessments for every property we acquire.
In addition, any such assessments that we do obtain may not reveal all environmental liabilities, or whether a prior owner of a property
created a material environmental condition not known to us. In addition, there are various local, state and federal fire, health, safety
and similar regulations with which we may be required to comply, and that may subject us to liability in the form of fines or damages.
In all events, the existing condition of land when we buy it, operations in the vicinity of our properties or activities of unrelated
third parties could all affect our properties in ways that lead to costs being imposed on us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any material expenditures, fines, damages or
forced changes to our business or strategy resulting from any of the above could adversely affect our financial condition and results
of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we were deemed to be an investment company
under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) as a result of our ownership of minority interests
in limited liability companies, applicable restrictions could make it impractical for us to continue our business as contemplated and
could have an adverse effect on our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Sections 3(a)(1)(A) and (C) of the 1940
Act, a company generally will be deemed to be an &ldquo;investment company&rdquo; for purposes of the 1940 Act if: (i) it is, or holds
itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities
or (ii) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it
owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government
securities and cash items) on an unconsolidated basis. We do not believe that we are an &ldquo;investment company,&rdquo; as such term
is defined in either of those sections of the 1940 Act as a result of our ownership of minority interests in Norman Berry II Owners LLC
and JDI-Cumberland Inlet LLC and our plans to potentially make other minority investments, and we intend to conduct our operations so
that we will not be deemed an investment company. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, if we were to be deemed an investment
company, we would be required to register as an investment company under the 1940 Act and incur significant registration and compliance
costs. Additionally, the 1940 Act requires that a number of structural safeguards, such as an independent board of directors and a separate
investment adviser whose contract must be approved by a majority of the company&rsquo;s shareholders, be put in place within such companies.
The 1940 Act also imposes significant disclosure and reporting requirements beyond those found in the Securities Act and the Exchange
Act. Likewise, the 1940 Act contains its own anti-fraud provisions and private remedies, and it strictly limits investments made by one
investment company in another to prevent pyramiding of investment companies, leading to consolidated investment companies acting in the
interest of other investment companies rather than in the interest of securities holders. The labeling of the Company as an investment
company could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business
and prospects. Compliance with the 1940 Act is prohibitively expensive for small companies, in our estimation, and even if it meant divestiture
of assets, we would intend to avoid being classified as an investment company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><B><I>Our business,
results of operations, cash flows and financial condition are greatly affected by the performance of the real estate industry.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The U.S. real estate
industry is highly cyclical and is affected by global, national and local economic conditions, general employment and income levels,
availability of financing, interest rates, and consumer confidence and spending. Other factors impacting real estate businesses include
over-building, changes in traffic patterns, changes in demographic conditions, changes in tenant and buyer preferences and changes in
government requirements, including tax law changes. These factors are outside of our control and may have a material adverse effect on
our business, profits and the timing and amounts of our cash flows.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our industry is
cyclical and adverse changes in general and local economic conditions could reduce the demand for housing and, as a result, could have
a material adverse effect on us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business can be
substantially affected by adverse changes in general economic or business conditions that are outside of our control, including changes
in short-term and long-term interest rates; employment levels and job and personal income growth; housing demand from population growth,
household formation and other demographic changes, among other factors; availability and pricing of mortgage financing for homebuyers;
consumer confidence generally and the confidence of potential homebuyers in particular; consumer spending; financial system and credit
market stability; private party and government mortgage loan programs (including changes in FHA, USDA, VA, Fannie Mae and Freddie Mac
conforming mortgage loan limits, credit risk/mortgage loan insurance premiums and/or other fees, down payment requirements and underwriting
standards), and federal and state regulation, oversight and legal action regarding lending, appraisal, foreclosure and short sale practices;
federal and state personal income tax rates and provisions, including provisions for the deduction of mortgage loan interest payments,
real estate taxes and other expenses; supply of and prices for available new or resale multifamily units; interest of financial institutions
or other businesses in purchases; and real estate taxes. Adverse changes in these conditions may affect our business nationally or may
be more prevalent or concentrated in particular submarkets in which we operate. Inclement weather, natural disasters (such as earthquakes,
hurricanes, tornadoes, floods, prolonged periods of precipitation, droughts, and fires), other calamities and other environmental conditions
can delay the delivery of our units and/or increase our costs. Civil unrest or acts of terrorism can also have a negative effect on our
business. If the housing industry experiences a significant or sustained downturn, it would materially adversely affect our business
and results of operations in future years. The potential difficulties described above can cause demand and prices for our units to fall
or cause us to take longer and incur more costs to develop the land and build our units. We may not be able to recover these increased
costs by raising prices because of market conditions.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Fluctuations in
real estate values may require us to write-down the book value of our real estate assets.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The housing and land
development industries are subject to significant variability and fluctuations in real estate values. As a result, we may be required
to write-down the book value of our real estate assets in accordance with GAAP, and some of those write-downs could be material. Any
material write-downs of assets could have a material adverse effect on our business, prospects, liquidity, financial condition, and results
of operations. In addition, valuations of real estate properties do not necessarily represent the price at which a willing buyer would
purchase such property; therefore, there can be no assurance&nbsp;that we would realize the values underlying estimated valuations of
our properties if we were to sell such properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may be required
to take write-downs or write-offs, restructuring, and impairment or other charges that could have a significant negative effect on our
financial condition, results of operations, and our stock price, which could cause you to lose some or all of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Factors outside of our
business and outside of our control may arise. As a result of these factors, we may be forced to write down or write off assets, restructure
operations, or incur impairment or other charges that could result in losses. Further, unexpected risks may arise, and previously known
risks may materialize in a manner not consistent with our risk analysis. Even though these charges may be non-cash items and not have
an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions
about us or our securities. Accordingly, our securities could suffer a reduction in value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Inflation could
adversely affect our business and financial results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Inflation could adversely
affect our business and financial results by increasing the costs of land, raw materials and labor needed to operate our business. If
our markets have an oversupply of housing, relative to demand, we may be unable to offset any such increases in costs with corresponding
higher sales prices for our units or buildings. Inflation may also accompany higher interest rates, which could adversely impact potential
customers&rsquo; ability to obtain financing on favorable terms, thereby further decreasing demand. If we are unable to raise the prices
of our units or buildings to offset the increasing costs of our operations, our margins could decrease. Furthermore, if we need to lower
the price of our units to meet demand, the value of our land inventory may decrease. Inflation may also raise our costs of capital and
decrease our purchasing power, making it more difficult to maintain sufficient funds to operate our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We could be impacted by our investments
through joint ventures, which involve risks not present in investments in which we are the sole owner.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have and may continue to fund development
projects through the use of joint ventures. Joint ventures involve risks including, but not limited to, the possibility that the other
joint venture partners may possess the ability to take or force action contrary to our interests or withhold consent contrary to our
requests, have business goals which are or become inconsistent with ours, or default on their financial obligations to the joint venture,
which may require us to fulfill the joint venture&rsquo;s financial obligations as a legal or practical matter. We and our joint venture
partners may each have the right to initiate a buy-sell arrangement, which could cause us to sell our interest, or acquire a joint venture
partner&rsquo;s interest, at a time when we otherwise would not have entered into such a transaction. In addition, a sale or transfer
by us to a third party of our interests in the joint venture may be subject to consent rights or rights of first refusal in favor of
our partners which would restrict our ability to dispose of our interest in the joint venture. Each joint venture agreement is individually
negotiated, and our ability to operate, finance, or dispose of a joint venture project in our sole discretion is limited to varying degrees
depending on the terms of the applicable joint venture agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Risks associated
with our land and lot inventories could adversely affect our business or financial results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Risks inherent in controlling,
purchasing, holding, and developing land are substantial. The risks inherent in purchasing and developing land parcels increase as consumer
demand for housing decreases and the holding period increases. As a result, we may buy and develop land parcels on which housing units
cannot be profitably built and sold. In certain circumstances, a grant of entitlements or development agreement with respect to a particular
parcel of land may include restrictions on the transfer of such entitlements to a buyer of such land, which could negatively impact the
price of such entitled land by restricting our ability to sell it for its full entitled value. In addition, inventory carrying costs
can be significant and can result in reduced margins or losses in a poorly performing community or market. The time and investment required
for development may adversely impact our business. In the event of significant changes in economic or market conditions, we may have
to sell units or buildings at significantly lower margins or at a loss, if we are able to sell them at all. Additionally, deteriorating
market conditions could cause us to record significant inventory impairment charges. The recording of a significant inventory impairment
could negatively affect our reported earnings per share and negatively impact the market perception of our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our quarterly results may fluctuate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could experience fluctuations in our quarterly
operating results due to a number of factors, including variations in the returns on our current and future investments, the interest
rates payable on any outstanding debt, the level of our expenses, the levels and timing of the recognition of our realized and unrealized
gains and losses, the seasonal nature of travel if the community is a vacation destination, the degree to which we encounter competition
in our markets and other business, market and general economic conditions. Consequently, our results of operations for any current or
historical period should not be relied upon as being indicative of performance in any future period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to sell our real property
assets when we desire. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in real property are relatively illiquid
compared to other investments. Accordingly, we may not be able to sell real property assets when we desire or at prices acceptable to
us. This could substantially reduce the funds available for satisfying our obligations, including any debt obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Access to financing
sources may not be available on favorable terms, or at all, which could adversely affect our ability to maximize our returns.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our access to third-party
sources of financing will depend, in part, on:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">general market conditions;</FONT></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"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the market&rsquo;s perception of our growth potential;</FONT></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"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">with
                                    respect to acquisition and/or development financing, the market&rsquo;s perception of the value of
                                    the land parcels to&nbsp;be acquired and/or developed;</P></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"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our current debt levels;</FONT></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"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our current and expected future earnings;</FONT></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"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our cash flow; and</FONT></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"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the market price per share of our common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The global credit and
equity markets and the overall economy can be extremely volatile, which could have a number of adverse effects on our operations and
capital requirements. For the past decade, the domestic financial markets have experienced a high degree of volatility, uncertainty and,
during certain periods, tightening of liquidity in both the high yield debt and equity capital markets, resulting in certain periods
where new capital has been both more difficult and more expensive to access. If we are unable to access the credit markets, we could
be required to defer or eliminate important business strategies and growth opportunities in the future. In addition, if there is volatility
and weakness in the capital and credit markets, potential lenders may be unwilling or unable to provide us with financing that is attractive
to us or may increase collateral requirements or may charge us prohibitively high fees in order to obtain financing. Consequently, our
ability to access the credit market in order to attract financing on reasonable terms may be adversely affected. Investment returns on
our assets and our ability to make acquisitions could be adversely affected by our inability to secure additional financing on reasonable
terms, if at all. Depending on market conditions at the relevant time, we may have to rely more heavily on additional equity financings
or on less efficient forms of debt financing that require a larger portion of our cash flow from operations, thereby reducing funds available
for our operations, future business opportunities and other purposes. We may not have access to such equity or debt capital on favorable
terms at the desired times, or at all.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we were to default in our obligation
to repay the loan we received from BCV S&amp;G DevCorp, which loan is secured by 19.99% of our outstanding shares, it could disrupt or
adversely affect our business and our stock price could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, we have received $1,750,000 as a secured
loan from BCV S&amp;G DevCorp, a Luxembourg-based specialized investment fund, and have entered into a loan agreement with BCV S&amp;G
DevCorp to receive up to $2,000,000 as a secured loan. The loan matures on December 1, 2024 and is secured by 19.99% of our outstanding
shares. The loan agreement provides that if our shares of common stock are not listed on The Nasdaq Stock Market on before August 30,
2023 or if following such listing the total market value of the pledged shares falls below twice the face value of the loan, the loan
will be further secured by our St. Mary&rsquo;s industrial site. If we were to default in our obligation to repay the loan when due it
could disrupt or adversely affect our business and our stock price could decline if the lender were to seek to sell the pledged shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The COVID-19 pandemic, or the future outbreak
of any other highly infectious or contagious diseases, could materially and adversely impact our performance, financial condition, results
of operations and cash flows.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Throughout 2021 and to date, the COVID-19 pandemic
has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. COVID-19
(or a future pandemic) could have material and adverse effects on our performance, financial condition, results of operations and cash
flows due to, among other factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">a
                                            complete or partial closure of, or other operational issues at, one or more of our properties
                                            resulting from government actions;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">difficulty
                                            accessing equity and debt capital on attractive terms, or at all, and a severe disruption
                                            and instability in the global financial markets</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">difficulty
                                            obtaining capital necessary to fund business operations;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify">delays
                                            in construction at our properties may adversely impact our ability to commence operations
                                            and generate revenues fro<FONT STYLE="font-family: Times New Roman, Times, Serif">m projects,
                                            including:</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; text-align: justify">&#9675;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">construction
    moratoriums by local, state or federal government authorities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&#9675;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    by applicable governmental authorities in providing the necessary authorizations to commence construction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&#9675;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reductions
    in construction team sizes to effectuate social distancing and other requirements;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&#9675;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">infection
    by one or more members of a construction team necessitating a partial or full shutdown of construction; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&#9675;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing
    and supply chain disruptions for materials sourced from other geographies which may be experiencing shutdowns and shipping delays.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent to which COVID-19 (or a future pandemic) impacts our operations will depend on future developments, which are highly uncertain
and cannot be predicted with confidence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Risks Related to the Separation and Distribution</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have no recent history of operating
as an independent company, and our historical and pro&nbsp;forma financial information is not necessarily representative of the results
that we would have achieved as a separate, publicly traded company and may not be a reliable indicator of our future results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The historical information about SG DevCo in
this information statement refers to the Spin-Off Business as operated by and integrated with SG Holdings. Our historical financial information
included in this information statement is derived from SG Holdings&rsquo; accounting records and is presented on a standalone basis as
if the Spin-Off Business has been conducted independently from SG Holdings. Additionally, the pro&nbsp;forma financial information included
in this information statement is derived from our historical financial information and (i)&nbsp;gives effect to the Separation and (ii)
reflects SG DevCo&rsquo;s anticipated post-Separation capital structure. Accordingly, the historical and pro&nbsp;forma financial information
does not necessarily reflect the financial condition, results of operations or cash flows that we would have achieved as a separate,
publicly traded company during the periods presented or those that we will achieve in the future primarily as a result of the factors
described below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Generally,
                                            our working capital requirements and capital for our general corporate purposes, including
                                            capital expenditures and acquisitions, have historically been satisfied as part of the corporate-wide
                                            cash management policies of SG Holdings. Following the completion of the Distribution, we
                                            may need to obtain additional financing from banks, through public offerings or private placements
                                            of debt or equity securities, strategic relationships or other arrangements, which may or
                                            may not be available and may be more costly.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Prior
                                            to the Distribution, our business has been operated by SG Holdings as part of its broader
                                            corporate organization, rather than as an independent company. SG Holdings or one of its
                                            affiliates performed various corporate functions for us, such as legal, treasury, accounting,
                                            auditing, human resources, investor relations, and finance. Our historical and pro&nbsp;forma
                                            financial results reflect allocations of corporate expenses from SG Holdings for such functions,
                                            which may be less than the expenses we would have incurred had we operated as a separate,
                                            publicly traded company.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Currently,
                                            our business is integrated with the other businesses of SG Holdings. Historically, we have
                                            shared economies of scope and scale in costs, employees, vendor relationships and customer
                                            relationships. While we have sought to minimize the impact on SG DevCo when separating these
                                            arrangements, there is no guarantee these arrangements will continue to capture these benefits
                                            in the future.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">After
                                            the completion of the Distribution, the cost of capital for our business may be higher than
                                            SG Holdings&rsquo; cost of capital prior to the Distribution.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other significant changes may occur in our cost
structure, management, financing and business operations as a result of operating as a company separate from SG Holdings. For additional
information about the past financial performance of our business and the basis of presentation of the historical financial statements
and the unaudited pro&nbsp;forma financial statements of our business, see &ldquo;Unaudited Pro Forma Financial Statements,&rdquo; &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and the historical financial statements and accompanying
notes included elsewhere in this information statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Following the Separation, our financial
profile will change, and we will be a smaller, less diversified company than SG Holdings prior to the Separation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Separation will result in each of SG Holdings
and SG DevCo being smaller, less diversified companies with more limited businesses concentrated in their respective industries. As a
result, we may be more vulnerable to changing market conditions, which could have a material adverse effect on our business, financial
condition and results of operations. In addition, the diversification of our revenues, costs, and cash flows will diminish as a standalone
company, such that our results of operations, cash flows, working capital and financing requirements may be subject to increased volatility
and our ability to fund capital expenditures and investments may be diminished.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not achieve some or all of the expected
benefits of the Separation and Distribution, and the Separation and Distribution may materially adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to achieve the full strategic
and financial benefits expected to result from the Separation and Distribution, or such benefits may be delayed or not occur at all.
The Separation and Distribution is expected to provide the following benefits, among others: (1)&nbsp;enabling our management to more
effectively pursue its own distinct operating priorities and strategies; (2)&nbsp;permitting us to allocate our financial resources to
meet the unique needs of our business, which will allow us to intensify our focus on our distinct strategic priorities and to more effectively
pursue our own distinct capital structure and capital allocation strategies; (3)&nbsp;allowing us to more effectively articulate a clear
investment thesis to attract a long-term investor base suited to our business and providing investors with a distinct and targeted investment
opportunity; (4)&nbsp;creating an independent equity security tracking our underlying business, which should afford us direct access
to the capital markets and facilitate our ability to consummate future acquisitions or other transactions using our common stock; and
(5) permitting us to more effectively recruit, retain and motivate employees through the use of stock-based compensation that more closely
aligns management and employee incentives with specific business goals and objectives related to our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not achieve these and other anticipated
benefits for a variety of reasons, including, among others: (1)&nbsp;the Separation and Distribution will demand management&rsquo;s time
and effort, which may divert management&rsquo;s attention from operating and growing our business; (2)&nbsp;following the Separation
and Distribution, we may be more susceptible to market fluctuations and other adverse events than if we were still a part of SG Holdings
because our business will be less diversified than SG Holdings&rsquo; business prior to the completion of the Separation; (3)&nbsp;&nbsp;the
Separation may require us to pay costs that could be substantial and material to our financial resources, including accounting, tax,
legal and other professional services costs, recruiting costs, and tax costs; and (4)&nbsp;after the Separation and Distribution, we
cannot predict the trading prices of SG DevCo common stock or know whether the combined trading prices of the SG Holdings common stock
and our common stock will be less than, equal to or greater than the market value of SG Holdings common stock prior to the Separation
and Distribution. If we fail to achieve some or all of the benefits expected to result from the Separation, or if such benefits are delayed,
it could have a material adverse effect on our competitive position, business, financial condition, results of operations and cash flows.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>SG Holdings&rsquo; plan to separate into
two publicly traded companies is subject to various risks and uncertainties and may not be completed in accordance with the expected
plans or anticipated timeline, or at all, and will involve significant time and expense, which could disrupt or adversely affect our
business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, SG Holdings announced its plan
to separate into two publicly traded companies. The Separation and Distribution is subject to the satisfaction of certain conditions
(or waiver by SG Holdings in its sole and absolute discretion), including final approval by SG Holdings&rsquo; Board of Directors of
the final terms of the Separation and Distribution. Furthermore, unanticipated developments or changes, including changes in the law,
the macroeconomic environment, competitive conditions of SG Holdings&rsquo; markets could delay or prevent the completion of the proposed
Separation and Distribution, or cause the Separation and Distribution to occur on terms or conditions that are different or less favorable
than expected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The process of completing the proposed Separation
and Distribution has been and is expected to continue to be time-consuming and involves significant costs and expenses. The costs may
be significantly higher than what we currently anticipate and may not yield a discernible benefit if the Separation and Distribution
is not completed or is not well executed, or the expected benefits of the Separation and Distribution are not realized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Until the Distribution occurs, SG Holdings
will have sole discretion to change the terms of the Separation and Distribution in ways that may be unfavorable to us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Completion of the Separation and Distribution
remains subject to the satisfaction or waiver of certain conditions, some of which are in the sole and absolute discretion of SG Holdings,
including final approval by the Board of Directors of SG Holdings. Additionally, SG Holdings has the sole and absolute discretion to
change certain terms of the Separation and Distribution, which changes could be unfavorable to us. In addition, SG Holdings may decide
at any time prior to the completion of the Separation and Distribution not to proceed with the Separation and Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our accounting and other management systems
and resources may not be adequately prepared to meet the financial reporting and other requirements to which we will be subject as a
standalone, publicly traded company following the Distribution.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the Distribution, we believe that our
reporting and control systems have been appropriate for those of a subsidiary of a public company. However, we have not been directly
subject to the reporting and other requirements of the Exchange Act. As a result of the Distribution, we will be directly subject to
reporting and other obligations under the Exchange Act. These reporting and other obligations will place significant demands on our management
and administrative and operational resources, including accounting resources. We may not have sufficient time following the Separation
to meet these obligations by the applicable deadlines.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, to comply with these requirements,
we anticipate that we will need to migrate our systems, including information technology systems, implement additional financial and
management controls, reporting systems and procedures and hire additional accounting and finance staff. We expect to incur additional
annual expenses related to these steps, and those expenses may be significant. If we are unable to implement our financial and management
controls, reporting systems, information technology and procedures in a timely and effective fashion, our ability to comply with our
financial reporting requirements and other rules that apply to reporting companies under the Exchange Act could be impaired. Any failure
to achieve and maintain effective internal controls could result in adverse regulatory consequences and/or loss of investor confidence,
which could limit SG DevCo&rsquo;s ability to access the global capital markets and could have a material adverse effect on our business,
financial condition, results of operations, cash flows or the market price of SG DevCo securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In connection with the separation into
two public companies, each of SG Holdings and SG DevCo will indemnify each other for certain liabilities. If we are required to pay under
these indemnities to SG Holdings, our financial results could be negatively impacted. The SG Holdings indemnities may not be sufficient
to hold us harmless from the full amount of liabilities for which SG Holdings will be allocated responsibility, and SG Holdings may not
be able to satisfy its indemnification obligations in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the separation and distribution agreement
and certain other agreements between SG Holdings and SG DevCo, each party will agree to indemnify the other for certain liabilities.
Third parties could also seek to hold us responsible for any of the liabilities that SG Holdings has agreed to retain. Any amounts we
are required to pay pursuant to these indemnification obligations and other liabilities could require us to divert cash that would otherwise
have been used in furtherance of our operating business. Further, the indemnities from SG Holdings for our benefit may not be sufficient
to protect us against the full amount of such liabilities, and SG Holdings may not be able to fully satisfy its indemnification obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, even if we ultimately succeed in recovering
from SG Holdings any amounts for which we are held liable, we may be temporarily required to bear these losses ourselves. Each of these
risks could negatively affect our business, results of operations and financial condition.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The terms we will receive in our agreements
with SG Holdings and its subsidiaries involve potential conflicts of interest and could be less beneficial than the terms we may have
otherwise received from unaffiliated third parties.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The agreements we will enter into with SG Holdings
in connection with the Separation were prepared in the context of the Separation while we were still a wholly owned subsidiary of SG Holdings.
Accordingly, during the period in which the terms of those agreements were prepared, we did not have an independent Board of Directors
or a management team that was independent of SG Holdings. As a result, the terms of those agreements may not reflect terms that would
have resulted from arm&rsquo;s-length negotiations between unaffiliated third parties. For example, the allocation of assets, liabilities,
rights, indemnification and other obligations between SG Holdings and us under the separation and distribution agreement may have been
different if agreed to by two unaffiliated parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the shared services agreement we intend
to enter into with SG Holdings, SG Holdings will provide to us certain services or functions that the companies historically have shared.
In consideration for such services, we will pay fees to SG Holdings for the services provided. The personnel performing services under
the shared services agreement will be employees and/or independent contractors of SG Holdings and will not be under our direction or control.
As such, conflicts of interest may arise in connection with the performance of the services by SG Holdings personnel and the allocation
of priority to the services requested by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we and related entities have entered
into and may continue to enter into transactions with SG Holdings and its subsidiaries. For example, JDI-Cumberland Inlet, LLC, a company
in which we hold a 10% non-dilutable interest, is obligated to hire SG Echo with respect to each phase of the construction of the project
buildings for our project in downtown St. Mary&rsquo;s, Georgia so long as SG Echo is offering its services at a price that is within
five percent of all arms-length bona fide bids from reputable, unaffiliated builders. As a result, JDI-Cumberland could end up paying
to SG Echo five percent more than it would have paid for these construction services if it hired an unaffiliated builder. See &ldquo;Certain
Relationships and Related Party Transactions.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Until the Distribution occurs, the SG Holdings
Board of Directors has sole and absolute discretion to change the terms of the Separation and Distribution in ways which may be unfavorable
to us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until the Distribution occurs, SG DevCo will
be a wholly-owned subsidiary of SG Holdings. Accordingly, SG Holdings will have the sole and absolute discretion to determine and change
the terms of the Separation and Distribution, including the establishment of the record date for the Distribution and the Distribution
Date. These changes could be unfavorable to us. In addition, the SG Holdings Board of Directors, in its sole and absolute discretion,
may decide not to proceed with the Distribution at any time prior to the Distribution Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>After the Separation and Distribution,
some of our directors and officers may have actual or potential conflicts of interest because of their equity ownership in SG Holdings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of their current or former positions
with SG Holdings, following the Separation and Distribution, some of our directors and executive officers may own shares of SG Holdings
common stock, and the individual holdings may be significant for some of these individuals compared to their total assets. This ownership
may create, or may create the appearance of, conflicts of interest when these directors and officers are faced with decisions that could
have different implications for SG Holdings or us. For example, potential conflicts of interest could arise in connection with the resolution
of any dispute that may arise between SG Holdings and us regarding the terms of the agreements governing the Separation and the relationship
thereafter between the companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Immediately after the Distribution, 70%
of our common stock will be owned by a single stockholder, SG Holdings, and it may therefore be able to substantially control our management
and affairs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings currently owns 100% of our outstanding
common stock and will own beneficially 70% of our outstanding common stock immediately after the consummation of the Distribution. Therefore,
SG Holdings will have substantial influence over any election of our directors and our operations. This concentration of ownership could
also have the effect of delaying or preventing a change in our control and might affect the market price of our common stock, even when
a change in control may be in the best interest of all stockholders. Furthermore, the interests of this concentration of ownership may
not always coincide with our interests or the interests of other stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>After the Distribution,
we will be a &ldquo;controlled company&rdquo; within the meaning of the Nasdaq listing standards and, as a result, will qualify for,
and may rely on, exemptions from certain corporate governance requirements. You may not have the same protections afforded to stockholders
of companies that are subject to such requirements.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Immediately after the Distribution,
SG&nbsp;Holdings will control 70% of our outstanding common stock. Because of the voting power of SG Holdings, we will be considered
a &ldquo;controlled company&rdquo; for purposes of Nasdaq requirements. As such, we are exempt from certain corporate governance requirements
of Nasdaq, including the requirements that (i)&nbsp;a majority of the board of directors consist of independent directors, (ii)&nbsp;we
have a Corporate Governance and Nominating Committee that is composed entirely of independent directors and (iii)&nbsp;we have a Compensation
Committee that is composed entirely of independent directors. Following the Distribution, we may rely on some or all of these exemptions.
Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of Nasdaq&rsquo;s corporate
governance requirements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We currently do not intend to pay dividends
on our common stock. Consequently, our stockholders&rsquo; ability to achieve a return on their investment will depend on appreciation
in the price of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to pay cash dividends on our
common stock. Any future dividend payments are within the absolute discretion of our Board of Directors and will depend on, among other
things, our results of operations, working capital requirements, capital expenditure requirements, financial condition, level of indebtedness,
contractual restrictions with respect to payment of dividends, business opportunities, anticipated cash needs, provisions of applicable
law and other factors that our Board of Directors may deem relevant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We cannot be certain that an active trading
market for our common stock will develop or be sustained after the Distribution and, following the Distribution, our stock price may
fluctuate significantly.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A public market for our common stock does not
currently exist. We anticipate that on or prior to the record date for the Distribution, trading of shares of our common stock will begin
on a &ldquo;when-issued&rdquo; basis and will continue through the Distribution Date. However, we cannot guarantee that an active trading
market will develop or be sustained for our common stock after the Distribution, nor can we predict the prices at which shares of our
common stock may trade after the Distribution. Similarly, we cannot predict the effect of the Distribution on the trading prices of our
common stock or whether the combined trading prices of the SG Holdings common stock and our common stock will equal or exceed what the
trading price of SG Holdings common stock would have been in absence of the&nbsp;Separation and Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until the market has fully evaluated our business
as a standalone entity, the prices at which shares of our common stock trade may fluctuate more significantly than might otherwise be
typical, even with other market conditions, including general volatility, held constant. The increased volatility of our stock price
following the Distribution may have a material adverse effect on our business, financial condition and results of operations. The market
price of our common stock may fluctuate significantly due to a number of factors, some of which may be beyond our control, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">actual
                                            or anticipated fluctuations in our operating results;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">changes
                                            in earnings estimated by securities analysts or our ability to meet those estimates;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the
                                            operating and stock price performance of comparable companies;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">changes
                                            to the regulatory and legal environment under which we operate; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">domestic
                                            and worldwide economic conditions.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If securities or industry analysts do not
publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading market for our securities will depend
in part on the research and reports that securities or industry analysts publish about us or our business. If only a limited number of
securities or industry analysts commence coverage of our Company, the trading price for our securities would likely be negatively impacted.
In the event securities or industry analysts initiate coverage, if one or more of the analysts who covers us downgrades our stock or
publishes unfavorable research about our business, our stock price may decline. If one or more of these analysts ceases coverage of our
Company or fails to publish reports on us regularly, demand for our securities could decrease, which might cause our stock price and
trading volume to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;<B><I>As a result
of becoming a public company, we will be obligated to develop and maintain proper and effective internal control over financial reporting
in order to comply with Section 404 of the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley Act&rdquo;). We may not complete our
analysis of our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be
effective, which may adversely affect investor confidence in us and, as a result, the value of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a result of becoming
a public company we will be subject to SEC reporting and other regulatory requirements. We will incur expenses and diversion of our management&rsquo;s
time in its efforts to comply with Section 404 of the Sarbanes-Oxley Act regarding internal controls over financial reporting. Effective
internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure
controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered
in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection
with Section 404 of the Sarbanes-Oxley Act, or the subsequent testing by our independent registered public accounting firm when, and
if, required, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or
that may require prospective or retrospective changes to our financial statements or identify other areas for further attention or improvement.
If we are unable to assert that our internal controls over financial reporting are effective, we could lose investor confidence in the
accuracy and completeness of our financial reports, which would cause the price of our common stock to decline, and we may be subject
to investigation or sanctions by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are an emerging growth company and a
smaller reporting company within the meaning of the Securities Act, and we are taking advantage of certain exemptions from disclosure
requirements available to emerging growth companies or smaller reporting companies, this could make our securities less attractive to
investors and may make it more difficult to compare our performance with other public companies.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company,&rdquo;
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;),
and are taking advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and
proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a registration statement under the Securities Act declared effective or do not have a class of securities
registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides
that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth
companies, but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which
means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make
comparison of our financial statements with another public company, which is neither an emerging growth company nor an emerging growth
company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting
standards used.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will remain an emerging growth company until
the earlier of: (1) the last day of the fiscal year (a) following the fifth anniversary of the date of the first sale of our common stock
pursuant to an effective registration statement under the Securities Act, (b) in which we have total annual revenue of at least $1.235
billion, or (c) in which we are deemed to be a large accelerated filer, which generally means the market value of our common equity that
is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year&rsquo;s second fiscal quarter; and (2) the date
on which we have issued more than $1 billion in non-convertible debt securities during the prior three-year period. References herein
to &ldquo;emerging growth company&rdquo; have the meaning associated with it in the JOBS Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we are a &ldquo;smaller reporting
company&rdquo; as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure
obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting
company until the last day of any fiscal year for so long as either (1) the market value of our shares of common stock held by non-affiliates
did not equal or exceed $250 million as of the prior June 30, or (2) our annual revenues did not equal or exceed $100 million during
such completed fiscal year and the market value of our shares of common stock held by non-affiliates did not equal or exceed $700 million
as of the prior December 31.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we are subject to the above listed reduced
reporting requirements, investors may not be able to compare us to other companies, this could make our securities less attractive to
investors and may make it more difficult to compare our performance with other public companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B><I>Your&nbsp;percentage of ownership in SG
DevCo may be diluted in the future.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In the future, your&nbsp;percentage ownership
in SG DevCo may be diluted because of equity issuances for acquisitions, capital market transactions or otherwise, including any equity
awards that we will grant to our directors, officers and employees. Such awards will have a dilutive effect on the number of SG DevCo
shares outstanding, and therefore on our earnings per share, which could adversely affect the market price of our common stock. From
time to time, we will issue additional stock-based awards to our employees under our employee benefits plans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We may issue shares
of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect
holders of our common stock, which could depress the price of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of incorporation
authorizes us to issue one or more series of preferred stock. Our Board of Directors has the authority to determine the preferences,
limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation
of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation,
dividend and other rights superior to the rights of our common stock. The potential issuance of preferred stock may delay or prevent
a change in control of us, discouraging bids for our common stock at a premium to the market price, and materially adversely affect the
market price and the voting and other rights of the holders of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Provisions in our corporate charter documents
and under Delaware law could make an acquisition of our company, which may be beneficial to our stockholders, more difficult and may
prevent attempts by our stockholders to replace or remove our management.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions in our amended and restated certificate
of incorporation and our amended and restated bylaws may discourage, delay or prevent a merger, acquisition or other change in control
of our company that stockholders may consider favorable, including transactions in which you might otherwise receive a premium for your
shares. These provisions could also limit the price that investors might be willing to pay in the future for shares of our common stock,
thereby depressing the market price of our common stock. In addition, because our Board of Directors is responsible for appointing the
members of our management team, these provisions may frustrate or prevent any attempts by our stockholders to replace or remove our management
by making it more difficult for stockholders to replace members of our Board of Directors. Among other things, these provisions provide:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our
                                            Board of Directors is divided into three classes, one class of which is elected each year
                                            by our stockholders with the directors in each class to serve for a three-year term;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the
                                            authorized number of directors can be changed only by resolution of our Board of Directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">directors
                                            may be removed by stockholders only for cause;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our
                                            amended and restated bylaws may be amended or repealed by our Board of Directors or by the
                                            affirmative vote of sixty-six and two-thirds percent (66 2/3%) of our stockholders;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">stockholders
                                            may not call special meetings of the stockholders or fill vacancies on the Board of Directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our
                                            board of directors will be authorized to issue, without stockholder approval, preferred stock,
                                            the rights of which will be determined at the discretion of the board of directors and that,
                                            if issued, could operate as a &ldquo;poison pill&rdquo; to dilute the stock ownership of
                                            a potential hostile acquirer to prevent an acquisition that our Board of Directors does not
                                            approve;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our
                                            stockholders do not have cumulative voting rights, and therefore our stockholders holding
                                            a majority of the shares of common stock outstanding will be able to elect all of our directors;
                                            and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">&#8239;our
                                            stockholders must comply with advance notice provisions to bring business before or nominate
                                            directors for election at a stockholder meeting.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, because we are incorporated in Delaware,
we are governed by the provisions of Section 203 of the Delaware General Corporation Law, which prohibits a person who owns in excess
of 15% of our outstanding voting stock from merging or combining with us for a period of three years after the date of the transaction
in which the person acquired in excess of 15% of our outstanding voting stock, unless the merger or combination is approved in a prescribed
manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our amended and restated certificate of
incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for certain types of state actions
that may be initiated by our stockholders, which could limit our stockholders&rsquo; ability to obtain a favorable judicial forum for
disputes with us or our directors, officers, or employees</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of incorporation
provides that, unless we consent to the selection of an alternative forum, the Court of Chancery of the State of Delaware is the exclusive
forum for (i) any derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary
duty owed by any of our directors, officers, or other employees to us or our stockholders, (iii) any action arising pursuant to any provision
of the DGCL or our amended and restated certificate of incorporation or bylaws (as either may be amended from time to time), or (iv)
any action asserting a claim governed by the internal affairs doctrine. The exclusive forum provision does not apply to suits brought
to enforce any liability or duty created by the Securities Act or the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction. To the extent that any such claims may be based upon federal law claims, Section 27 of the Exchange Act creates
exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations
thereunder. Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits
brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These exclusive-forum provisions may limit a
stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, employees,
control persons, underwriters, or agents, which may discourage lawsuits against us and our directors, employees, control persons, underwriters,
or agents. Additionally, a court could determine that the exclusive forum provision is unenforceable, and our stockholders will not be
deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder. If a court were to find
these provisions of our bylaws inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings,
we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business,
financial condition, or results of operations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_006"></A>THE SEPARATION AND DISTRIBUTION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings intends to distribute 30% of the outstanding
shares of our common stock to holders of SG Holdings common stock on a pro rata basis. SG Holdings will retain 70% of our outstanding
shares of common stock immediately following the Separation and Distribution. The Distribution of our common stock is expected to take
place on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023, the Distribution Date. On the Distribution Date, each holder of SG Holdings common stock will receive approximately
0.94 shares of our common stock for every five (5) shares of SG Holdings common stock held as of the close of business on the Record Date,
as described below. You will not be required to make any payment, surrender or exchange your SG Holdings common stock or take any other
action to receive your shares of SG DevCo common stock to which you are entitled on the Distribution Date.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution of our common stock as described
in this information statement is subject to the satisfaction or waiver of certain conditions. We cannot provide any assurances that the
Distribution will be completed. For a more detailed description of these conditions, see the section &ldquo;The Separation&mdash;Conditions
to the Distribution.&rdquo; We cannot provide any assurances that SG Holdings will complete the Separation and Distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings previously announced that it was
proceeding with a plan to spin-off its real estate development business. We are currently a wholly owned subsidiary of SG Holdings and
hold all of the assets and related liabilities associated with the Spin-Off Business. Following a strategic review, it was determined
that separating the Spin-Off Business from SG Holdings&rsquo; current business operations would be in the best interests of SG Holdings
and its stockholders and that the Separation would create two companies with attributes that best position each company for long-term
success, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Distinct
                                            Focus.</I></B> Each company will benefit from a distinct strategic and management focus on
                                            its specific operational and growth priorities. SG Holdings is expected to continue developing,
                                            designing and fabricating modular structures. SG DevCo will focus on real estate development.
                                            Because each company will have a smaller portfolio of businesses, management of each company
                                            is expected to be able to better allocate time and resources to identifying and executing
                                            operational and growth strategies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Allocation
                                            of Financial Resources and Separate Capital Structures</I></B>. The Separation will permit
                                            each company to allocate its financial resources to meet the unique needs of its own business,
                                            which will allow each company to intensify its focus on its distinct strategic priorities.
                                            The Separation will also allow each business to more effectively pursue its own distinct
                                            capital structure and capital allocation strategies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Targeted
                                            Investment Opportunity</I></B>. The Separation will create two companies with more focused,
                                            aligned businesses, which will allow each company to more effectively articulate a clear
                                            investment thesis to attract a long-term investor base suited to its businesses and the industries
                                            in which it operates and serves, and will facilitate each company&rsquo;s access to capital
                                            by providing investors with two distinct and targeted investment opportunities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Employee
                                            Incentives, Recruitment and Retention</I></B>. The Separation will allow each company to
                                            more effectively recruit, retain and motivate employees through the use of stock-based compensation
                                            that more closely reflects and aligns management and employee incentives with specific growth
                                            objectives, financial goals and business performance. In addition, the Separation will allow
                                            incentive structures and targets at each company to be better aligned with each underlying
                                            business. Similarly, recruitment and retention will be enhanced by more consistent talent
                                            requirements across the businesses, allowing both recruiters and applicants greater clarity
                                            and understanding of talent needs and opportunities associated with the core business activities,
                                            principles and risks of each company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Direct Access
                                            to Capital Markets</I></B>. Each company will have its own equity structure that should afford
                                            it direct access to the capital markets and allow it to capitalize on its unique growth opportunities
                                            appropriate to its business.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><B><I>Incremental
                                            Stockholder Value</I></B>. We believe that each company will benefit from the investment
                                            community&rsquo;s ability to value its businesses independently within the context of its
                                            particular industry with the anticipation that, over time, the aggregate market value of
                                            the companies will be higher, than if SG Holdings were to remain under its current configuration.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we, nor SG Holdings, can assure you that,
following the Separation, any of the benefits described above or otherwise in this information statement will be realized to the extent
anticipated or at all. For more information, see &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Number of Shares You Will Receive</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Distribution Date, you will receive approximately
0.94 shares of our common stock for every five (5) shares of SG Holdings common stock held as of the close of business on the Record Date,
as well as a cash payment in lieu of fractional shares. The Distribution will generally be taxable to stockholders for U.S. federal income
tax purposes as described under &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">American Stock Transfer and Trust Company, LLC,
acting as the distribution agent, will not distribute any fractional shares of our common stock to SG Holdings stockholders. SG Holdings
stockholders who would otherwise be entitled to a fraction of our common stock (after aggregating all fractional shares of our common
stock that otherwise would be received by such holder), will, in lieu of such fraction of a share, be paid in cash the dollar amount
(rounded to the nearest whole cent), without interest, determined by multiplying such fraction by the volume weighted average closing
trading price of a share of our common stock for the five consecutive trading days ending five trading days immediately after the date
the Distribution is effected. Recipients of cash in lieu of fractional shares will not be entitled to any minimum sale price for the
fractional shares or to any interest on the amounts of payments made in lieu of fractional shares. The receipt of cash in lieu of fractional
shares generally will be taxable to the recipient stockholders for U.S. federal income tax purposes as described under &ldquo;Material
U.S. Federal Income Tax Consequences.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>When and How You Will Receive the Distribution
of SG DevCo Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG Holdings will distribute the shares of our
common stock on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, the Distribution Date, to holders of record as of the close of business on the Record Date. The Distribution
is expected to be completed following the Nasdaq market closing on the Distribution Date. SG Holdings&rsquo; transfer agent and registrar,
American Stock Transfer and Trust Company, LLC, will serve as transfer agent and registrar for our common stock and as distribution agent
in connection with the Distribution.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you own SG Holdings common stock as of the
close of business on the Record Date, the shares of our common stock that you are entitled to receive in connection with the Distribution
will be issued electronically, as of the Distribution Date, to your account as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Registered
                                            Stockholders</I></B>. If you own your shares of SG Holdings stock directly, either in book-entry
                                            form through an account at American Stock Transfer and Trust Company, LLC and/or if you hold
                                            paper stock certificates, you will receive your shares of our common stock by way of direct
                                            registration in book-entry form. Registration in book-entry form is a method of recording
                                            stock ownership when no physical paper share certificates are distributed to stockholders,
                                            as is the case in connection with the Distribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On or shortly following the Distribution
Date, the Distribution Agent will mail to you a direct registration account statement that reflects the number of shares of our common
stock that have been registered in book-entry form in your name. Stockholders having any questions concerning the mechanics of having
shares of our common stock registered in book-entry form may contact American Stock Transfer and Trust Company, LLC at the address set
forth under &ldquo;Questions and Answers About the Separation and Distribution&rdquo; in this information statement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Beneficial
                                            Stockholders</I></B>. Many SG Holdings stockholders hold their shares of SG Holdings common
                                            stock beneficially through a bank or brokerage firm. In such cases, the bank or brokerage
                                            firm would be said to hold the stock in &ldquo;street name&rdquo; and ownership would be
                                            recorded on the bank or brokerage firm&rsquo;s books. If you hold your SG Holdings common
                                            stock through a bank or brokerage firm, your bank or brokerage firm will credit your account
                                            with the shares of our common stock that you are entitled to receive in connection with the
                                            Distribution. If you have any questions concerning the mechanics of having shares of common
                                            stock held in &ldquo;street name,&rdquo; we encourage you to contact your bank or brokerage
                                            firm.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There will be no adjustments made to outstanding
unvested SG Holdings restricted stock units (&ldquo;RSUs&rdquo;) in connection with the Separation and Distribution. Outstanding unvested
SG Holdings RSUs shall remain subject to the same terms and conditions after the Distribution as the terms and conditions applicable
to such RSUs immediately prior to the Distribution.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After the&nbsp;Separation and Distribution,&nbsp;we will be a separate
publicly traded company. Immediately following the&nbsp;Separation and Distribution,&nbsp;we expect to have approximately 10,000,000 shares
of our common stock outstanding, based on the number of SG Holdings shares of common stock outstanding on August 1, 2023 and the number
of shares to be retained by SG Holdings as described above. The actual number of shares of our common stock SG Holdings will distribute
in the&nbsp;Distribution&nbsp;will depend on the actual number of shares of SG Holdings common stock outstanding on the Record Date, which
will reflect any issuance of new shares or the vesting of equity awards pursuant to SG Holdings&rsquo; equity plans on or prior to the
Record Date. Shares of SG Holdings common stock held by SG Holdings as treasury shares will not be considered outstanding for purposes
of, and will not be entitled to participate in, the&nbsp;Distribution.&nbsp;The&nbsp;Distribution&nbsp;will not affect the number of outstanding
shares of SG Holding common stock or any rights of SG Holdings stockholders. However, following the&nbsp;Separation and Distribution,&nbsp;the
equity value of SG Holdings will no longer reflect the value of the Spin-Off Business (except to the extent of the shares of our common
stock retained by SG Holdings as described above). Although SG Holdings believes that our separation from SG Holdings offers its stockholders
the greatest long-term value, there can be no assurance that the combined trading prices of the SG Holdings common stock and our common
stock will equal or exceed what the trading price of SG Holdings common stock would have been in absence of the&nbsp;Separation and Distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We must complete the necessary registration under
the federal securities laws of our common stock to be issued in connection with the Distribution. We must also complete the applicable
listing requirements on Nasdaq for such shares. Other than these requirements, we do not believe that any other material governmental
or regulatory filings or approvals will be necessary to consummate the Distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No SG Holdings stockholder will have any appraisal
rights in connection with the Separation and Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing and Trading of Our Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this information statement,
there is no public market for our common stock. We plan to apply to have our common stock listed on Nasdaq under the ticker symbol &ldquo;SGD.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of our common stock distributed to
SG Holdings stockholders will be freely transferable, except for shares received by individuals who are our affiliates. Individuals who
may be considered our affiliates after the&nbsp;Separation and Distribution&nbsp;include individuals who control, are controlled by,
or are under common control with us, as those terms generally are interpreted for federal securities law purposes. These individuals
may include some or all of our directors and executive officers. Individuals who are our affiliates will be permitted to sell their shares
of our common stock only pursuant to an effective registration statement under the Securities Act of 1933, or the &ldquo;Securities Act,&rdquo;
or an exemption from the registration requirements of the Securities Act, such as those afforded by Section 4(a)(1) of the Securities
Act or Rule 144 thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Trading Between the Record Date and the Distribution
Date</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning on or shortly before the Record Date
and continuing up to and including the Distribution Date, we expect that there will be two markets in SG Holdings common stock: a &ldquo;regular-way&rdquo;
market and an &ldquo;ex-distribution&rdquo; market. Shares of SG Holdings common stock that trade on the &ldquo;regular-way&rdquo; market
will trade with an entitlement to receive shares of our common stock in connection with the Distribution. Shares of SG Holdings common
stock that trade on the &ldquo;ex-distribution&rdquo; market will trade without an entitlement to receive shares of our common stock
in the Distribution. Therefore, if you sell shares of SG Holdings common stock on the &ldquo;regular-way&rdquo; market after the close
of business on the Record Date and up to and including through the Distribution Date, you will be selling your right to receive shares
of our common stock in connection with the Distribution. If you own shares of SG Holdings common stock as of the close of business on
the Record Date and sell those shares on the &ldquo;ex-distribution&rdquo; market, up to and including through the Distribution Date,
you will still receive the shares of our common stock that you would be entitled to receive in respect of your ownership as of the Record
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, beginning on or shortly before the
Record Date and continuing up to and including the Distribution Date, we expect there will be a &ldquo;when-issued&rdquo; market in our
common stock. &ldquo;When-issued&rdquo; trading refers to a sale or purchase made conditionally because the security has been authorized
but not yet issued. The &ldquo;when-issued&rdquo; trading market will be a market for shares of our common stock that will be distributed
to SG Holdings stockholders on the Distribution Date. If you own shares of SG Holdings common stock as of the close of business on the
Record Date, you would be entitled to receive shares of our common stock in connection with the Distribution. You may trade this entitlement
to receive shares of our common stock, without trading the shares of SG Holdings common stock you own, in the &ldquo;when-issued&rdquo;
market. On the first trading day following the Distribution Date, we expect &ldquo;when-issued&rdquo; trading with respect to our common
stock will end and &ldquo;regular-way&rdquo; trading in our common stock will begin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect the Distribution will be effective on
or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023, the Distribution Date, provided that, among other conditions described in the separation and distribution agreement,
the following conditions will have been satisfied or waived by SG Holdings in its sole discretion:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            SG Holdings Board of Directors will have approved the Distribution and will not have abandoned
                                            the Distribution or terminated the separation and distribution agreement at any time prior
                                            to the consummation of the Distribution;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            SEC will have declared effective our registration statement on Form 10, of which this information
                                            statement is a part, under the Exchange Act; no stop order suspending the effectiveness of
                                            our registration statement on Form 10 will be in effect; no proceedings for such purpose
                                            will be pending before or threatened by the SEC; and this information statement, or a notice
                                            of internet availability thereof, will have been mailed to the holders of SG Holdings common
                                            stock as of the Record Date;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all
                                            actions and filings necessary or appropriate under applicable federal, state &ldquo;blue
                                            sky,&rdquo; or foreign securities laws and the rules and regulations thereunder will have
                                            been taken and, when applicable, become effective or been accepted;</FONT></TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            common stock to be delivered in connection with the Distribution will have been approved
                                            for listing on Nasdaq, subject to official notice of issuance;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            Board of Directors, as named in this information statement, will have been duly elected,
                                            and our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, each
                                            in substantially the form attached as exhibits to the registration statement on Form 10 of
                                            which this information statement is a part, will be in effect;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each
                                            of the ancillary agreements contemplated by the separation and distribution agreement will
                                            have been duly executed and delivered by the parties thereto;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">no
                                            applicable law will have been adopted, promulgated, or issued, and be in effect, that prohibits
                                            the consummation of the Distribution or any of the transactions contemplated by the separation
                                            and distribution agreement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            material governmental approvals and consents and any material permits, registrations, and
                                            consents from third parties, in each case, necessary to effect the Distribution and to permit
                                            the operation of the real estate development business after the Distribution Date substantially
                                            as conducted as of the date of the separation and distribution agreement will have been obtained;
                                            and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">no
                                            events or developments shall have occurred or exist that, in the sole and absolute judgment
                                            of the SG Holdings Board of Directors, make it inadvisable to effect the Distribution or
                                            would result in the Distribution and related transactions not being in the best interest
                                            of SG Holdings or its stockholders.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fulfillment of these conditions will not
create any obligations on SG Holdings&rsquo; part to effect the Separation, and the SG Holdings Board of Directors has reserved the right,
in its sole discretion, to abandon, modify, or change the terms of the Separation, including by accelerating or delaying the timing of
the consummation of all or part of the Distribution, at any time prior to the Distribution Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Separation, we will enter
into a separation and distribution agreement and several other agreements with SG Holdings to effect the Separation and provide a framework
for our relationship with SG Holdings after the Separation. These agreements will govern the relationship between our company, on the
one hand, and SG Holdings and its subsidiaries, on the other hand, subsequent to the Separation (including with respect to transition
services, employee matters and tax matters).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the separation and distribution
agreement (which will contain many of the key provisions related to our Separation from SG Holdings and the distribution of our shares
of common stock to SG Holdings stockholders), we will also enter into a Tax Matters Agreement and a Shared Services Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forms of the principal agreements described
below have been or will be filed as exhibits to the registration statement of which this information statement forms a part. The following
descriptions of these agreements are summaries of the material terms of these agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separation and distribution agreement will
govern the overall terms of the Separation and Distribution. On or prior to the Distribution Date, SG Holdings will deliver 30% of the
issued and outstanding shares of our common stock to the distribution agent. On or as soon as practicable following the Distribution
Date, the distribution agent will electronically deliver the shares of our common stock to SG Holdings stockholders based on the distribution
ratio. The SG Holdings&rsquo; Board may, in its sole and absolute discretion, at any time until the&nbsp;Distribution,&nbsp;decide to
abandon or modify the Distribution and to terminate the separation and distribution agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The separation and distribution agreement will
also specify those conditions that must be satisfied or waived by SG Holdings prior to the completion of the Separation, which are described
further in &ldquo;&mdash;Conditions to the Distribution.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We and SG Holdings will
each agree to indemnify the other and each of the other&rsquo;s current and former directors, officers, and employees, and each of the
heirs, executors, administrators, successors, and assigns of any of them, against certain liabilities incurred in connection with the&nbsp;Separation
and Distribution&nbsp;and our and SG Holdings&rsquo; respective businesses. The amount of either SG Holdings or our indemnification obligations
will be reduced by any net insurance proceeds the party being indemnified receives. The separation and distribution agreement will also
establish procedures for handling claims subject to indemnification and related matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
connection with the Separation, we and SG Holdings intend to enter into a tax matters agreement that will contain certain tax matters
arrangements and will govern the parties&rsquo; respective rights, responsibilities, and obligations with respect to taxes, including
taxes arising in the ordinary course of business and taxes incurred as a result of the Separation and the Distribution. The tax matters
arrangement will also set forth the respective obligations of the parties with respect to the filing of tax returns, the administration
of tax contests, and assistance and cooperation on tax matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax matters arrangement will govern the rights
and obligations that we and SG Holdings will have after the Separation with respect to taxes for both pre- and post-closing periods.
Under the tax matters arrangement, we will be responsible for (i) any of our taxes for all periods prior to and after the Distribution
and (ii) any taxes of the SG Holdings group for periods prior to the Distribution to the extent attributable to the real estate development
business. SG Holdings generally will be responsible for any of the taxes of the SG Holdings group other than taxes for which we are responsible.
In addition, SG Holdings will be responsible for its taxes arising as a result of the Separation and Distribution. Notwithstanding the
foregoing, sales, use, transfer, real property transfer, intangible, recordation, registration, documentary, stamp or similar taxes imposed
on the Distribution shall be borne fifty percent (50%) by us and fifty percent (50%) by SG Holdings. SG DevCo shall be entitled to any
refund (and any interest thereon received from the applicable tax authority) of taxes for which SG DevCo is responsible for under tax
matters arrangement and SG Holdings shall be entitled to any refund (and any interest thereon received from the applicable tax authority)
of taxes for which SG Holdings is responsible for under tax matters arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
of SG Holdings and SG DevCo will indemnify each other against any taxes allocated to such party under the tax matters agreement and related
out-of-pocket costs and expenses.&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Separation, we and SG
Holdings also intend to enter into a shared services agreement which will set forth the terms on which SG Holdings will provide to us
on a transitional basis, certain services or functions that the companies historically have shared. Shared services will include various
administrative, accounting, communications/investor relations, human resources, operations/construction services, and strategic management
and other support services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for such services, we will pay
fees to SG Holdings for the services provided, and those fees will generally be in amounts intended to allow SG Holdings to recover all
of its direct and indirect costs incurred in providing those services. SG Holdings will charge us a fee for services performed by (i)
its employees which shall be a percentage of each employee&rsquo;s base salary based upon an allocation of their business time spent
providing such services and (ii) third parties, the fees charged by such third parties. We will also pay SG Holdings for general and
administrative expenses incurred by SG Holdings attributable to both the operation of SG Holdings (other than the provision of the services
performed by SG Holdings&rsquo; employees) and the provision of the shared services, including but not limited to information technology,
data subscription and corporate overhead expenses, the portion of such costs and expenses that are attributable to the provision of the
shared services, as reasonably determined by SG Holdings. We expect that these fees and expenses will aggregate approximately $20,000
a month, with $2,000 a month allocated to administrative services, $3,000 a month allocated to accounting services, $1,500 a month allocated
to communications/investor relations services, $2,000 a month allocated to human resources services, $4,000 a month allocated to operations/construction
services and $7,500 a month allocated to strategic management and other support services. The personnel performing services under the
shared services agreement will be employees and/or independent contractors of SG Holdings and will not be under our direction or control.
We will also reimburse SG Holdings for direct out-of-pocket costs incurred by SG Holdings for third party services provided to us.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This information statement is being furnished
solely to provide information to SG Holdings stockholders who are entitled to receive shares of our common stock in connection with the
Distribution. The information statement is not, and is not to be construed as, an inducement or encouragement to buy, hold, or sell any
of our securities. We believe the information contained in this information statement is accurate as of the date set forth on the cover.
Changes may occur after that date and neither SG Holdings nor we undertake any obligation to update such information except in the normal
course of our respective public disclosure obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="D_007"></A>DIVIDEND
POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>We currently intend to retain all
available funds and future earnings, if any, to fund the development and expansion of our business, and we do not anticipate paying any
cash dividends on our common stock in the foreseeable future. Any future determination to pay dividends on our common stock will be made
at the discretion of our Board of Directors and will depend on various factors, including applicable laws, our results of operations,
financial condition, future prospects, the terms of our outstanding indebtedness, and any other factors deemed relevant by our Board
of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="D_008"></A>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization as of June 30, 2023,
on a historical basis and on a pro&nbsp;forma basis to give effect to the pro&nbsp;forma adjustments included in our Unaudited Pro Forma
Financial Information. The information below is not necessarily indicative of what our capitalization would have been had the Separation
and Distribution been completed as of June 30, 2023. In addition, it is not indicative of our future capitalization. This table should
be read in conjunction with &ldquo;Unaudited Pro Forma Financial Information,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations,&rdquo; and our historical financial statements and the related notes included elsewhere
in this information statement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30, 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Capitalization:</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Historical</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pro Forma</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">1,082,443</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">1,582,443</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Shareholders&rsquo; 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: rgb(204,238,255)">
    <TD STYLE="text-align: left">Common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,054,729</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,854,324</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,622,428</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(11,322,956</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total shareholder&rsquo;s equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,432,302</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,541,368</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Total capitalization</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,514,745</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,123,811</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SG DevCo has not
yet finalized its post-distribution capitalization. Pro&nbsp;forma financial information reflecting SG DevCo&rsquo;s post-distribution
capitalization will be included in an amendment to this information statement.&nbsp;</FONT>&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="D_009"></A>UNAUDITED
PRO FORMA FINANCIAL STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Unaudited Pro Forma Financial Information
presented below has been derived from SG DevCo&rsquo;s historical financial statements included in this information statement. While
the historical financial statements reflect the past financial results of the Spin-Off Business, this pro forma information gives effect
to the separation of that business into a separate publicly traded company. The pro forma adjustments to reflect the Separation and Distribution
include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the
                                            separation of the assets and liabilities related to the Spin-Off Business pursuant to the
                                            separation and distribution agreement;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the anticipated post-Separation and Distribution capital structure, including the issuance of
                                                                                                                                                                               9,999,000 shares of our common stock to SG Holdings and the distribution of 30% of our issued and outstanding shares of common stock
                                                                                                                                                                               by SG Holdings in connection with the Distribution; and</TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the
                                            impact of, and transactions contemplated by, the separation and distribution agreement, the
                                            tax matters agreement and the shared services agreement.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma adjustments are based on available
information and assumptions our management believes are reasonable; however, such adjustments are subject to change as the costs of operating
as a standalone company are determined. In addition, such adjustments are estimates and may not prove to be accurate. The Unaudited Pro
Forma Financial Information has been derived from our Historical Financial Statements included in this information statement and includes
certain adjustments to give effect to events that are (1) directly attributable to the Separation and Distribution and related transaction
agreements, (2) factually supportable, and (3) with respect to the statement of operations, expected to have a continuing impact on SG
DevCo. Any change in costs or expenses associated with operating as a standalone company would constitute projected amounts based on
estimates and, therefore, are not factually supportable; as such, the Unaudited Pro Forma Financial Information has not been adjusted
for any such estimated changes. Only costs that management has determined to be factually supportable and recurring are included as pro
forma adjustments, including the items described above. Incremental costs and expenses associated with operating as a standalone company,
which are not reflected in the Unaudited Pro Forma Financial Information, are not practical to estimate as of the date of this filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Unaudited Pro Forma Statement of Operations
for the year ended December 31, 2022, and the statements ended June 30, 2023, have been prepared as though the Distribution occurred on
January 1, 2022. The Unaudited Pro Forma Balance Sheet at June 30, 2023 has been prepared as though the distribution occurred on June
30, 2023. The Unaudited Pro Forma Financial Information is for illustrative purposes only, and does not reflect what our financial position
and results of operations would have been had the distribution occurred on the dates indicated and is not necessarily indicative of our
future financial position and future results of operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Unaudited Pro Forma Financial Information
should be read in conjunction with our historical financial information, &ldquo;Capitalization&rdquo; and &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations&rdquo; included elsewhere in this information statement. The Unaudited
Pro Forma Financial Information constitutes forward-looking information and is subject to certain risks and uncertainties that could
cause actual results to differ materially from those anticipated. See &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo;
included elsewhere in this information statement.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unaudited
Pro Forma Balance Sheet </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>As of June 30, 2023</B></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>As <BR>
Reported</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pro Forma Adjustments</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pro Forma</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current assets:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 64%; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,082,443</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> [e]</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,582,443</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid assets and other current assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">541,650</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">541,650</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,624,093</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,624,093</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets held for sale</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400,361</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400,361</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,190,655</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,190,655</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project development costs and other non-current assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,077</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,077</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity-based investments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,624,945</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,624,945</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due from affiliates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">908,323</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[b]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">908,323</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,650</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,650</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,929,781</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">$</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,408,323</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,338,104</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liabilities and Stockholders&rsquo; Equity</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current liabilities:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable and accrued expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333,555</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333,555</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to affiliates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200,743</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200,743</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short term note payable, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,963,181</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[e]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,463,181</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total current liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,497,479</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,700,743</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">) &nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,796,736</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&rsquo; equity:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,999</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[c]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,054,729</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,799,595</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[a][b][c][d]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,854,324</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,622,428</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,700,528</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">) &nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,322,956</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total stockholders&rsquo; equity</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,432,302</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,109,066</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,541,368</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Liabilities and Stockholders&rsquo; Equity</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,929,781</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,408,323</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,338,104</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unaudited
Pro Forma Statement of Operations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the six months ended June 30, 2023</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B><I>As<U><BR>
    </U>Reported</I></B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">Pro Forma<BR>
 Adjustments</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">Pro Forma</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">(Unaudited)</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">(Unaudited)</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">(Unaudited)</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 64%; font-size: 10pt; text-align: left">Payroll and related expenses</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">670,098</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">6,700,528</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">[a]</P></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">7,370,626</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">519,973</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">519,973</P></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1.5pt">Marketing and business development expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">27,305</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">27,305</P></TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; font-size: 10pt; padding-bottom: 1.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">1,217,376</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">6,700,528</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">7,917,904</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,217,376</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,700,528</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,917,904</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Interest Expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(475,046</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(475,046</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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><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: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(1,692,422</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(6,700,528</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(8,392,950</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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><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: White">
    <TD STYLE="font-size: 10pt">Net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 4pt">Basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(1,692.42</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(0.67</P></TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(0.84</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,238,255)">
    <TD STYLE="font-size: 10pt">Weighted average shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 4pt">Basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">9,999,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">10,000,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unaudited
Pro Forma 2023 footnotes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">[a] Represents the forgiveness of $4,000,000 from the Promissory Note
issued to SG Holdings dated December 19, 2021 and the partial payback of ($200,000) to SG Holdings as per the Subsequent Event Footnote
9 on page F-19</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Original Promissory Note Principle</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,200,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Payback to SG Holdings</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(200,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Remaining Principle Forgiven</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">[b] Represents additional advance made to SG Holdings by the Company
for which SG Holdings issued a Promissory Note dated August 9<SUP>th</SUP>, 2023 in the principle amount of $908,323 as per the Subsequent
Event Footnote 9 on page F-19. The note bears no interest and is payable upon demand.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; padding-bottom: 4pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Advances to SG Holdings per the Promissory Note effective July 1<SUP>st</SUP>, 2023</FONT></TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">908,323</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[c] Represents the issuance of 9,999,000 shares
of common stock valued at a par value of $0.001, in connection with our Spin-Off and Distribution</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">[d] <FONT STYLE="font-family: Times New Roman, Times, Serif">Represents
the stock compensation expense of </FONT>1,078,122 <FONT STYLE="font-family: Times New Roman, Times, Serif">RSUs determined in accordance
with FASB ASC Topic&nbsp;718. The estimated grant date fair value of $6.215 was based on a recent valuation of our common stock prepared
for tax purposes.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">RSUs Expected to be Outstanding After the Distribution</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,078,122</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 4pt">Fair Market Value of RSUs as per IRS Section 409A</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6.215</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Anticipated Stock Compensation Expense of the outstanding RSUs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,700,528</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of an RSU under the 2023 Plan to Nicolai Brune for 200,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with
the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments
take into account vesting through the date of this report, as if the shares underlying the vested RSUs were issued. The Pro Forma Adjustments
assume that approximately 116,666 shares have vested with an anticipated expense of $725,079.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of an RSU under the 2023 Plan to David Villarreal for 650,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with
the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments
take into account vesting through the date of this report, as if the shares underlying the vested RSUs were issued. The Pro Forma Adjustments
assume that approximately 379,166 shares have vested with an anticipated expense of $2,356,517.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unaudited
Pro Forma 2023 footnotes</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of an RSU under the 2023 Plan to Paul Galvin for 500,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the
balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments take
into account vesting through the date of this report, as if the shares underlying the vested RSUs were issued. The Pro Forma Adjustments
assume that approximately 291,166 shares have vested with an anticipated expense of $1,812,704.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of RSUs under the 2023 Plan to SG Holdings Employees and Consultants providing services for the Company in an amount equal to 300,000
shares of our common stock, in the aggregate, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly on a pro-rata
basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments take into account vesting through the date
of this report, as if the shares underlying the vested RSUs were issued. The Pro Forma Adjustments assume that approximately 78,125 shares
have vested with an anticipated expense of $1,087,619.</P>
<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of RSUs under the 2023 Plan to our Advisory Board Members in an amount equal to 93,750 shares of our common stock, in the aggregate, with
70,310 vesting upon issuance, and 1/3 of the balance vesting on each of July 1, 2023, October 1, 2023 and January 1, 2024 provided that
they provide continuous service. These Pro Forma Adjustments take into account vesting through the date of this report, as if the shares
underlying the vested RSUs were issued, The Pro Forma Adjustments assume that approximately 78,125 shares have vested with an anticipated
expense of $485,547.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of RSUs under the 2023 Plan to non-employee directors for 87,500 shares of our common stock, in the aggregate, with twenty-five percent
(25%) vesting on each of April 1, 2023, July 1, 2023, October 1, 2023 and January 1, 2024 provided that they continue to serve on our
Board of Directors.These Pro Forma Adjustments take into account vesting through the date of this report, as if the shares underlying
the vested RSUs were issued. These Pro Forma Adjustments assume that approximately 37,500 shares have vested with an anticipated expense
of $233,062.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information, please visit the &ldquo;Sale
of Unregistered Securities&rdquo; section of this report on page 76.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[e] Represents additional tranche of $500,000
received on the Bridgeline Notes as per the Subsequent Event Footnote 9 on Page F-19</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and Cash Equivalents at June 30<SUP>th</SUP>, 2023</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,082,443</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Draw on or about August 16<SUP>th</SUP>,2023</FONT></TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">500,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;Pro Forma Cash and Cash Equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,582,443</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Bridgeline Notes Principle</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Draw on or about August 16<SUP>th</SUP>,2023</FONT></TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">500,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Bridgeline Notes Principle August 16<SUP>th</SUP>, 2023</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,750,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unaudited
Pro Forma Statement of Operations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the Year Ended December 31, 2022</B></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<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: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">As Reported</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Pro Forma<BR>
 Adjustments</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Pro Forma</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left; padding-left: 9pt">Payroll and related expenses</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">1,106,997</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">9,672,019</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">[a]</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">10,779,016</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">998,717</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">998,717</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Marketing and business development expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">32,152</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">32,152</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt; padding-left: 0.25in">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">2,137,866</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">9,672,019</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">11,809,885</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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><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: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,137,866</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,672,019</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,809,885</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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><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: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 9pt">Interest Expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(306,393</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(306,393</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(2,444,259</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(9,672,019</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(12,116,278</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,238,255)">
    <TD STYLE="font-size: 10pt">Net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(2,444.26</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(0.98</P></TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(1.21</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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><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: White">
    <TD STYLE="font-size: 10pt">Weighted average shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">9,999,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">10,000,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Safe
and Green Development Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Unaudited
Pro Forma 2022 footnotes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">[a] <FONT STYLE="font-family: Times New Roman, Times, Serif">Represents
the stock compensation expense of </FONT>1,556,238 <FONT STYLE="font-family: Times New Roman, Times, Serif">RSUs determined in accordance
with FASB ASC Topic&nbsp;718. The estimated grant date fair value of $6.215 was based on a recent valuation of our common stock prepared
for tax purposes. </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">RSUs Expected to be Outstanding After the Distribution</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,556,238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 4pt">Fair Market Value of RSUs as per IRS Section 409A</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6.215</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Anticipated Stock Compensation Expense of the outstanding RSUs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,672,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of an RSU under the 2023 Plan to Nicolai Brune for 200,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with
the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments
take into account vesting through the end of fiscal 2022, as if the RSUs were granted on January 1<SUP>st</SUP>, 2022 and as if the shares
underlying the RSUs were issued upon vesting. The Pro Forma Adjustments assume that approximately 166,664 shares vested with an anticipated
expense of $1,315,817.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of an RSU under the 2023 Plan to David Villarreal for 650,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with
the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments
take into account vesting through the end of fiscal 2022, as if the RSUs were granted on January 1<SUP>st</SUP>, 2022 and as if the shares
underlying the RSUs were issued upon vesting. The Pro Forma Adjustments assume that approximately 541,664 shares vested with an anticipated
expense of $3,366,442.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of an RSU under the 2023 Plan to Paul Galvin for 500,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the
balance vesting quarterly on a pro-rata basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments take
into account vesting through the end of fiscal 2022, as if the RSUs were granted on January 1<SUP>st</SUP>, 2022 and as if the shares
underlying the RSUs were issued upon vesting. The Pro Forma Adjustments assume that approximately 416,664 shares vested with an anticipated
expense of $2,589,567.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of RSUs under the 2023 Plan to SG Holdings Employees and Consultants providing services for the Company in an amount equal to 300,000
shares of our common stock, in the aggregate, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly on a pro-rata
basis over the next eighteen (18) months of continuous service. These Pro Forma Adjustments take into account vesting through the end
of fiscal 2022, as if the RSUs were granted on January 1<SUP>st</SUP>, 2022 and as if the shares underlying the RSUs were issued upon
vesting. The Pro Forma Adjustments assume that approximately 249,996 shares vested with an anticipated expense of $1,553,725.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the board approved the grant
of RSUs under the 2023 Plan to our Advisory Board Members in an amount equal to 93,750 shares of our common stock, in the aggregate, 70,310
vesting upon issuance, with 1/3 of the balance vesting on each of July 1, 2023, October 1, 2023 and January 1, 2024 provided that they
provide continuous service. These Pro Forma Adjustments take into account vesting through the end of fiscal 2022, as if the RSUs were
granted on January 1<SUP>st</SUP>, 2022 and as if the shares underlying the RSUs were issued upon vesting. The Pro Forma Adjustments assume
that that approximately 93,750 shares vested with an anticipated expense of $586,657.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023 the board approved the grant
of RSUs under the 2023 Plan to non-employee directors in an amount equal to 87,500 shares of our common stock, in the aggregate, with
twenty-five percent (25%) vesting on each of April 1, 2023, July 1, 2023, October 1, 2023 and January 1, 2024 provided they continue to
serve on our Board of Directors. These Pro Forma Adjustments take into account vesting through the end of fiscal 2022, as if the RSUs
were granted on January 1<SUP>st</SUP>, 2022 and as if the shares underlying the RSUs were issued upon vesting. The Pro Forma Adjustments
assume that that approximately 87,500 shares vested with an anticipated expense of $543,813.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information, please visit the &ldquo;Sale
of Unregistered Securities&rdquo; Section of this report on page 76.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_010"></A>MANAGEMENT&rsquo;S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION</B></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>You should read the following Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations (&ldquo;MD&amp;A&rdquo;) in conjunction with the Historical
Financial Statements and corresponding notes and the Unaudited Pro Forma Financial Information and corresponding notes included elsewhere
in this information statement. This MD&amp;A contains forward-looking statements. The matters discussed in these forward-looking statements
are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied
in the forward-looking statements. Please see &ldquo;Risk Factors&rdquo; and &ldquo;Special Note Regarding Forward-Looking Statements&rdquo;
for a discussion of the uncertainties, risks, and assumptions associated with these statements.</I></P>

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

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company.</B> We were formed in 2021
by SG Holdings for the purpose of real property development utilizing SG Holdings&rsquo; proprietary technologies and SG
Holdings&rsquo; manufacturing facilities Our current business focus is primarily on the direct acquisition and indirect investment
in properties nationally that will be further developed in the future into green single or multi-family projects. To date, we have
not generated any revenue and our activities have consisted solely of the acquisition of three properties and an investment in two
entities that have acquired two properties to be further developed; however we have not yet commenced any development activities..
We are focused on increasing our presence in markets with favorable job formation and a favorable demand/supply ratio for
multifamily housing. We intend to construct many of the planned developments using modules built by SG Echo, LLC, a subsidiary of SG
Holdings and to rely on SG Holdings and SG Echo as the sole source of the modular units used in our projects. In addition to these
development projects, we intend, subject to our ability to raise sufficient capital, to build additional, strategically placed
manufacturing facilities that will be sold or leased to third parties. We also intend to build manufacturing sites for lease to SG
Echo near our project sites in order to support SG Holdings $6,810,762 backlog of signed construction and engineering contracts in
existence at December 31, 2022 and take advantage of cost savings for transportation of modules. We intend to build our first
manufacturing facility on the land owned by us in St Mary&rsquo;s, GA at a cost of approximately $16,000,000. We intend to fund the project through a combination of debt, in the form
of a construction loan, and equity from limited partners. We expect that this facility will be fully operational by Q3
2024 and will fulfill the need for modular units at both our Norman Berry and Cumberland Inlet projects. Our business model is
flexible and we anticipate developing properties on our own and also through joint ventures in which we partner with third-party
equity investors or other developers.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to develop the properties that we own
from the proceeds of future financings, both at the corporate and project level, and / or sale proceeds from properties that are sold.
However, our ability to develop any properties will be subject to our ability to raise capital either through the sale of equity or by
incurring debt. We have forecasted to invest approximately $1.6 million over the course of the next 12 months to start the development
of three different projects, subject to our ability to raise additional capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The projects we intend to develop over the next 12 months are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Finley
                                            Street Apartments (165 Units), the first phase of our Cumberland Inlet Site</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">St
                                            Mary&rsquo;s Industrial, a 120,000 SF Manufacturing Facility to be leased by SG Echo</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Magnolia
                                            Gardens I (100 Units), the first phase of our McLean Mixed Use Site</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event due to SG Holdings&rsquo; backlog
or otherwise we are unable to secure sufficient modular units to complete our developments using modules built by SG Echo, our business,
prospects, financial condition, results of operations, and cash flows may be materially and adversely affected. See &ldquo;Risk Factors
&ndash; Risks Related to Our Business Generally&rdquo;.</P>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The Proposed Separation.</B>&nbsp;&nbsp;In
December 2022, we announced our plan to separate into two publicly traded companies. The Separation will occur through a pro&nbsp;rata
distribution to SG Holdings&rsquo; stockholders of 30% of the outstanding shares of common stock of SG DevCo, a wholly owned subsidiary
of SG Holdings, that holds the assets and liabilities associated with SG Holdings&rsquo; real estate development business. In connection
with the Distribution, each SG Holdings stockholder will receive approximately 0.94 shares of SG DevCo common stock for every five (5)
shares of SG Holdings common stock held as of the close of business on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023 the record date for the Distribution.</P>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Separation is subject to a number of conditions,
including, but not limited to: final approval by SG Holdings Board of Directors; the SEC will have declared effective our registration
statement on Form 10, of which this information statement is a part, under the Exchange Act; and no stop order suspending the effectiveness
of our registration statement on Form 10 will be in effect; this information statement having been made available to SG Holdings&rsquo;
stockholders; Nasdaq will have approved the listing of SG DevCo common stock, subject to official notice of issuance; and no events or
developments shall have occurred or exist that, in the sole and absolute judgment of the SG Holdings Board of Directors, make it inadvisable
to effect the Distribution or would result in the Distribution and related transactions not being in the best interest of SG Holdings
or its stockholders.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG DevCo will enter into a separation and distribution
agreement and several other agreements with SG Holdings to provide a framework for our relationship with SG Holdings after the Separation
and Distribution. These agreements will provide for the allocation between SG Holdings and SG DevCo of the assets, employees, liabilities
and obligations (including, among others, investments, property, employee benefits and tax-related assets and liabilities) of SG Holdings
and its subsidiaries attributable to periods prior to, at and after the Separation and will govern the relationship between us and SG
Holdings subsequent to the completion of the Separation. In addition to the separation and distribution agreement, the other principal
agreements to be entered into with SG Holdings include a tax matters agreement and a shared services agreement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Holdings may, at any time and for any reason
until the Separation and Distribution is complete, abandon the separation plan or modify its terms.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; text-align: justify"><B>Basis of Presentation.
</B>The historical financial statements of SG DevCo are prepared in conformity with accounting principles generally accepted in the United
States of America (GAAP). In accordance with GAAP, certain situations require management to make estimates based on judgments and assumptions,
which may affect the reported amounts of assets and liabilities or contingent liabilities at the date of the financial statements. They
also may affect the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates upon
subsequent resolution of identified matters. The historical financial statements of SG DevCo are prepared from SG Holdings&rsquo; historical
accounting records and are presented on a standalone basis as if the Spin-Off Business has been conducted independently from SG Holdings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><B>Impact of Coronavirus
(COVID-19).</B> With the global spread of the ongoing novel coronavirus (&ldquo;COVID-19&rdquo;) pandemic, we have implemented business
continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on our business. To date, we have experienced some
delays in projects due to COVID-19. Any further quarantines, containment and eradication solutions, travel restrictions, absenteeism
by infected workers, labor shortages or other disruptions to suppliers and contract manufacturers or customers would likely adversely
impact our operating results and result in further project delays.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 30, 2023, our wholly owned subsidiary
entered into an agreement to secure financing to pay off the&nbsp;note in the principal amount of $2,000,000 that we issued on July 14,
2021 and the note in the principal amount of $500,000 that we issued, both of which were secured by a Deed of Trust on the Lago Vista
property &nbsp;by issuing a new note in the principal amount of $5,000,000&nbsp;note which is secured by a Deed of Trust on the Lago Vista
property and SG DevCorp.&rsquo;s McLean site in Durant, Oklahoma.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 23 2023, we, entered into a Loan Agreement
(the &ldquo;BCV Loan Agreement&rdquo;) with a Luxembourg-based specialized investment fund, BCV S&amp;G DevCorp (&ldquo;BCV S&amp;G&rdquo;),
for up to $2,000,000 in proceeds, under which we initially received $1,250,000. The Loan Agreement provides that the loan provided thereunder
will bear interest at 14% per annum and mature on December 1, 2024. The loan may be repaid by us at any anytime following the twelve-month
anniversary of its issue date. The loan is secured by 19.99% of our outstanding shares of common stock (the &ldquo;Pledged Shares&rdquo;),
which were pledged by&nbsp;us pursuant to an escrow agreement (the &ldquo;Escrow Agreement&rdquo;) with American Stock Transfer &amp;
Trust Company, LLC, our transfer agent. The fees associated with the issuance include $70,000 paid to BCV S&amp;G for the creation of
the BCV Loan Agreement and $27,500 payable to BCV S&amp;G per annum for maintaining the BCV Loan Agreement. Additionally, $37,500 in broker
fees has been paid to Bridgeline Capital Partners S.A. on the principal amount raised of $1,250,000 raised to date. The BCV Loan Agreement
further provides that if our shares of common stock are not listed on The Nasdaq Stock Market on before August 30, 2023 or if following
such listing the total market value of the Pledged Shares falls below twice the face value of the loan, the loan will be further secured
by our St. Mary&rsquo;s industrial site, consisting of 29.66 acres and a proposed manufacturing facility in St. Mary&rsquo;s, Georgia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 9, 2023, SG Holdings and SG DevCo entered
into a Note Cancellation Agreement, effective as of July 1, 2023, pursuant to which SG Holdings cancelled and forgave the remaining $4,000,000
balance then due on that certain promissory note, dated December 19, 2021, made by SG DevCo in favor of SG Holdings in the original principal
amount of $4,2000,00. In addition, on August 9, 2023, SG Holding issued to SG DevCo a non-interest bearing promissory note, in the principal
amount of $908,323, payable on demand, to evidence advances by SG DevCo to SG Holdings in such amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 16, 2023, we secured an additional $500,000 in bridge funding
from BCV S&amp;G under the BCV Loan Agreement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have never generated
any revenue and have incurred significant net losses in each year since inception. For the six months ended June 30, 2023 we incurred
a net loss of $1,692,422 as compared to a net loss of $995,667 for the six months ended June 30, 2022. For the year ended December 31,
2022 we incurred a net loss of $2,444,259 as compared to a net loss of $485,747 for the period from February 17, 2021 through December
31, 2021. We expect to incur increasing losses in the future when we commence development of the properties we own.</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">To date, a significant portion of our funding has been provided by
SG Holdings.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Results of Operations
for the Six Months Ended June 30, 2023 and Six Months Ended June 30, 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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





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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;<BR> Six Months <BR> Ended <BR> June 30, <BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <BR> Six Months <BR> Ended <BR> June 30, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 9pt">Total Payroll and related expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">670,098</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">520,194</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Total Other operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">547,728</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">353,903</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Operating loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,217,376</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(874,098</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Interest expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(475,046</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(121,569</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,692,422</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(995,667</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  </TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Payroll and Related
Expenses</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payroll and related expenses for the&nbsp;six
months ended June 30 2023 were $670,098 compared to $520,194for the&nbsp;six months ended June 30, 2022. This increase of $149,903 in
expenses allocated to us by SG Holdings during the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 resulted
from additional efforts of personnel during 2023, as well as increased salaries of the five employees of SG Holdings who devoted time
to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating&nbsp;Expenses (General and
administrative expenses and marketing and business development expenses)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating expenses for six months ended
June 30, 2023&nbsp;were $547,728 compared to $353,903 for the&nbsp;six months ended June 30, 2022. These expenses were primarily allocated
to us by SG Holdings and consisted of legal fees, professional fees, rent, office expenses, insurance and other general and administrative
expenses. This increase of $193,825 in expenses allocated to us by SG Holdings during the six months ended June 30, 2023 as compared to
the six months ended June 30, 2022 resulted from additional costs incurred during 2023 as well as costs in connection with the spin-off
transaction.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Results of Operations
for the Three Months Ended June 30, 2023 and Three Months Ended June 30, 2022</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;<BR> Three Months <BR> Ended <BR> June 30, <BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <BR> Three Months <BR> Ended <BR> June 30, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 9pt">Total Payroll and related expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">196,601</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">263,763</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Total Other operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">299,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">190,226</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Operating loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(496,463</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(453,989</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Interest expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(291,456</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(72,942</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(787,919</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(526,931</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Payroll and Related
Expenses</I></B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payroll and related expenses for the&nbsp;three
months ended June 30 2023 were $196,601 compared to $263,763 for the&nbsp;three months ended June 30, 2022. <FONT>This
decrease of $67,162 in expenses allocated to us by SG Holdings during the three months ended June 30, 2023 as compared to the three months
ended June 30, 2022 resulted from fewer efforts of personnel during 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating&nbsp;Expenses (General and
administrative expenses and marketing and business development expenses)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating expenses for three months ended
June 30, 2023&nbsp;were $299,862 compared to $190,226 for the&nbsp;three months ended June 30, 2022. These expenses were primarily allocated
to us by SG Holdings and consisted of legal fees, professional fees, rent, office expenses, insurance and other general and administrative
expenses. This increase of $109,636 in expenses allocated to us by SG Holdings during the three months ended June 30, 2023 as compared
to the three months ended June 30 2022 resulted from additional costs incurred during 2023 as well as costs in connection with the spin-off
transaction.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A 100% valuation allowance was provided against
the deferred tax asset consisting of available net operating loss carry forwards and, accordingly, no income tax benefit was provided.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations for the six months ended June 30,
2023 and 2022 may not be indicative of our future operations.&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Results of Operations
for the Year Ended December 31, 2022 and Period Ended December 31, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion of the operations for the year
ended December 31, 2022 includes our operations for the year; however, the discussion of the operations for the period ended December
31, 2021 only includes operations from February 17, 2021 through December 31, 2021. Accordingly, the results of operations reported for
the year ended December 31, 2022 and the period ended December 31, 2021 are not comparable.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For&nbsp;the&nbsp;Year<BR>
    Ended<BR> December&nbsp;31,<BR> 2022</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For&nbsp;the<BR> Period<BR> February&nbsp;17,<BR>
    2021<BR> through<BR> December,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 76%; text-align: left">Total Payroll and related expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,106,997</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">199,918</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total Other operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,030,869</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">285,828</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Operating loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,137,866</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Interest expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(306,393</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,444,259</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Payroll and Related
Expenses</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payroll and related expenses for the&nbsp;year
ended December 31, 2022 were $1,106,997 compared to $199,918 for the&nbsp;period ended December 31, 2021. This increase of $907,079 in
expenses allocated to us by SG Holdings during the year ended December 31, 2022 as compared to the period ended December 31, 2021 resulted
from a full twelve month period as well as additional efforts of personnel during 2022, as well as increased salaries of the five employees
of SG Holdings who devoted time to us. In addition, the Company stopped capitalizing project development costs at the time the Lago Vista
was held for sale.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating&nbsp;Expenses (General
and administrative expenses and marketing and business development expenses)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating expenses for the&nbsp;year ended
December 31, 2022&nbsp;were $1,030,869 compared to $285,828 for the&nbsp;period ended December 31, 2021 These expenses were allocated
to us by SG Holdings and consisted of legal fees, professional fees, rent, office expenses, insurance and other general and administrative
expenses. This increase of $745,041 in expenses allocated to us by SG Holdings during the year ended December 31, 2022 as compared to
the period ended December 31, 2021 resulted from a full twelve month period as well as additional costs incurred during 2022.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A 100% valuation allowance was provided against
the deferred tax asset consisting of available net operating loss carry forwards and, accordingly, no income tax benefit was provided.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations for the year ended December 31,
2022 and the period ended December 31, 2021 may not be indicative of our future operations.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2023 and December 31, 2022, we
had cash of $1,082,443 and $720, respectively. Historically, our operations have primarily been funded through advances from SG Holdings
and we have been largely dependent upon SG Holdings for funding. These factors raise substantial doubt that we will be able to continue
as a going concern. The report of our independent registered public accounting firm includes an explanatory paragraph that our auditors
have expressed substantial doubt that we will be able to continue as a going concern. We have also funded operations through a recent
bridge note financing of which we have raised $1,750,000 to date, two lien notes in the aggregate amount of $2,500,000 on the Lago Vista
property, which were paid off in March 2023 in connection with the refinancing described below and one secured note in the amount of $148,300
on the St. Mary&rsquo;s industrial site.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We issued a note to SG Holdings, dated December
19, 2021, in the principal amount of $4,200,000 for loans that SG Holdings made to us that were used to acquire properties. The note was
due upon demand and was non-interest bearing. On August 9, 2023, SG Holdings and SG DevCo entered into a Note Cancellation Agreement,
effective as of July 1, 2023, pursuant to which SG Holdings cancelled and forgave the remaining $4,000,000 balance then due on that certain
promissory note, dated December 19, 2021, made by SG DevCo in favor of SG Holdings in the original principal amount of $4,2000,00. In
addition, on August 9, 2023, SG Holdings issued to SG DevCo a non-interest bearing promissory note, in the principal amount of $908,323,
payable on demand, to evidence advances by SG DevCo to SG Holdings in such amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 23, 2023, we entered into a Loan Agreement
(the &ldquo;BCV Loan Agreement&rdquo;) with a Luxembourg-based specialized investment fund, BCV S&amp;G DevCorp (&ldquo;BCV S&amp;G&rdquo;),
for up to $2,000,000 in proceeds, under which we initially received $1,250,000. The Loan Agreement provides that the loan provided thereunder
will bear interest at 14% per annum and mature on December 1, 2024. The loan may be repaid by us at any anytime following the twelve-month
anniversary of its issue date. The loan is secured by 19.99% of our outstanding shares of common stock (the &ldquo;Pledged Shares&rdquo;),
which were pledged by SG Holdings pursuant to an escrow agreement with our transfer agent. The fees associated with the issuance include
$70,000 paid to BCV S&amp;G for the creation and issuance of the BCV Loan Agreement and $27,500 payable to BCV S&amp;G per annum for maintaining
the BCV Loan Agreement. Additionally, $37,500 in broker fees has been paid to Bridgeline Capital Partners S.A. on the principal amount
raised of $1,250,000 raised to date. The BCV Loan Agreement further provides that if our shares of common stock are not listed on The
Nasdaq Stock Market on before August 30, 2023 or if following such listing the total market value of the Pledged Shares shall fall below
twice the face value of the loan, the loan will be further secured by our St. Mary&rsquo;s industrial site. On August 16, 2023, we secured
an additional $500,000 in bridge funding from BCV S&amp;G under the BCV Loan Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2023, LV Peninsula Holding LLC (&ldquo;LV
Peninsula&rdquo;), a Texas limited liability company and our wholly owned subsidiary pursuant to a Loan Agreement, dated March 30, 2023
(the &ldquo;Loan Agreement&rdquo;), issued a promissory note, in the principal amount of $5,000,000 (the &ldquo;LV Note&rdquo;), secured
by a Deed of Trust and Security Agreement, dated March 30, 2023 (the &ldquo;Deed of Trust&rdquo;) on our Lake Travis project site in
Lago Vista, Texas, a related Assignment of Contract Rights, dated March 30, 2023 (&ldquo;Assignment of Rights&rdquo;), on our project
site in Lago Vista, Texas and McLean site in Durant, Oklahoma and a Mortgage, dated March 30, 2023 (&ldquo;Mortgage&rdquo;), on our site
in Durant, Oklahoma.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds of the LV Note were used to pay
off our outstanding Real Estate Lien Note, dated July 14, 2021, in the principal amount of $2,000,000 (the &ldquo;Short-Term Note&rdquo;),
on the Lake Travis project site in Lago Vista, Texas and our Second Lien Note, dated September 8, 2022, in the principal amount of $500,000
(the &ldquo;Second Short-Term Note&rdquo;), on the Lake Travis project site in Lago Vista, Texas. The LV Note requires monthly installments
of interest only, is due on April 1, 2024 and bears interest at the prime rate as published in the Wall Street Journal (currently 8.0%)
plus five and 50/100 percent (5.50%), currently equaling 13.5%; provided that in no event will the interest rate be less than a floor
rate of 13.5%. The LV Peninsula obligations under the LV Note have been guaranteed by us. pursuant to a Guaranty, dated March 30, 2023
(the &ldquo;Guaranty&rdquo;), and may be prepaid by LV Peninsula at any time without interest or penalty.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net loan proceeds were approximately $1,337,000,
after loan commission fees of $250,000, broker fees of $125,000, the escrow of a 12-month $675,000 interest reserve, other closing fees
and the repayment of the Short-Term Note and Second Short-Term Note. The Lago Vista property has been listed for sale. There can be no
assurance that we will be successful in selling the Lago Vista property and that we will receive anticipated proceeds from such sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The secured note on the St. Mary&rsquo;s industrial
site has a maturity date of September 1, 2023, subject to our right to extend for 6 months upon payment of a fee equal to 1% of the principal
balance of the note and provides for payments of interest only at a rate of nine and three quarters percent (9.75%) per annum. This note
could be prepaid without penalty, provided, however, if the lender has not received six months of interest, we must pay the lender an
amount equivalent to the months of interest necessary to complete six months of interest. In addition, at the time of payment in full
of the note, we must pay the lender an amount equivalent to half of one percent (0.50%) of the original loan amount. To secure payment
in full of the note, the note is secured by a security deed in the property with power of the lender to sell the property.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">There is no guarantee we will be successful in
raising capital outside of our current sources, and if so, that we will be able to do so on favorable terms.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to develop the properties that we own
from the proceeds of future financings or sales proceeds from properties that are sold. To date, we have not generated revenue sufficient
to develop any properties and have focused on property acquisitions not development activities. We have forecasted to invest approximately
$1.6 million over the course of the next 12 months to start the development of three different projects, subject to our ability to raise
additional capital either through the sale of equity or by incurring debt. We anticipate that we will incur an additional $1.5 million
of expenses for payroll, legal &amp; other general costs associated with being a publicly traded company once the spin-off is completed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Cash Flow Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B></B>&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="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the <BR> Six Months<BR> Ended <BR> June 30,<BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the<BR> Six Months<BR> Ended<BR> June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Net cash provided by (used in):</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 9pt">Operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(2,289,957</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(1,064,460</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,879</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,056,136</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,412,559</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,120,596</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net increase in cash&nbsp;and cash equivalents</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,081,722</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Operating activities&nbsp;used
net cash of $2,289,957 during the six months ended June 30, 2023, and used cash of&nbsp;$1,064,460 during the six months ended June 30,
2022. Cash used in operating activities increased by $1,225,497 due to an increase of net loss of $696,755 and a decrease due to affiliates
of $999,257.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Investing activities
used net cash of $40,879 during&nbsp;the six months ended June 30, 2023, and $1,056,136 net cash during&nbsp;the six months ended June
30, 2022, a decrease in cash used of $1,015,257.&nbsp;This change results primarily from fewer project development costs additions.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash provided from financing activities was $3,412,559
during the six months ended June 30, 2023, which resulted from the proceeds of new short-term notes payable, offset by the repayment of
short-term notes payable. Cash provided from financing activities was $2,120,596 during the six months ended June 30, 2022 due to contributions
we received from SG Holdings.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;Year<BR> Ended<BR> December&nbsp;31,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the Period<BR> February&nbsp;17,<BR> 2021<BR> through<BR> December&nbsp;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Net cash provided by (used in):</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 9pt">Operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(2,316,170</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,844,442</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,397,022</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,822,410</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,713,912</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,977,968</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net increase in cash&nbsp;and cash equivalents</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">720</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Operating activities
used net cash of $2,316,170 during the year ended December 31, 2022, and provided cash of&nbsp;$3,844,442 during the period February
17, 2021 through December 31, 2021. Cash used in operating activities increased by $6,160,612 due to an increase of net loss of $1,675,897
offset by $4,200,000 received from due to affiliates during 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Investing activities
used net cash of $1,397,022 during&nbsp;the year ended December 31 2022, and $7,822,410 net cash during&nbsp;the period February 17, 2021
through December 31, 2021 resulting in a decrease in cash used of $6,425,388.&nbsp;This change results primarily from fewer land purchases
during 2022 and fewer investments. During the period February 17, 2021 through December 31, 2021, we made investments in minority interests
in Norman Berry II Owners LLC and JDI-Cumberland Inlet LLC.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash provided from financing activities was $3,713,912
during the year ended December 31, 2022 due to contributions we received from SG Holdings and to a lesser extent proceeds from short-term
notes payable. Cash provided from financing activities was $3,977,968 during the period February 17, 2021 through December 31, 2021 due
to contributions we received from SG Holdings and proceeds from short-term notes payable. This change resulted primarily from $2,000,000
of proceeds from a short-term note issued during 2021 associated with the Lago Vista property and additional contributions from SG Holdings.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2023 and 2022 and December 31,
2022 and 2021, we&nbsp;had no material off-balance sheet arrangements to which we are a party.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our financial statements have been prepared using
generally accepted accounting principles in the United States of America (&ldquo;GAAP&rdquo;). In connection with the preparation of
the financial statements, we are required to make assumptions and estimates and apply judgments that affect the reported amounts of assets,
liabilities, revenue, and expenses, and the related disclosures. We base our assumptions, estimates, and judgments on historical experience,
current trends, and other factors that we believe to be relevant at the time the financial statements are prepared. On a regular basis,
we review the accounting policies, assumptions, estimates, and judgments to ensure that our financial statements are presented fairly
and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could
differ from our assumptions and estimates, and such differences could be material.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our significant accounting policies are discussed
in &ldquo;Note 2&mdash; Summary of Significant Accounting Policies&rdquo; of the notes to our financial statements for the six months
ended June 30, 2023 and the year ended December 31, 2022 included elsewhere in this Information Statement. We believe that the following
accounting policies are the most critical in fully understanding and evaluating our reported financial results.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B><I>Investment Entities </I></B>&ndash;&nbsp;On
May 31, 2021, we&nbsp;agreed to contribute $600,000 to acquire a 50% membership interest in Norman Berry II Owner LLC (&ldquo;Norman
Berry&rdquo;). We contributed $350,329&nbsp;and $114,433 of the initial $600,000 in the second quarter and third quarter of 2021 respectively,
with the remaining $135,183&nbsp;funded in the fourth quarter of 2021. The purpose of Norman Berry is to develop and provide&nbsp;affordable
housing in the Atlanta, Georgia metropolitan area. We have determined we are not the primary beneficiary of Norman Berry and thus will
not consolidate the activities in our financial statements. We use the equity method to report the activities as an investment in our
financial statements.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On June 24, 2021, we entered into an operating
agreement with Jacoby Development for a&nbsp;10% non-dilutable&nbsp;equity interest for JDI-Cumberland Inlet, LLC (&ldquo;Cumberland&rdquo;).
We contributed $3,000,000&nbsp;for our&nbsp;10% equity interest.&nbsp; The purpose of Cumberland is to develop a waterfront parcel in
a mixed-use destination community.&nbsp; We have determined we are not the primary beneficiary of Cumberland and thus will not consolidate
the activities in our financial statements.&nbsp; We use the equity method to report the activities as an investment in our financial
statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">During the year ended December 31, 2022, Norman
Berry and Cumberland did not have any material earnings or losses as the investments are in development. In addition, management believes
there was no impairment as of December 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B><I>Property, plant and equipment&nbsp;</I></B>&ndash;&nbsp;Property,
plant and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated lives of each asset.
Repairs and maintenance are charged to expense when incurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On May 10, 2021 we acquired a 50+ acre Lake Travis
project site in Lago Vista, Texas (&ldquo;Lago Vista&rdquo;) for $3,576,130 which is recorded in assets held for sale on the accompanying
balance sheets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">During February 2022 and September 2022, we acquired
properties in Oklahoma and Georgia for $893,785 and $296,870, respectively, which is recorded as land on the accompanying balance sheets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B><I>Project Development Costs&nbsp;</I></B>&ndash;&nbsp;Project
development costs are stated at cost. At December 31, 2022, the Company&rsquo;s project development costs are expenses incurred related
to development costs on various projects that are capitalized during the period the project is under development. As of December 31,
2022, $820,696 of project development costs related to Lago Vista are included in assets held for sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B><I>Assets Held For Sale</I></B>&ndash; During
2022, management has implemented a plan to sell Lago Vista, which meets all of the criteria required to classify it as an Assets Held
for Sale. Including the project development costs associated with Lago Vista of $844,861, the book value is now $4,420,991&nbsp;</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The JOBS Act permits an emerging growth company
such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public
companies until those standards would otherwise apply to private companies. We have elected to avail ourselves of the extended transition
period for complying with new or revised financial accounting standards.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will remain an emerging growth company until
the earliest of (i) the last day of the fiscal year (a) following the fifth anniversary of the date of the first sale of our common stock
pursuant to an effective registration statement under the Securities Act, (b) in which we have total annual revenue of at least $1.235
billion, or (c) in which we are deemed to be a large accelerated filer, which generally means the market value of our common equity that
is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year&rsquo;s second fiscal quarter; and (2) the date
on which we have issued more than $1 billion in non-convertible debt securities during the prior three-year period.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_011"></A>BUSINESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were formed in 2021 for the purpose of
real property development utilizing SG Holdings&rsquo; proprietary technologies and SG Holdings&rsquo; manufacturing facilities. Our
current business focus is primarily on the direct acquisition and indirect investment in properties nationally that will be further
developed in the future into green single or multi-family projects. To date, we have not generated any revenue and our activities
have consisted solely of the acquisition of three properties and an investment in two entities that have acquired two properties to
be further developed; however we have not yet commenced any development activities. We are focused on increasing our presence in
markets with favorable job formation and a favorable demand/supply ratio for multifamily housing. We intend to construct many of the
developments using modules built by SG Echo, LLC, a subsidiary of SG Holdings (&ldquo;SG Echo&rdquo;) and to rely on SG Holdings and
SG Echo as the sole source of the modular units used in our projects. In addition to these planned development projects, we intend,
subject to our ability to raise sufficient capital, to build additional, strategically placed manufacturing facilities that will be
sold or leased to third parties. We also intend to build manufacturing sites for lease to SG Echo near our project sites in order to
support SG Holdings $6,810,762 backlog of signed construction and engineering contracts in existence at December 31, 2022 and take
advantage of cost savings for transportation of modules. We intend to build our first manufacturing facility on the land owned by us
in St Mary&rsquo;s, GA at a cost of approximately $16,000,000. We intend to fund the project
through a combination of debt, in the form of a construction loan, and equity from limited partners. We expect that this facility will be fully operational by Q3 2024 and will fulfill the need for modular
units at both our Norman Berry and Cumberland Inlet projects. Our business model is flexible and we anticipate developing properties
on our own and also through joint ventures in which we partner with third-party equity investors or other developers.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to develop the properties that we own from the proceeds
of future financings, both at the corporate and project level, and / or sale proceeds from properties that are sold. However, our ability
to develop any properties will be subject to our ability to raise capital either through the sale of equity or by incurring debt. We
have forecasted to invest approximately $1.6 million over the course of the next 12 months to start the development of three different
projects, subject to our ability to raise additional capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The projects we intend to develop over the next 12 months are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Finley
                                            Street Apartments (165 Units), the first phase of our Cumberland Inlet Site</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">St
                                            Mary&rsquo;s Industrial, a 120,000 SF Manufacturing Facility to be leased by SG Echo</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Magnolia
                                            Gardens I (100 Units), the first phase of our McLean Mixed Use Site</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event due to SG Holdings&rsquo; backlog
or otherwise, we are unable to secure sufficient modular units to complete our developments using modules built by SG Echo our business,
prospects, financial condition, results of operations, and cash flows may be materially and adversely affected. See &ldquo;Risk Factors
&ndash; Risks Related to Our Business Generally&rdquo;.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Organizational Chart Pre-Spin Off and Post-Spin Off</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set forth below is an organizational diagram
detailing our corporate structure before and after the spin-off. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, SG Holdings operates through its four
wholly owned subsidiaries and one 51% owned subsidiary subsidiaries in the following four segments: (i) manufacturing, (ii) medical,
(iii) real estate and (iv) environmental. We are the real estate development focused subsidiary that owns properties and interest in
properties to be developed. SG Echo is a container/modular manufacturer based in Durant, Oklahoma specializing in the design and construction
of permanent modular and temporary modular buildings. Clarity Mobile Ventures provides clinical lab testing at modules supplied by SG
Echo. SG Environmental Solutions Corp is engaged in the business of medical and waste management. SG Buildings Blocks provides administrative
services, such as billing services, to SG Holdings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, a significant portion of our funding
has been provided by SG Holdings. We have issued a note dated December 19, 2021 in the principal amount of $4,200,000 that we issued
to SG Holdings for loans that SG Holdings made to us that were used to acquire properties. The note is due upon demand and is non-interest
bearing </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately after the completion of the spin-off,
we will no longer be a wholly owned subsidiary of SG Holdings and instead we will be a majority owned subsidiary of SG Holdings, with
70% of our outstanding common stock being owned by SG Holdings and the remaining 30% being owned by the shareholders of SG Holdings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is anticipated that both prior to and after
the spin-off we will use the services of SG Echo to develop the properties that we own or have an interest in and SG Holdings will provide
many ongoing services that it currently provides such as information technology, finance, human resources, compliance, legal, and other
support services. Commencing upon the closing of the spin-off, we will pay SG Holdings fees for these services pursuant to the terms
of a shared services agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-1_003.jpg" ALT="" STYLE="height: 433px; width: 600px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The multifamily housing industry is growing. Multi-family dwellings
have numerous competitive advantages, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">lower construction
                                            costs;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">on-site amenities
                                            including clubhouses, landscaping, maintenance, and lower insurance costs;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">efficient land
                                            use;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">residential populations
                                            large enough to support neighborhood retail and public transportation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the creation of
                                            open, public space; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">providing residential
                                            options for an increasing number of single-person and empty-nester households.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The National Multifamily Housing Council and
National Apartment Association shared that the United States would need approximately 4.3 million new apartments by 2035 to meet the
rising demand for housing. One contributing factor in the current supply/demand imbalance was the 2008 recession, which significantly
slowed new building projects. Another more recent and significant factor is the move to remote work as a result of the Covid-19 pandemic.
The workforce gained the ability to move to different areas while continuing to access remote employment opportunities. This has sparked
massive migration patterns to states that offer a higher quality of life with a lower cost of living. In addition, CBRE forecasts that
the U.S. multifamily sector is expected to perform above average in 2023 despite economic headwinds and ongoing capital markets disruptions.
According to CBRE, strong housing fundamentals should keep occupancy rates above 95% and drive 4% rent growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Joint Venture and Partnership Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have entered into,
and may continue in the future to enter into, joint ventures (including limited liability companies or partnerships) through which we
would own an indirect economic interest of less than 100% of the property owned directly by such joint ventures. Our decision to either
develop a property on our own or through a joint venture is based on a variety of factors and considerations, including: (i)&nbsp;the
economic and tax terms required by the seller of land; (ii)&nbsp;our desire to diversify our portfolio of communities by market, submarket
and product type; (iii)&nbsp;our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and
(iv)&nbsp;our projections, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a
joint venture vehicle is used. Each joint venture agreement is individually negotiated, and our ability to operate and/or dispose of
a community in our sole discretion may be limited to varying degrees depending on the terms of the joint venture agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lago Vista. </I></B>On May 10, 2021, we
acquired a 50+ acre site in Lago Vista, Texas for $3.5 million, paid in cash, pursuant to an Unimproved Property Contract, dated February
25, 2021, with Northport Harbor LLC. The acquired parcel sits on Lake Travis on the Colorado River in central Texas. We acquired the
property and were able to successfully get a PDD approved for 174 condominium units, which was further amended to include the option
of building rental units on the property. As a result of obtaining the site approval and market conditions, the property&rsquo;s value
increased significantly from the time of purchase. Accordingly, we determined to list the undeveloped property for sale.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 14, 2021, we issued a Real Estate Lien
Note, dated July 14, 2021, in the principal amount of $2.0 million (the &ldquo;Short Term Note&rdquo;), secured by a Deed of Trust, dated
July 14, 2021, on the Lake Travis project site in Lago Vista, Texas and a related Assignment of Leases and Rents, dated July 8, 2021,
for net loan proceeds of $1,958,233 after fees. The Note had a term of one (1) year, provided for payments of interest only at a rate
of twelve percent (12%) per annum and could be prepaid without penalty commencing nine (9) months after its issuance date. If the Note
was prepaid prior to nine (9) months after its issuance date, a 0.5% prepayment penalty would be due. This Note was initially extended
until January 14, 2023 and was further extended until February 1, 2024. In addition, on September 8, 2022, we issued a Second Lien Note
in the principal amount of $500,000 (the &ldquo;Second Short-Term Note also secured by a Deed of Trust on the Lake Travis project site
in Lago Vista, Texas. The Second Short-Term Note Lien provided for payments of interest only at a rate of twelve percent (12%) per annum
and originally matured on January 14, 2023, which maturity date was extended until February 1, 2024.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2023, LV Peninsula Holding LLC (&ldquo;LV
Peninsula&rdquo;), a Texas limited liability company and our wholly-owned subsidiary, pursuant to a Loan Agreement, dated March 30, 2023
(the &ldquo;Loan Agreement&rdquo;), issued a promissory note, in the principal amount of $5,000,000 (the &ldquo;LV Note&rdquo;), secured
by a Deed of Trust and Security Agreement, dated March 30, 2023 (the &ldquo;Deed of Trust&rdquo;) on our Lake Travis project site in
Lago Vista, Texas, a related Assignment of Contract Rights, dated March 30, 2023 (&ldquo;Assignment of Rights&rdquo;), on our project
site in Lago Vista, Texas and McLean site in Durant, Oklahoma and a Mortgage, dated March 30, 2023 (&ldquo;Mortgage&rdquo;), on our site
in Durant, Oklahoma.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds of the LV Note were used to pay
off the Short-Term Note and the Second Short-Term Note. The LV Note requires monthly installments of interest only, is due on April 1,
2024 and bears interest at the prime rate as published in the Wall Street Journal (currently 8.0%) plus five and 50/100 percent (5.50%),
currently equaling 13.5%; provided that in no event will the interest rate be less than a floor rate of 13.5%. The LV Peninsula obligations
under the LV Note have been guaranteed by us. Pursuant to a Guaranty, dated March 30, 2023 (the &ldquo;Guaranty&rdquo;), and may be prepaid
by LV Peninsula at any time without interest or penalty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net loan proceeds were approximately $1,337,000,
after loan commission fees of $250,000, broker fees of $125,000, the escrow of a 12-month $675,000 interest reserve, other closing fees
and the repayment of the Short-Term Note and Second Short-Term Note. We intend to use the proceeds from the sale of the property for
its other development projects.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Norman Berry Village.</I></B> On May 31,
2021, we acquired a 50% membership interest for $600,000 in a limited liability company, Norman Berry II Owners, LLC (&ldquo;NB Owners&rdquo;),
that is building affordable housing in the Atlanta, Georgia metropolitan area to be known as &ldquo;Norman Berry Village.&rdquo; We partnered
with CMC Development Group (&ldquo;CMC&rdquo;), a New York City-based real estate development firm with national expertise providing
design build services.&nbsp;CMC owns the other 50% membership interest in NB Owners. The NB Owners&rsquo; operating agreement provides
that NB Owners will initially have two managers, one designated by CMC (the &ldquo;CMC Manager&rdquo;) and one designated by us. Pursuant
to the operating agreement, the CMC Manager will manage the day-to-day business and affairs of NB Owners and all non-routine decisions
requires the approval of members owning a majority of the outstanding membership interests. The operating agreement also provides that
any fee earned by CMC in connection with the acquisition and development of the Norman Berry Village and related real property will be
split 75% to CMC and 25% to us. We have no obligation under the operating agreement to make any additional capital contributions to NB
Owners. In addition, neither we nor CMC may voluntarily make any additional capital contributions to NB Owners. In accordance with the
operating agreement, we are entitled to a preferred return equal to 10% per annum on our unreturned capital contributions which return
will (i) accrue from the date on which our capital contributions were actually contributed to NB Owners until the date such capital contributions
are returned to us, and (ii) compound annually. Expect the project to develop 125,000 square feet of space and build approximately 132
multi-family rental apartments in two buildings. We expect the project to commence in the first quarter of 2024, subject to available
funding, and to be completed within three years of commencement for estimated development costs for this project is approximately $35
million dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cumberland Inlet.</I></B> On June 24, 2021,
we, as a member, entered into an Operating Agreement, with Jacoby Development, Inc., a Georgia corporation (&ldquo;JDI&rdquo;), as manager,
dated June 24, 2021 (the &ldquo;Operating Agreement&rdquo;), for JDI-Cumberland Inlet, LLC, a Georgia limited liability company (&ldquo;JDI-Cumberland&rdquo;),
pursuant to which we acquired a 10% non-dilutable equity interest (&ldquo;LLC Interest&rdquo;) in JDI-Cumberland for $3.0 million. JDI-Cumberland
has purchased a 1,298 acre waterfront parcel in downtown historic St. Mary&rsquo;s, Georgia and expects to develop approximately 352
acres thereof (the &ldquo;Project&rdquo;). We, in conjunction with JDI, expect to develop a mixed-use destination community. The location
will serve as home to 3,500 units made up of single family, multi-family, vacation and hospitality use, as well as a full-service marina,
village, and upscale Eco-Tourism park inclusive of camping, yurts, cabins and cottages.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no obligation under the Operating Agreement
to make any additional capital contributions to JDI-Cumberland. The Operating Agreement provides JDI with the right, at its option, to
purchase the LLC Interest from us on or before June 24, 2023 for $3.0 million, plus an amount equal to an annual internal rate of return
(IRR) on such funds of forty (40%) percent (i.e., $1.2 million annualized). After June 24, 2023, the Operating Agreement provides JDI
with the right, at its option, to purchase the LLC Interest from us for $3.0 million, plus an amount equal to an IRR of thirty-two and
one-half (32.5%) percent (i.e., $975,000 annualized). The Operating Agreement also provides that if JDI receives a good faith, bona fide
written offer from an unaffiliated third party to purchase all or any portion of the Project, JDI shall first offer the Project to us
at the same price and upon substantially the same terms as are contained in the offer. The Operating Agreement contains certain protective
provisions that prevent JDI, as manager, from determining to, or taking, certain significant actions without our consent. SG Echo, a
subsidiary of SG Holdings, entered into a Fabrication and Building Services Agreement (&ldquo;Building Services Agreement&rdquo;) with
JDI-Cumberland to design, fabricate and install various improvements for the Project using modular structures, pursuant to budgets prepared
by SG Echo submitted for approval to JDI-Cumberland, including a marina, town center, apartments and single family units, townhomes,
commercial, retail and lodging buildings/structures, eco-tourism park, camping yurts, cabins and cottages. The Building Services Agreement
has an initial term of three years, with two-year automatic renewal provisions. During the term of the Building Services Agreement, SG
Echo will have a right of first refusal with respect to each phase of the construction of the project buildings. If SG Echo&rsquo;s quote
for a given phase is no more than five percent more than the average of all bona fide, arm&rsquo;s length bids that JDI-Cumberland obtains
from reputable, unaffiliated builders, the phase will be awarded to SG Echo. In the event that SG Echo&rsquo;s quote for a given phase
is more than five percent more than the average of all bona fide arm&rsquo;s length bids JDI-Cumberland obtains from reputable, unaffiliated
builders, SG Echo will have the right to match such best bona fide, arm&rsquo;s length offer and secure the work.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that the first phase of development
activities at this site will be the construction of 165 multifamily units over the course of 12-18 months, which activities are anticipated
to commence during the third quarter of 2023, with an estimated cost of $38 million. We also anticipate that the units will be built
with modules supplied by SG Echo. Current plans are to sell this development three (3) years after development.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>St Mary&rsquo;s Industrial Site</I></B>.
On August 18, 2022, the Company purchased, for $296,870 approximately 27 acres of land adjacent to our Cumberland Inlet Project from
the Camden County Joint Development Authority (JDA). We plan to build a 120,000 square foot state of the art manufacturing facility which
will be occupied by SG Echo. This facility will service not only the Cumberland Inlet Project, but also the Southeastern region. In connection
with the purchase of the St. Mary&rsquo;s Industrial Site, the Company entered into a promissory note in the amount of $148,300. This
note has a maturity date of September 1, 2023, subject to our right to extend for 6 months upon payments of a fee equal to 1% of the
principal balance of the note and provides for payments of interest only at a rate of nine and three quarters percent (9.75%) per annum.
This note could be prepaid without penalty, provided, however, if the lender has not received six months of interest, the Company must
pay the lender an amount equivalent to the months of interest necessary to complete six months of interest. In addition, at the time
of payment in full of the note, the Company must pay the lender an amount equivalent to half of one percent (0.50%) of the original loan
amount. To secure payment in full of the note, the note is secured by a security deed in the property with power of the lender to sell
the property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that of development activities
at this site will commence during the second quarter of 2023 and continue for 12-18 months, with an estimated cost of $17 million. We
also anticipate that the units will be built with modules supplied by SG Echo. We also anticipate that the units will be built with modules
supplied by SG Echo. Current plans are to sell this development three (3) years after development.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>McLean Mixed Use Site.</I></B> On November
10, 2021, we entered into a Purchase Agreement (&ldquo;Purchase Agreement) with the Durant Industrial Authority to acquire 100% ownership
of approximately 114 mixed-use acres in Durant, Oklahoma for $868,000.&nbsp; We anticipate building approximately 800 residential units
and up to 1.1 million square feet of industrial manufacturing space on the mixed-use property.&nbsp; The closing on the 114 mixed-use
acres occurred in the first quarter of 2022.&nbsp; We plan to build and SG Echo will occupy a 120,000 square foot state of the art manufacturing
facility. The property is zoned for an additional 1.0 million square feet of industrial space. We are currently marketing the additional
space to potential tenants. On December 2, 2022, we entered into a Fabrication Agreement (the &ldquo;Fabrication Agreement&rdquo;) with
SG Echo for the fabrication of approximately 800 multifamily market rate rental units, equal to approximately 800,000 square feet of
new modular buildings to be located at the McLean site (the &ldquo;Project&rdquo;). The Fabrication Agreement provides that SG Echo will
be paid a fee equal to 15% of the cost of the Project. The Project will be fabricated in Phases of 100 to 150 units per phase, with the
schedule of the phasing to be determined in our sole discretion. The terms of payment are as follows: (i) down payment of 30% upon release
of project for fabrication; (ii) stage payment of 65% upon completion of fabrication, testing and inspection of each unit as it leaves
the facility; and (iii) final payment of 5% upon completion of installation on site, including acceptance of punch list items, startup
of equipment and City of Durant inspection. Notwithstanding the foregoing, we may withhold 10%, as retainage, from the payment otherwise
due, to be reduced to 5% after field install is watertight and 2.5% after all punch list items have been complete. The Fabrication Agreement
may be terminated for cause by either party upon 30-days written notice to the other party, subject to each party&rsquo;s right to cure
a default or breach, except for fraud or bad faith. In the event of termination, SG Echo will be entitled to be paid for all services
rendered through the date of termination. In the event the termination by us is without cause, we will also pay any expenses incurred
as a result of the termination (including without limitation supplier and vendor cancellation fees, restocking fees, subcontractor termination
or cancellation fees, or other similar termination costs), plus a 15% markup as compensation for SG Echo&rsquo;s anticipated profit on
the value of services not performed by SG Echo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that the first phase of development
activities at this site will be the construction of 100 multifamily units over the course of 12-18 months, which activities are anticipated
to commence during the third quarter of 2023, with an estimated cost of $17 million. We also anticipate that the units will be built
with modules supplied by SG Echo. Current plans are to sell this development three (3) years after development.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The sites we develop
will primarily utilize modular construction. SG Holdings produces purpose built pre-fabricated modular structures, for both residential
and commercial use, using wood or steel as the base material. We believe that modular construction provides the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&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: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>STRONG</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>FAST</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>GREEN</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Factory produced
    modules provide greater quality of construction</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Modules can be produced
    in parallel to the local site and civil work to enhance the date of completion </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Modular construction
    allows for energy savings and more efficient waste management than traditional construction </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Modules are inspected
    by a third party engineering firm to meet or exceed all applicable building codes</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Projects can save
    up to 50% on speed to market in comparison to traditional construction</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Less site disturbance
    and impact on local traffic</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;Less weather related
    damage to construction materials</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <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: 0pt 0; text-align: justify; background-color: white"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In cases where modular construction is not advantageous,
SG DevCo will utilize other construction methods. In the case of building manufacturing facilities, for example, SG DevCo expects to
work with a team of third-party architects, engineers and construction management firms with deep experience in developing industrial
sites to build out such facilities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, we have two employees, a Chief Executive Officer
and a Chief Financial Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Separation and Distribution,
we will enter into a shared services agreement with SG Holdings, under which SG Holdings will provide and/or make available to us various
information technology, finance, human resources, compliance, legal, and other support services to be provided by, or on behalf of, SG
Holdings, together with such other services as may be mutually and reasonably agreed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for such services, we will
pay fees to SG Holdings for the services provided, and those fees will generally be in amounts intended to allow SG Holdings to
recover all of its direct and indirect costs incurred in providing those services. The personnel performing services under the
shared services agreement will be employees and/or independent contractors of SG Holdings and will not be under our direction or
control. As such, conflicts of interest may arise in connection with to the performance of the services by SG Holdings personnel and
the allocation of priority to the services requested by us. See &ldquo;Conflicts of Interest&rdquo; below. We will also reimburse SG Holdings for direct out-of-pocket costs
incurred by SG Holdings for third party services provided to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT>We anticipate that it will take us approximately
12 months to develop our own independent work force separate from that of SG Holdings.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that numerous conflicts of interest
will exist after the Separation and Distribution based upon the numerous arrangements and/or agreements between the parties. For example,
JDI-Cumberland Inlet, LLC, a company in which we hold a 10% non-dilutable interest, is obligated to hire SG Echo with respect to each
phase of the construction of the project buildings for our project in downtown St. Mary&rsquo;s, Georgia so long as SG Echo is offering
its services at a price that is within five percent of all arms-length bona fide bids. As a result, JDI-Cumberland could end up paying
to SG Echo five percent more than it would have paid for these construction services if it hired an independent contractor.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the shared services agreement we
intend to enter into with SG Holdings, SG Holdings will provide to us certain services or functions that the companies historically have
shared. Shared services will include various information technology, finance, human resources, compliance, legal, and other support services.
In consideration for such services, we will pay fees to SG Holdings for the services provided, and those fees will generally be in amounts
intended to allow SG Holdings to recover all of its direct and indirect costs incurred in providing those services. The personnel performing
services under the shared services agreement will be employees and/or independent contractors of SG Holdings and will not be under our
direction or control. As such, conflicts of interest may arise in connection with to the performance of the services by SG Holdings personnel
and the allocation of priority to the services requested by us. See &ldquo;Certain Relationships and Related Party Transactions &ndash;
Shared Services Agreement&rdquo;.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the normal course of its business, the
Company may be subject to occasional legal proceedings and claims. There are currently no legal proceedings or claims asserted against
the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We rent office space in Miami, Florida&nbsp;for
our corporate headquarters.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face competition in the real estate development
and housing industries. Real estate developers compete for, among other things, residents, desirable land parcels, financing, raw materials,
and skilled labor. Increased competition may prevent us from acquiring attractive land parcels or make such acquisitions more expensive,
hinder our market share expansion, or lead to pricing pressures that may adversely impact our margins and revenues. Competitors may independently
develop land and construct housing units that are superior or substantially similar to our products and because they are or may be significantly
larger, have a longer operating history, and have greater resources or lower cost of capital than us, may be able to compete more effectively
in one or more of the markets in which we operate or plan to operate. We believe we can distinguish ourselves from our competitors on
the basis of our quality and construction time savings when utilizing SG Holdings&rsquo; technology and expertise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we will compete with public and
private funds, commercial and investment banks, commercial financing companies and public and private REITs to make some of the investments
that we plan to make. Many of such competitors are substantially larger and have considerably greater financial, technical and marketing
resources than us. In addition, some of such competitors may have higher risk tolerances or different risk assessments, allowing them
to pay higher consideration, consider a wider variety of investments and establish more effective relationships than us.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our real estate investments
are subject to extensive local, city, county and state rules and regulations regarding permitting, zoning, subdivision, utilities and
water quality as well as federal rules and regulations regarding air and water quality, and protection of endangered species and their
habitats. Such regulation may delay development of our properties and may result in higher development and administrative costs. See
&ldquo;Risk Factors&rdquo; for further discussion.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have made, and will
continue to make, expenditures for the protection of the environment with respect to our real estate development activities. Emphasis
on environmental matters will result in additional costs in the future. Further, regulatory and societal responses intended to reduce
potential climate change impacts may increase our costs to develop, operate and maintain our properties. Based on an analysis of our
operations in relation to current and presently anticipated environmental requirements, we currently do not anticipate that these costs
will have a material adverse effect on our future operations or financial condition.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are committed to protecting the environment
and developing sustainable properties. We emphasize sustainable design, construction and operations as essential goals in developing
and operating our properties. Our projects begin with a careful site assessment, taking into account unique and environmentally sensitive
site features, including vegetation, slopes, soil profiles and water resources. Our sites are then engineered to protect our environment
and promote their natural attributes. The building products we utilize are developed with SG Holdings&rsquo; proprietary technology and
are generally stronger, more durable, environmentally sensitive, and erected in less time than traditional construction methods. The
use of the SG Holdings building structure typically provides between&nbsp;four&nbsp;to&nbsp;six&nbsp;points towards the&nbsp;Leadership
in Energy and Environmental Design (&ldquo;LEED&rdquo;) certification levels, including reduced site disturbance, resource reuse, recycled
content, innovation in design and use of local and regional materials.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a company with less than $1.235 billion in
revenue during our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business
Startups Act of 2012 the (&ldquo;JOBS Act&rdquo;). We will continue to be an emerging growth company until the earliest to occur of the
following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
    last day of the fiscal year following the fifth anniversary of the date of the first sale of our common stock pursuant to an effective
    registration statement under the Securities Act;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
    last day of the fiscal year with at least $1.235 billion in annual revenue;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
    last day of the fiscal year in which we are deemed to be a large accelerated filer, which generally means that we have been public
    for at least 12 months, have filed at least one annual report, and the market value of our common stock that is held by non-affiliates
    exceeds $700 million as of the last day of our then-most recently completed second fiscal quarter; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
    date on which we have issued more than $1 billion of non-convertible debt during the prior three-year period.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until we cease to be an emerging growth company,
we plan to take advantage of reduced reporting requirements generally unavailable to other public companies. Those provisions allow us
to do the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">provide
    reduced disclosure regarding our executive compensation arrangements pursuant to the rules applicable to smaller reporting companies,
    which means we do not have to include a compensation discussion and analysis and certain other disclosures regarding our executive
    compensation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">not
    provide an auditor attestation of our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley
    Act of 2002, as amended (&ldquo;Sarbanes-Oxley&rdquo;); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">not
    hold a nonbinding advisory vote on executive compensation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to adopt the reduced disclosure
requirements described above for purposes of this information statement. In addition, for so long as we qualify as an emerging growth
company, we expect to take advantage of certain of the reduced reporting and other requirements of the JOBS Act with respect to the periodic
reports we will file with the SEC and proxy statements that we use to solicit proxies from our stockholders. As a result of these elections,
the information that we provide in this information statement may be different than the information you may receive from other public
companies in which you hold equity interests. In addition, it is possible that some investors will find our common stock less attractive
as a result of these elections, which may result in a less active trading market for our common stock and higher volatility in our stock
price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the JOBS Act permits an emerging
growth company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public
companies. We have elected to take advantage of the extended transition period that allows an emerging growth company to delay the adoption
of certain accounting standards until those standards would otherwise apply to private companies.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_012"></A>MANAGEMENT</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information as
of August 1, 2023 regarding the individuals who currently serve as executive officers of SG DevCo and who will continue to serve as executive
officers following the Separation and Distribution.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Villarreal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicolai Brune</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer </FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set forth below is biographical information about
our executive officers identified above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>David Villarreal</I></B>
has served as the President and Chief Executive Officer of SG DevCo since February 3, 2023 and will continue in that capacity following
the Separation and Distribution. Mr. Villarreal was appointed as a director of SG DevCo effective April 11, 2023 and has served as a
director of SG Holdings since May 28, 2021. Mr. Villarreal&rsquo;s career spans over 40 years in various management, business and leadership
capacities, beginning in 1977 when he served as Deputy Mayor and Senior Deputy Economic Development Advisor, under Mayor Tom Bradley
in the City of Los Angeles. He has served since August 2014 as the Chief Administrative Officer of affinity Partnerships, LLC, a Costco
national mortgage services platform provider, with annual closed loan production of $8+ billion through a network of ten national mortgage
lenders. From March 2011 to August 2014, he served as the President -Corporate Business Development, of Prime Source Mortgage, Inc. From
September 2008 to September 2012, he served as a Consultant to the International Brotherhood of Teamsters.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Nicolai Brune</I></B>
has served as the Chief Financial Officer of SG DevCo since February 14, 2023 and will continue in that capacity following the Separation
and Distribution. Since March 2022, Mr. Brune has served as Director of Acquisition for SG Holdings responsible for financial evaluation
and modeling of all potential acquisitions, investments and divestitures. Prior to joining SG Holdings, Mr. Brune served as a Treasury
Analyst at GL Homes, a large private real estate developer/home builder in the state of Florida, from June 2020 to March 2022. At GL
Homes, Mr. Brune was tasked with reviewing financial transactions, examining cash flows and maintaining and preparing monthly performance
reports. From June 2017 until June 2020, Mr. Brune worked at Generation Nine, a company that he founded in the clothing industry.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the rights of holders of any series
of our preferred stock with respect to the election of directors, our amended and restated certificate of incorporation will provide for
our Board of Directors to be divided into three classes as nearly equal in size as practicable. The directors designated as Class I directors
will have terms expiring at the first annual meeting of stockholders following the Separation and Distribution, which we expect to hold
in 2023, and each director nominee elected to succeed any such Class I director as a Class I director will hold office for a three-year
term and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal. The directors
designated as Class II directors will have terms expiring at the following year&rsquo;s annual meeting of stockholders, which we expect
to hold in 2024, and each director nominee elected to succeed any such Class II director as a Class II director will hold office for a
three-year term and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal.
The directors designated as Class III directors will have terms expiring at the following year&rsquo;s annual meeting of stockholders,
which we expect to hold in 2025, and each director nominee elected to succeed any such Class III director as a Class III director will
hold office for a three-year term and until his or her successor is duly elected and qualified or until his or her earlier death, resignation
or removal.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information as
of&thinsp; August 1, 2023 regarding the individuals who currently serve on SG DevCo&rsquo;s Board of Directors and who will continue to
serve on our Board of Directors following completion of the Separation and Distribution and until their respective successors are duly
elected and qualified, together with the class designation of each such director upon the effectiveness of our amended and restated certificate
of incorporation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Yaniv Blumenfeld</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class III</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Paul Galvin</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class I</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Peter G. DeMaria</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class III</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">John Scott Magrane, Jr.</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">76</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class II</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Christopher Melton</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class III</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Alyssa L. Richardson</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class III</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Jeffrey Tweedy</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class I</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">David Villarreal</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">72</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Class II</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set forth below is biographical information about our directors identified
above, as well as a description of the specific skills and qualifications such directors provide to our Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Yaniv Blumenfeld</I></B>
was appointed as a director of SG DevCo effective April 28, 2023 and has served as a director of SG Holdings from April 2018 through April
2023. He founded Glacier Global Partners LLC in 2009 and is responsible for its strategic direction and oversees its investments and&nbsp;day-to-day&nbsp;management,
including origination, underwriting, closing, investor relations and asset management functions. Mr.&nbsp;Blumenfeld has over 20&nbsp;years
of real estate experience, 13&nbsp;years of which have been with leading Wall Street firms, where he was responsible for structuring,
underwriting, pricing, securitizing and syndicating over $16&nbsp;billion of commercial real estate loans and equity transactions. Prior
to founding Glacier Global Partners LLC, Mr.&nbsp;Blumenfeld was a Managing Director at The Bear Stearns Companies, Inc. and JPMorgan
Chase&nbsp;&amp; Co., and, in such role, was responsible for structuring and closing over $2&nbsp;billion in real estate debt and equity
transactions for institutional clientele. Prior to that, Mr.&nbsp;Blumenfeld was a Managing Director and Head of the CMBS Capital Markets
Group for the U.S.&nbsp;at EuroHypo AG, then world&rsquo;s largest real estate investment bank. In that capacity, Mr.&nbsp;Blumenfeld
expanded the large loan CMBS group and oversaw the structuring, pricing, securitization and syndication functions and served on the bank&rsquo;s
investment committee in charge of approving all transactions. He designed and implemented risk-control&nbsp;measures, standardized underwriting
and pricing models and structured over $4&nbsp;billion of real estate loans. Other positions previously held by Mr.&nbsp;Blumenfeld include
Senior Vice President at Lehman Brothers, PaineWebber/UBS and Daiwa Securities. Prior to joining the banking industry, Mr.&nbsp;Blumenfeld
worked as a real estate consultant at Ernst&nbsp;&amp; Young real estate consulting group, advising real estate owners and operators,
and various investment banks. Mr.&nbsp;Blumenfeld received a Bachelor of Science in real estate finance from Cornell University School
of Hotel Administration. He is a member of the CRE Finance Council, was a guest lecturer at Columbia University, and was a recipient of
the Young Jewish Professional NYC Real Estate Entrepreneur&nbsp;&amp; Achievement Award in 2013. He is also involved with various philanthropic
organizations, including The American Israel Public Affairs Committee, White Plains Hospital, American Friends of Rabin Medical Center
and is on the board of directors of Arts Westchester and the White Plains Business Improvement District.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; background-color: white">We selected Mr.&nbsp;Blumenfeld
to serve on our Board because he brings extensive knowledge of the real estate finance industry. Mr.&nbsp;Blumenfeld&rsquo;s pertinent
experience, qualifications, attributes and skills include expertise in real estate finance, risk-control, developments, investment banking
and capital raising.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Paul M.&nbsp;Galvin</I></B>
was appointed as a director of SG DevCo upon its incorporation in February 2021. Mr.&nbsp;Galvin is a founder of SG Blocks, LLC, the predecessor
entity of SG Holdings. He has served as the Chief Executive Officer of SG Holdings since April&nbsp;2009 and as a director of SG Holdings
since January&nbsp;2007. Mr.&nbsp;Galvin has been a managing member of TAG Partners, LLC (&ldquo;TAG&rdquo;), an investment partnership
formed for the purpose of investing in the Company, since October&nbsp;2007. Mr.&nbsp;Galvin brings over 30&nbsp;years of experience developing
and managing real estate, including residential condominiums, luxury sales and market rate and affordable rental projects. Prior to his
involvement in real estate, he founded a non-profit&nbsp;organization that focused on public health, housing and child survival, where
he served for over a decade in a leadership position. During that period, Mr.&nbsp;Galvin designed, developed and managed emergency food
and shelter programs through New&nbsp;York City&rsquo;s Human Resources Administration and other federal and state entities. From November&nbsp;2005
to June&nbsp;2007, Mr.&nbsp;Galvin was Chief Operating Officer of a subsidiary of Yucaipa Investments, where he worked with religious
institutions that needed to monetize underperforming assets. While there, he designed and managed systems that produced highest and best
use analyses for hundreds of religious assets and used them to acquire and re-develop&nbsp;properties across the U.S.&nbsp;Mr.&nbsp;Galvin
holds a Bachelor of Science in Accounting from LeMoyne College and a Master&rsquo;s Degree in Social Policy from Fordham University. He
was formerly an adjunct professor at Fordham University&rsquo;s Graduate School of Welfare. Mr.&nbsp;Galvin previously served for 10&nbsp;years
on the Sisters of Charity Healthcare System Advisory Board and six&nbsp;years on the board of SentiCare, Inc. In 2011, the Council of
Churches of New&nbsp;York recognized Mr.&nbsp;Galvin with an Outstanding Business Leadership Award.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We selected
Mr.&nbsp;Galvin to serve on our Board because he brings extensive knowledge of the real estate and finance industries experience.
Mr.&nbsp;Galvin&rsquo;s pertinent experience, qualifications, attributes and skills include his expertise in real estate development, management and finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Peter G. DeMaria, CFA </I></B>was
appointed as a director of SG DevCo effective April 11, 2023. Mr. DeMaria is a senior banking and finance professional with over
thirty-eight years of experience with middle market, mid-corporate, financial sponsor and real estate clients in both domestic and
international markets. From December 2018 through May 2022, Mr. DeMaria served as a Senior Managing Director/Group Manager for the
middle-market and corporate banking group at PNC Bank where he and his team advised middle market and large corporate clients in the
New Jersey and New York City regions. Prior to PNC Bank, Mr. DeMaria served as Managing Director at JPMorgan (December 1984 through
November 2018) where he spent nearly 34 years specializing in cash flow and asset-based lending, capital markets and investment
banking products. Mr. DeMaria received his BS in Finance and Accounting from Lehigh University (1984). He received a Masters in
Business Administration from the Stern School of Business at New York University (1991) and an Executive Management Certificate at
the Fuqua School of Business at Duke University (1998).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We selected Mr.&nbsp;DeMaria to serve on our
Board because he brings extensive knowledge of the banking and finance industry. Mr. DeMaria&rsquo;s pertinent experience, qualifications,
attributes and skills include financial literacy and expertise, managerial experience and the knowledge and experience he has attained
through his banking and finance activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>John Scott Magrane, Jr.</I></B> was appointed
as a director of SG DevCo effective April 11, 2023. Mr. Magrane is an investment banking professional with over thirty-five years of experience
advising power related enterprises, including utilities, independent power companies, rural electric cooperatives, governments and energy
technology companies. Mr. Magrane currently serves as Vice Chairman and Managing Director at Coady Diemar Partners, LLC, a registered
broker dealer and boutique investment bank which he founded that provides M&amp;A, strategic and financial advisory, and private capital
market services, and from March 2018 to July 2020, served as Chairman and CEO of the firm. Mr. Magrane also currently serves as Chairman
of the Board of Hydromer (HYDI Pink), a polymer research and development company that develops polymeric complexes for commercial use
in the medical, commercial, cosmetics and other markets. Prior to Coady Diemar Partners, LLC, Mr. Magrane spent 15 years with Goldman
Sachs &amp; Co. where his responsibilities encompassed all manner of corporate finance and strategic advisory activities. While at Goldman,
he started the firm&rsquo;s Energy Technology effort. Mr. Magrane began his career and spent 10 years with Blyth, Eastman Dillon &amp;
Co. and Paine Webber where he specialized in energy and power project finance. Mr. Magrane earned his undergraduate degree in economics
from The College of Wooster in 1970 and his MBA from The Wharton School of the University of Pennsylvania in 1973.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We selected Mr. Magrane to serve on our Board
because he brings extensive knowledge of the investment banking and finance industry. Mr. Magrane&rsquo;s pertinent experience, qualifications,
attributes and skills include financial literacy and expertise, managerial experience and the knowledge and experience he has attained
through his investment banking and finance activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Christopher Melton</I></B> was appointed
as a director of SG DevCo effective April 11, 2023 and has served as a director of SG Holdings since November 4, 2011. Mr. Melton is a
licensed real estate salesperson in the State of South Carolina and until June 2019 was a principal of Callegro Investments, LLC, a specialist
land investor investing in the southeastern U.S., which he founded 2012. Since June 2019 he has served as a specialist Land Advisor with
SVN. Mr. Melton also serves on several public and private boards, including Jupiter Wellness, Inc. since August 2019 and has served since
February 2018 as chief investment officer and analyst at TNT Capital Advisors, a capital advisory firm based in Florida. He also served
as a sales agent as MSK Commercial Services, a commercial real estate company, from February 2018 to June 2019. From 2000 to 2008, Mr.
Melton was a Portfolio Manager for Kingdon Capital Management (&ldquo;Kingdon&rdquo;) in New York City, where he ran an $800 million book
in media, telecom and Japanese investment. Mr. Melton opened Kingdon&rsquo;s office in Japan, where he set up a Japanese research company.
From 1997 to 2000, Mr. Melton served as a Vice President at JPMorgan Investment Management as an equity research analyst, where he helped
manage $500 million in REIT funds under management. Mr. Melton was a Senior Real Estate Equity Analyst at RREEF Funds in Chicago from
1995 to 1997. RREEF Funds is the real estate investment management business of Deutsche Bank&rsquo;s Asset Management division. Mr. Melton
earned a Bachelor of Arts in Political Economy of Industrial Societies from the University of California, Berkeley in 1995. Mr. Melton
earned Certification from University of California, Los Angeles&rsquo;s Anderson Director Education Program in 2014.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We selected Mr. Melton to serve on our Board
because he brings extensive knowledge of the finance and the real estate industry. Mr. Melton&rsquo;s pertinent experience, qualifications,
attributes and skills include financial literacy and expertise, managerial experience and the knowledge and experience he has attained
through his real estate investment and development activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Alyssa L. Richardson</I></B> was appointed
as a director of SG DevCo effective May 11, 2023. Ms. Richardson is an accomplished real estate executive and political veteran committed
to improving economic opportunities and driving capital to under-resourced communities. Since January 2023 she has served as CEO of Palmetto
Community Developers, LLC, a development and consulting firm founded by her which provides creative solutions for developing and financing
community-impact projects across the state of South Carolina, with an emphasis on affordable and workforce housing. Prior to starting
Palmetto Community Developers, LLC, Ms. Richardson served from March 2020 to January 2023 as Deputy Chief of Staff and State Director
to United States Senator Tim Scott. This role included legal counsel, policy recommendations, and on-the-ground advocacy in South Carolina
and in Washington, D.C., with special attention to housing and economic development policy as it related to Senator Scott&rsquo;s assignment
on the Banking, Housing and Urban Affairs Committee. From October 2016 to February 2020, Ms. Richardson served as a federal prosecutor
in Columbia, SC, for the Department of Justice. Her focus area was civil rights and public corruption, to include misuse of federal funds,
tax fraud, and abuse of power. Ms. Richardson is a graduate of Harvard Law School. She is also holds a summa cum laude economics degree
from Furman University.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We selected Ms. Richardson to serve on our Board because she brings
extensive knowledge of working with state and local government officials to develop and finance real estate development projects. Ms.
Richardson&rsquo;s pertinent experience, qualifications, attributes and skills include her expertise in real estate development, management
and finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Jeffrey Tweedy</I></B> was appointed as
a director of SG DevCo effective April 11, 2023. Mr. Tweedy is an accomplished, multi-faceted leader with approximately thirty years of
executive experience in the fashion and retail industries. Since March 2021 Mr. Tweedy has served as a Brand Advisor to Sean Jean Clothing,
an award-winning clothing and lifestyle brand founded by Sean Combs. From November 2007 to March 2021, Mr. Tweedy served as President
and CEO of Sean John, having previously served as Executive Vice President from February 1998 to March 2005, building the brand into a
market leader, maximizing sales, including across international markets, and conceptualizing and launching a ground-breaking, profitable
and highly visible menswear company distinguished by its sophisticated young men&rsquo;s image. Mr. Tweedy has served on the Advisory
Board of the Fashion Institute of Technology since January 2020.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We selected Mr. Tweedy to serve on our Board
because he brings extensive knowledge if building brands and maximizing sales. Mr. Tweedy&rsquo;s pertinent experience, qualifications,
attributes and skills include financial literacy and expertise, managerial experience and the knowledge and experience he has attained
through his executive experience in the fashion and retail industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>David Villarreal&rsquo;s
biographical information is set forth above under &ldquo;Management &ndash; Executive Officers&rdquo;.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We selected Mr.&nbsp;Villarreal
to serve on our Board because he brings extensive knowledge of mortgage and real estate industry. Mr.&nbsp;Villarreal&rsquo;s pertinent
experience, qualifications, attributes and skills include financial literacy and expertise, managerial experience and the knowledge and
experience he has attained through his real estate investment activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR STYLE="clear: both">
<FONT STYLE="text-transform: uppercase"><B><A NAME="D_013"></A>Corporate Governance</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Nominations Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each year the Board is expected to nominate a
slate of directors for election by stockholders at the annual meeting of stockholders based on the recommendations of the Corporate Governance
and Nominating Committee. In identifying prospective director candidates, the Corporate Governance and Nominating Committee may seek
referrals from other members of the Board, management, stockholders and other sources, including third-party recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director and Executive Officer Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Corporate Governance Guidelines provide that
our Corporate Governance and Nominating Committee is responsible for reviewing with our Board, on an annual basis, the appropriate experience,
skills and characteristics for the Board as a whole and its individual members. In evaluating the suitability of individuals for Board
membership, our Corporate Governance and Nominating Committee, pursuant to our Corporate Governance Guidelines, takes into account many
factors, including but not limited to: the individual&rsquo;s qualification as independent, as well as consideration of diversity, skills,
age, education and experience and the general needs of the Board. Our Corporate Governance and Nominating Committee evaluates each individual
in the context of the Board as a whole, with the objective of recommending a group of directors that can best perpetuate the success
of the business and represent stockholder interests through the exercise of sound judgment, using its diversity of experience. In determining
whether to recommend a director for re-election, our Corporate Governance and Nominating Committee will consider the director&rsquo;s
past attendance at meetings and participation in and contributions to the activities of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Diversity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is anticipated that we will seek diversity
in experience, viewpoint, education, skill, and other individual qualities and attributes to be represented on our Board of Directors.
We believe directors should have various qualifications, including individual character and integrity; business experience; leadership
ability; strategic planning skills, ability, and experience; requisite knowledge of our industry and finance, accounting, and legal matters;
communications and interpersonal skills; and the ability and willingness to devote time to our company. We also believe the skill sets,
backgrounds, and qualifications of our anticipated directors, taken as a whole, should provide a significant mix of diversity in personal
and professional experience, background, viewpoints, perspectives, knowledge, and abilities. Nominees will not be discriminated against
on the basis of race, religion, national origin, sex, sexual orientation, disability, or any other basis proscribed by law. It is anticipated
that the assessment of prospective directors will be made in the context of the perceived needs of our Board of Directors from time to
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Structure, Number and Terms of Office
of Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors consists of six directors.
In accordance with our amended and restated certificate of incorporation and our amended and restated bylaws, our board shall consist
of one or more members, with the exact number of directors to be fixed from time to time by the Board of Directors. Our Board of Directors
will be classified, meaning the directors will be divided into three classes each consisting of as close to 1/3 of the total directors
as possible. At each annual meeting of the stockholders, one class of directors will be up for election. Directors will serve three-year
terms until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Stockholders will
not be entitled to cumulative voting in the election of our directors. No determination has been made regarding the directors to be in
the individual classes. This classification of the Board of Directors may delay or prevent a change in control of our company or our
management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An &ldquo;independent director&rdquo; is defined
generally as a person other than an officer or employee of the Company or its subsidiaries or any other individual having a relationship
that, in the opinion of the Company&rsquo;s Board of Directors, would interfere with the director&rsquo;s exercise of independent judgment
in carrying out the responsibilities of a director. The Board has affirmatively determined that Peter DeMaria, John Scott Magrane, Jr.,
Christopher Melton and Jeffrey Tweedy qualify as independent directors in accordance with the Nasdaq listing rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Leadership Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors does not have a formal
policy regarding the combination of the roles of Chairman of the Board and Chief Executive Officer. Rather, the Company has the flexibility
to determine, from time to time, whether the positions should be held by the same person or by separate persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporate Governance and Nominating Committee
evaluates on an ongoing basis whether the Board&rsquo;s leadership structure is appropriate to effectively address the evolving needs
of the Company&rsquo;s business and the long-term interests of our stockholders. The committee is expected to then makes recommendations
to the Board of Directors concerning the Board of Directors&rsquo; leadership structure, including whether the roles of Chairman and
Chief Executive Officer should be separated or combined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lead Independent Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Corporate Governance Guidelines provide that
if the Chairman of the Board of Directors is not an independent director, as determined by the Corporate Governance and Nominating Committee
and the Board, the independent directors will annually appoint one independent director to be the Lead Independent Director. The Lead
Independent Director&rsquo;s responsibilities will be to: (i) preside over executive sessions of the independent directors and at all
meetings at which the Chairman is not present; (ii) call meetings of the independent directors as he or she deems necessary; (iii) serve
as a liaison between management and the independent directors; (iv) propose agendas and schedules for Board meetings in consultation
with the Chairman; (v) communicate Board member feedback to the Chief Executive Officer and Chairman and (vi) perform such other duties
as may be delegated by the Board from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board&rsquo;s Role in Risk Oversight</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management will be responsible for identifying
risks facing our Company, including strategic, financial, operational, and regulatory risks, implementing risk management policies and
procedures and managing our day-to-day risk exposure The Board has overall responsibility for risk oversight, including, as part of regular
Board of Directors and committee meetings, general oversight of executives&rsquo; management of risks relevant to the Company. While
the full Board of Directors has overall responsibility for risk oversight, it will be supported in this function by its Audit Committee,
Compensation Committee and Corporate Governance and Nominating Committee, and each of the committees is expected to regularly report
to the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee reviews and discusses with
management and the Company&rsquo;s auditors, as appropriate, financial risks. The Compensation Committee reviews the Company&rsquo;s
incentive compensation arrangements to determine whether they encourage excessive risk-taking, to review and discuss at least annually
the relationship between risk management policies and practices and compensation, and to evaluate compensation policies and practices
that could mitigate any such risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Members of the Company&rsquo;s senior management
team periodically report to the full Board about their areas of responsibility and a component of these reports are risk within their
area of responsibility and the steps management has taken to monitor and control such exposures. Additional review or reporting on risks
will be conducted as needed or as requested by the Board or committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are currently three standing committees
of the Board &ndash; an Audit Committee, a Compensation Committee and a Corporate Governance and Nominating Committee. The Board has
adopted written charters for each committee, which will be available on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tables below set forth the responsibilities
of each of the standing Board committees. The Audit Committee is comprised of Peter DeMaria, John Scott Magrane, Jr. and Christopher Melton,
with Christopher Melton serving as the Chairman. The Compensation Committee is comprised of Peter DeMaria, John Scott Magrane, Jr. and
Jeffrey Tweedy, with John Scott Magrane, Jr. serving as the Chairman. The Corporate Governance and Nominating Committee is comprised of
Peter DeMaria, Christopher Melton and Jeffrey Tweedy, with Jeffrey Tweedy serving as the Chairman. Each of the Audit Committee, Compensation
Committee and Corporate Governance and Nominating Committee are comprised solely of directors who have been determined by the Board of
Directors to be independent in accordance with SEC regulations and Nasdaq listing standards (including the heightened independence standards
for members of the Audit Committee and the Compensation Committee).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>AUDIT <BR>
    COMMITTEE</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 85%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Responsibilities</B></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Be
    directly responsible for the appointment, compensation, retention and oversight of the work of the Company&rsquo;s independent auditors</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Pre-approve
    all audit and permitted non-audit services to be provided by the independent auditors</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Discuss
    with management and the independent auditors significant financial reporting issues and judgments made in connection with the preparation
    of the Company&rsquo;s financial statements</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    with the independent auditors the matters required to be discussed by the applicable auditing standards adopted by the PCAOB and
    approved by the SEC from time to time</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    and discuss the Company&rsquo;s annual and quarterly financial statements with management and the independent auditors</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    and discuss with management the Company&rsquo;s earnings press releases</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Discuss
    Company policies and practices with respect to risk assessment and risk management</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Establish
    procedures for (i)&nbsp;the receipt, retention and treatment of complaints received by the Company regarding accounting, internal
    accounting controls or auditing matters, and (ii)&nbsp;the confidential, anonymous submission by Company employees of concerns regarding
    questionable accounting or auditing matters</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    related party transactions</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Each member of the Audit
    Committee is able to read and understand fundamental financial statements, including the Company&rsquo;s balance sheet, income statement
    and cash flow statement, and the Board of Directors has determined that Christopher Melton qualifies as an &ldquo;audit committee
    financial expert&rdquo; under applicable SEC rules.</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>COMPENSATION COMMITTEE</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 85%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Responsibilities</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Annually
    determine and approve the CEO&rsquo;s compensation, based upon an evaluation of the CEO&rsquo;s performance in light of approved
    corporate goals and objectives</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Annually
    review and approve the compensation of the Company&rsquo;s other executive officers</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    and approve and, when appropriate, recommend to the Board for approval, incentive compensation plans and equity-based plans of the
    Company</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    and approve and, when appropriate, recommend to the Board for approval any employment agreements and any severance arrangements or
    plans, including any benefits to be provided in connection with a change in control, for the CEO and other executive officers</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review,
    approve and, when appropriate, recommend to the Board for approval, stock ownership guidelines and monitor compliance therewith</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review,
    approve and, when appropriate, recommend to the Board for approval, the creation or revision of any clawback policy and oversee the
    application thereof</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Annually
    review the potential risk to the Company from its compensation policies and practices</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Periodically
    </FONT>review the compensation paid to non-employee directors for their service and make recommendations to the Board for any adjustments</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 14%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>CORPORATE GOVERNANCE
                                            AND</B></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>NOMINATING
                                            </B></FONT><B> COMMITTEE</B></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 85%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Responsibilities</B></P>
                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Periodically
    make recommendations to the Board regarding the size and composition of the Board</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Develop
    and recommend to the Board criteria for the selection of individuals to be considered as candidates for election to the Board</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Identify
    and screen individuals qualified to become members of the Board</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    and make recommendations to the full Board whether members of the Board should stand for re-election</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Recommend
    to the Board director nominees to fill vacancies</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Recommend
    to the Board director nominees for stockholder approval at each annual or any special meeting of stockholders at which one or more
    directors are to be elected</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Make
    recommendations to the Board regarding Board committee memberships</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Develop
    and recommend to the Board a set of corporate governance guidelines and oversee the Company&rsquo;s corporate governance practices</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Review
    the Company&rsquo;s strategies, activities, and policies regarding ESG matters and make recommendations to the Board</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;&nbsp;&nbsp;Overs</FONT>ee
    an annual evaluation of the Board and its committees</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Executive Sessions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Independent directors are expected to regularly
meet in executive session at Board of Directors meetings without any members of management being present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board and Board Committee Meetings and Attendance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Corporate Governance Guidelines provide that
directors are expected to prepare themselves for and attend all Board of Directors meetings, the annual meeting of stockholders and the
meetings of the Board of Directors&rsquo; standing committees on which they serve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-Hedging Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors is expected to adopt an
Insider Trading Policy, which will prohibit, among other things, our directors, officers, and employees from engaging in any hedging
or monetization transactions with respect to the Company&rsquo;s securities. In addition, our Insider Trading Policy will prohibit our
directors, officers, and employees from engaging in certain short-term or speculative transactions in the Company&rsquo;s securities,
such as short-term trading, short sales, and publicly traded options, which could create heightened legal risk and/or the appearance
of improper or inappropriate conduct by our directors, officers, and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate&nbsp;Code of Conduct and Ethics
and Whistleblower Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors is expected to adopt a
Corporate Code of Conduct and Ethics and Whistleblower Policy that applies to all of the Company&rsquo;s directors, officers, and employees.
The Corporate Code of Conduct and Ethics and Whistleblower Policy will cover areas such as conflicts of interest, insider trading and
compliance with laws and regulations. The Code of Conduct and Ethics will be available on our website at www.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">s</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">gdevco.com</FONT>. We intend to post any
amendments to or waivers from our Code of Conduct and Ethics and Whistleblower Policy at this location on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Communication with the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders desiring to communicate with the
Board or any individual director will be able to directly contact such director or directors by sending a letter addressed to the Board
or the individual director c/o Corporate Secretary, Safe and Green Development Corporation at our principal executive offices: 990 Biscayne
Blvd, #501, Office 12, Miami, FL 33132. In the letter, the stockholder must identify himself, herself, or themselves as a stockholder
of the Company. The Corporate Secretary may require reasonable evidence that the communication is being made by or on behalf of a stockholder
before the communication is transmitted to the individual director or to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clawback
                                            Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We&nbsp;will maintain a clawback policy which
will allow the Company to recover performance-based compensation, whether cash or equity, from a current or former executive officer
in the event the Board determines that such executive officer engaged in fraud, willful misconduct or gross negligence that directly
caused or otherwise materially contributed to the need for a restatement of the Company&rsquo;s financial results due to material noncompliance
with any financial reporting requirement under the federal securities laws. Under such policy, the Company will be able to recoup annual
incentives and long-term incentives received by such executive officer during the three completed fiscal years immediately preceding
the date on which the Company is required to prepare such restatement if the Board determines, in its reasonable discretion, that any
such performance-based compensation would not have been paid, awarded or vested or would have been at a lower amount had it been based
on the restated financial results. The Board will have the sole discretion to determine the form and timing of the recovery, which may
include repayment, forfeiture and/or an adjustment to future performance-based compensation payouts or awards. The remedies under the
clawback policy will be in addition to, and not in lieu of, any legal and equitable claims available to the Company.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_014"></A>EXECUTIVE AND DIRECTOR
COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
and a &ldquo;smaller reporting company&rdquo; under applicable federal securities laws and therefore permitted to take advantage of certain
reduced public company reporting requirements. As such, we provide in this information statement the scaled disclosure permitted under
the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, including the compensation disclosures required of a &ldquo;smaller
reporting company,&rdquo; as that term is defined in Rule 12b-2 promulgated under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>David Villarreal</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On February 3, 2023,
we entered into an executive employment agreement with David Villarreal to employ Mr. Villarreal as the Company&rsquo;s President and
Chief Executive Officer for an initial term of two (2) years, which provides for an annual base salary of $300,000, a discretionary bonus
of up to 25% of his base salary upon achievement of objectives as may be determined by the Company&rsquo;s board of directors and severance
in the event of a termination without cause in amount equal to equal to one year&rsquo;s annual base salary and benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the terms
of the employment agreement, subject to Board of Directors approval, we agreed to issue to him an RSU award under the Company&rsquo;s
2023 Incentive Compensation Plan, as and when adopted, for six hundred fifty thousand (650,000) shares of the Company&rsquo;s common stock,
vesting fifty percent (50%) upon issuance, with the balance vesting quarterly on a pro-rata basis over the next eighteen (18) months
of continuous service, which RSU grant has been approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Villarreal is subject
to a one-year post-termination non-compete and non-solicit of employees and clients. He is also bound by confidentiality provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Nicolai Brune</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On February 14, 2023,
we entered into an executive employment agreement with Nicolai Brune to employ Mr. Brune as the Company&rsquo;s Chief Financial Officer
for an initial term of two (2) years, which provides for an annual base salary of $250,000, a discretionary bonus of up to 20% of his
base salary upon achievement of objectives as may be determined by the Company&rsquo;s board of directors and severance in the event
of a termination without cause on or after June 30, 2023 in amount equal to equal to one year&rsquo;s annual base salary and benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.15pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the
terms of the employment agreement, subject to Board of Directors approval, we agreed to issue to him an RSU award under the
Company&rsquo;s 2023 Incentive Compensation Plan, as and when adopted, for two hundred thousand (200,000) shares of the Company&rsquo;s
common stock, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly on a pro-rata basis over the next
eighteen (18) months of continuous service, which RSU grant has been approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.15pt; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Mr. Brune is subject to a one-year post-termination non-compete and
non-solicit of employees and clients. He is also bound by confidentiality provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our non-employee director compensation program
is designed to provide competitive compensation necessary to attract and retain high quality non-employee directors and to encourage ownership
of Company stock to further align their interests with those of our stockholders. Non-employee directors receive $80,000 in cash per year
for serving on the Board of Directors and for committee service, paid quarterly, and an annual grant of restricted stock units (RSUs)
under the Company&rsquo;s 2023 Incentive Compensation Plan having a value of $80,000 on the date of grant, vesting on the one-year anniversary
of the grant date, subject to continued service as a director through such date. The Compensation Committee has approved an RSU award
to each of John Scott Magrane, Jr., Jeffrey Tweedy, Peter DeMaria, Paul Galvin, Alyssa Richardson, Yaniv Blumenfeld and Christopher Melton
under the Company&rsquo;s 2023 Incentive Compensation Plan for twelve thousand five hundred (12,500) shares of the Company&rsquo;s common
stock, vesting quarterly over one (1) year of continuous service.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>2023 Incentive Compensation Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2023 Incentive Compensation Plan (the &ldquo;2023
Plan&rdquo;) was approved and adopted on February 28, 2023 by our Board of Directors as well as SG Holdings, our sole shareholder on
such date. The principal provisions of the 2023 Plan are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, the Compensation Committee has approved 1,831,250
RSU awards to be issued to directors, officers and service providers. To date, no shares have been issued pursuant to such RSU awards.
Shares subject to vested RSU awards will be issued after the Separation and Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Administration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2023 Plan vests broad powers in a committee
to administer and interpret the 2023 Plan. Our board of directors has initially designated the Compensation Committee to administer the
2023 Plan. Except when limited by the terms of the 2023 Plan, the Compensation Committee has the authority to, among other things: select
the persons to be granted awards; determine the type, size and term of awards; establish performance objectives and conditions for earning
awards; determine whether such performance objectives and conditions have been met; and accelerate the vesting or exercisability of an
award. In its discretion, the Compensation Committee may delegate all or part of its authority and duties with respect to granting awards
to one or more of our officers, subject to certain limitations and provided applicable law so permits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may amend, alter or discontinue
the 2023 Plan and the Compensation Committee may amend any outstanding award at any time; provided, however, that no such amendment or
termination may adversely affect awards then outstanding without the holder&rsquo;s permission. In addition, any amendments seeking to
increase the total number of shares reserved for issuance under the 2023 Plan or modifying the classes of participants eligible to receive
awards under the 2023 Plan will require ratification by our stockholders in accordance with applicable law. Additionally, as described
more fully below, neither the Compensation Committee nor the board of directors is permitted to reprice outstanding options or stock
appreciation rights without shareholder consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Eligibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of our employees, directors, consultants,
and other service providers, or those of our affiliates, are eligible to participate in the 2023 Plan and may be selected by the Compensation
Committee to receive an award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vesting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee determines the vesting
conditions for awards. These conditions may include the continued employment or service of the participant, the attainment of specific
individual or corporate performance goals, or other factors as determined in the Compensation Committee&rsquo;s discretion (collectively,
&ldquo;Vesting Conditions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shares of Stock Available for Issuance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain adjustments, the maximum number
of shares of common stock that may be issued under the 2023 Plan in connection with awards is 4,000,000&nbsp;shares. In addition, the
maximum number of shares of common stock that may be issued under the 2023 Plan will automatically increase on January&nbsp;1 of each
calendar year for a period of ten&nbsp;years commencing on January&nbsp;1, 2024 and ending on (and including) January&nbsp;1, 2033, in
a number of shares of common stock equal to 4.5% of the total number of shares of common stock outstanding on December&nbsp;31 of the
preceding calendar year; provided, however that the board of directors may act prior to January&nbsp;1 of a given calendar year to provide
that the increase for such year will be a lesser number of shares of common stock. All available shares may be utilized toward the grant
of any type of award under the 2023 Plan. The 2023 Plan imposes a $250,000 limitation on the total grant date fair value of awards granted
to any non-employee&nbsp;director in his or her capacity as a non-employee&nbsp;director in any single calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any merger, consolidation, reorganization,
recapitalization, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, stock dividend, dividend
in kind, or other like change in capital structure (other than ordinary cash dividends), or other similar corporate event or transaction
that affects our common stock, the Compensation Committee shall make adjustments to the number and kind of shares authorized by the 2023
Plan and covered under outstanding 2023 Plan awards as it determines appropriate and equitable. Shares subject to 2023 Plan awards that
expire without being fully exercised or that are otherwise forfeited, cancelled or terminated may again be made available for issuance
under the 2023 Plan. However, shares withheld in settlement of a tax withholding obligation, or in satisfaction of the exercise price
payable upon exercise of an option, will not again become available for issuance under the 2023 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Types of Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following types of awards may be granted
to participants under the 2023 Plan: (i)&nbsp;incentive stock options, or ISOs; (ii)&nbsp;nonqualified stock options, or NQOs and together
with ISOs, options, (iii)&nbsp;stock appreciation rights, (iv)&nbsp;restricted stock, or (v)&nbsp;restricted stock&nbsp;units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stock Options.&nbsp;&nbsp;&nbsp;&nbsp;</I>An
option entitles the holder to purchase from us a stated number of shares of common stock. An ISO may only be granted to an employee of
ours or our eligible affiliates. The Compensation Committee will specify the number of shares of common stock subject to each option
and the exercise price for such option, provided that the exercise price may not be less than the fair market value of a share of common
stock on the date the option is granted. Notwithstanding the foregoing, if ISOs are granted to any 10% stockholder, the exercise price
shall not be less than 110% of the fair market value of common stock on the date the option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, options may be exercised in whole
or in part through a cash payment. The Compensation Committee may, in its sole discretion, permit payment of the exercise price of an
option in the form of previously acquired shares based on the fair market value of the shares on the date the option is exercised, through
means of &ldquo;net settlement,&rdquo; which involves the cancellation of a portion of the option to cover the cost of exercising the
balance of the option or by such other means as it deems acceptable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All options shall be or become exercisable in
accordance with the terms of the applicable award agreement. The maximum term of an option shall be determined by the Compensation Committee
on the date of grant but shall not exceed 10&nbsp;years (5&nbsp;years in the case of ISOs granted to any 10% stockholder). In the case
of ISOs, the aggregate fair market value (determined as of the date of grant) of common stock with respect to which such ISOs become
exercisable for the first time during any calendar year cannot exceed $100,000. ISOs granted in excess of this limitation will be treated
as non-qualified&nbsp;stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stock Appreciation Rights.&nbsp;&nbsp;&nbsp;&nbsp;</I>A
stock appreciation right represents the right to receive, upon exercise, any appreciation in a share of common stock over a particular
time period. The base price of a stock appreciation right shall not be less than the fair market value of a share of common stock on
the date the stock appreciation right is granted. This award is intended to mirror the benefit the participant would have received if
the Compensation Committee had granted the participant an option. The maximum term of a stock appreciation right shall be determined
by the Compensation Committee on the date of grant but shall not exceed 10&nbsp;years. Distributions with respect to stock appreciation
rights may be made in cash, shares of common stock, or a combination of both, at the Compensation Committee&rsquo;s discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise provided in an award agreement
or determined by the Compensation Committee, if a participant terminates employment with us (or our affiliates) due to death or disability,
the participant&rsquo;s unexercised options and stock appreciation rights may be exercised, to the extent they were exercisable on the
termination date, for a period of twelve&nbsp;months from the termination date or until the expiration of the original award term, whichever
period is shorter. If the participant terminates employment with us (or our affiliates) for cause, (i)&nbsp;all unexercised options and
stock appreciation rights (whether vested or unvested) shall terminate and be forfeited on the termination date, and (ii)&nbsp;any shares
in respect of exercised options or stock appreciation rights for which we have not yet delivered share certificates will be forfeited
and we will refund to the participant the option exercise price paid for those shares, if any. If the participant&rsquo;s employment
terminates for any other reason, any vested but unexercised options and stock appreciation rights may be exercised by the participant,
to the extent exercisable at the time of termination, for a period of ninety&nbsp;days from the termination date (or such time as specified
by the Compensation Committee at or after grant) or until the expiration of the original option or stock appreciation right term, whichever
period is shorter. Unless otherwise provided by the Compensation Committee, any options and stock appreciation rights that are not exercisable
at the time of termination of employment shall terminate and be forfeited on the termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Restricted Stock.&nbsp;&nbsp;&nbsp;&nbsp;</I>A
restricted stock award is a grant of shares of common stock, which are subject to forfeiture restrictions during a restriction period.
The Compensation Committee will determine the price, if any, to be paid by the participant for each share of common stock subject to
a restricted stock award. The restricted stock may be subject to Vesting Conditions. If the specified Vesting Conditions are not attained,
the participant will forfeit the portion of the restricted stock award with respect to which those conditions are not attained, and the
underlying common stock will be forfeited to us. At the end of the restriction period, if the Vesting Conditions have been satisfied,
the restrictions imposed will lapse with respect to the applicable number of shares. Unless otherwise provided in an award agreement
or determined by the Compensation Committee, upon termination a participant will forfeit all restricted stock that then remains subject
to forfeiture restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Restricted Stock Units.&nbsp;&nbsp;&nbsp;&nbsp;</I>Restricted
stock&nbsp;units are granted in reference to a specified number of shares of common stock and entitle the holder to receive, on the achievement
of applicable Vesting Conditions, shares of common stock. Unless otherwise provided in an award agreement or determined by the Compensation
committee, upon termination a participant will forfeit all restricted stock&nbsp;units that then remain subject to forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Change in Control</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a change in control, the Compensation
Committee may, on a participant-by-participant&nbsp;basis: (i)&nbsp;cause any or all outstanding awards to become vested and immediately
exercisable (as applicable), in whole or in part; (ii)&nbsp;cause any outstanding option or stock appreciation right to become fully
vested and immediately exercisable for a reasonable period in advance of the change in control and, to the extent not exercised prior
to that change in control, cancel that option or stock appreciation right upon closing of the change in control; (iii)&nbsp;cancel any
unvested award or unvested portion thereof, with or without consideration; (iv)&nbsp;cancel any award in exchange for a substitute award;
(v)&nbsp;redeem any restricted stock or restricted stock unit for cash and/or other substitute consideration with value equal to the
fair market value of an unrestricted share on the date of the change in control; (vi)&nbsp;cancel any outstanding option or stock appreciation
right with respect to all common stock for which the award remains unexercised in exchange for a cash payment equal to the excess (if
any) of the fair market value of the common stock subject to the option or stock appreciation right over the exercise price of the option
or stock appreciation right; (vii)&nbsp;impose vesting terms on cash or substitute consideration payable upon cancellation of an award
that are substantially similar to those that applied to the cancelled award immediately prior to the change in control, and/or earn-out,
escrow, holdback or similar arrangements, to the extent such arrangements are applicable to any consideration paid to stockholders in
connection with the change in control; (viii)&nbsp;take such other action as the Compensation Committee shall determine to be reasonable
under the circumstances; and/or (ix)&nbsp;in the case of any award subject to Section&nbsp;409A of the Code, the Compensation Committee
shall only be permitted to use discretion to alter the settlement timing of the award to the extent that such discretion would be permitted
under Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Repricing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither our board of directors nor the Compensation
Committee may, without obtaining prior approval of our stockholders: (i)&nbsp;implement any cancellation/re-grant&nbsp;program pursuant
to which outstanding options or stock appreciation rights under the 2023 Plan are cancelled and new options or stock appreciation rights
are granted in replacement with a lower exercise per share; (ii)&nbsp;cancel outstanding options or stock appreciation rights under the
2023 Plan with an exercise price per share in excess of the then current fair market value per share for consideration payable in our
equity securities; or (iii)&nbsp;otherwise directly reduce the exercise price in effect for outstanding options or stock appreciation
rights under the 2023 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, awards granted under the 2023 Plan
shall be nontransferable except by will or by the laws of descent and distribution. No participant shall have any rights as a stockholder
with respect to shares covered by options or restricted stock&nbsp;units, unless and until such awards are settled in shares of common
stock. The Company&rsquo;s obligation to issue shares or to otherwise make payments in respect of 2023 Plan awards will be conditioned
on the Company&rsquo;s ability to do so in compliance with all applicable laws and exchange listing requirements. The awards will be
subject to our recoupment and stock ownership policies, as may be in effect from time to time. The 2023 Plan will expire 10&nbsp;years
after it becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_015"></A>CERTAIN RELATIONSHIPS AND
RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Procedures for Approval of Related Person
Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will have a written related person
transaction policy regarding the review and approval or ratification of related person transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The related person transaction policy will apply
to any transaction in which SG DevCo is a participant, the amount involved exceeds $120,000 and a related party has or will have a direct
or indirect material interest. A related party means any director or executive officer, any nominee for director, any stockholder known
to SG DevCo to be the beneficial owner of more than 5% of any class of the Company&rsquo;s voting securities, any immediate family member
of any such persons, any entity in which any of such persons is employed or occupies a similar position, and any entity in which any
of such persons has a direct or indirect ownership interest in such entity that, when aggregated with the ownership interests of all
the persons identified above, amounts to a 10% or greater ownership interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is the responsibility of the Audit Committee
to review related party transactions and approve, ratify, revise or reject such transactions. It will be our policy to enter into or
ratify related party transactions only when it is determined that the related party transaction in question is in, or is not inconsistent
with, the best interests of SG DevCo and its stockholders. In determining whether to approve or ratify a related party transaction, the
Audit Committee is able to consider, among other factors it deems appropriate, whether the proposed transaction would occur in the ordinary
course of business; the purpose and benefits of the proposed transaction to SG DevCo; the terms and conditions of the proposed transaction;
and the terms and conditions available to unrelated third parties in arms-length negotiations in respect of similar transactions. No
director will be able participate in the deliberations or vote regarding a transaction in which he or she, or a member of his or her
immediate family, has a direct or indirect interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our related person transaction policy is expected
to provide that certain types of transactions are deemed to be pre-approved, including compensation of executive officers and directors
approved by the Compensation Committee and transactions involving competitive bids or at rates fixed by governmental authority.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Related Party Transactions since Inception</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During 2021, we received
$4,200,000 from due to affiliates. This amount was advanced to us by SG Holdings, is evidenced by a promissory note, non-interest bearing
and is due on demand. Included in this amount, are payroll and general and administrative expenses which have been paid by SG Holdings
and allocated to us.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On August 9, 2023, we
and SG Holdings entered into a Note Cancellation Agreement, effective as of July 1, 2023, pursuant to which SG Holdings cancelled and
forgave the remaining $4,000,000 balance then due on that certain promissory note, dated December 19, 2021, made by us in favor of SG
Holdings in the original principal amount of $4,200,000.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">In addition, on August 9, 2023, SG Holdings issued to us a non-interest
bearing promissory note, in the principal amount of $908,323, payable on demand, to evidence advances by us to SG Holdings in such amount.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Separation from SG Holdings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Separation and Distribution,
we will enter into a separation and distribution agreement and several other agreements with SG Holdings to effect the Separation and
provide a framework for our relationship with SG Holdings and its subsidiaries after the Separation. These agreements will provide for
the allocation between us, on the one hand, and SG Holdings and its subsidiaries on the other hand, of the assets, liabilities and obligations
associated with the Spin-Off Business, on the one hand, and SG Holdings other current businesses, on the other hand, and will govern
the relationship between our company, on the one hand, and SG Holdings and its subsidiaries, on the other hand, subsequent to the Separation
and Distribution (including with respect to transition services, employee matters and tax matters). See &ldquo;The Separation and Distribution&mdash;Agreements
with SG Holdings&rdquo; for more information regarding these agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to enter into separate indemnification
agreements with each of our directors and executive officers, in addition to the indemnification that will be provided for in our amended
and restated certificate of incorporation and bylaws. The indemnification agreements and our amended restated certificate of incorporation
and bylaws that will be in effect upon the completion of the Distribution will require us to indemnify our directors, executive officers
and certain controlling persons to the fullest extent permitted by Delaware law. See the section titled &ldquo;Description of Capital
Stock&mdash;Limitations on Liability and Indemnification of Officers and Directors&rdquo; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Tax Matters Arrangement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Separation, we and SG Holdings
intend to enter into a tax matters agreement that will contain certain tax matters arrangements and will govern the parties&rsquo; respective
rights, responsibilities, and obligations with respect to taxes, including taxes arising in the ordinary course of business and taxes
incurred as a result of the Separation and the Distribution. The tax matters arrangement will also set forth the respective obligations
of the parties with respect to the filing of tax returns, the administration of tax contests, and assistance and cooperation on tax matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax matters arrangement will govern the rights
and obligations that we and SG Holdings will have after the Separation with respect to taxes for both pre- and post-closing periods.
Under the tax matters arrangement, we will be responsible for (i) any of our taxes for all periods prior to and after the Distribution
and (ii) any taxes of the SG Holdings group for periods prior to the Distribution to the extent attributable to the real estate development
business. SG Holdings generally will be responsible for any of the taxes of the SG Holdings group other than taxes for which we are responsible.
In addition, SG Holdings will be responsible for its taxes arising as a result of the Separation and Distribution. Notwithstanding the
foregoing, sales, use, transfer, real property transfer, intangible, recordation, registration, documentary, stamp or similar taxes imposed
on the Distribution shall be borne fifty percent (50%) by us and fifty percent (50%) by SG Holdings.</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">Each of SG Holdings and SG DevCo will indemnify each
other against any taxes allocated to such party under the tax matters agreement and related out-of-pocket costs and expenses.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Shared&nbsp;Services Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to enter into a shared services agreement
with SG Holdings which will set forth the terms on which SG Holdings will provide to us certain services or functions that the companies
historically have shared. Shared services will include various information technology, finance, human resources, compliance, legal, and
other support services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for such services, we will pay
fees to SG Holdings for the services provided, and those fees will generally be in amounts intended to allow SG Holdings to recover all
of its direct and indirect costs incurred in providing those services. SG Holdings will charge us a fee for services performed by (i)
its employees which shall be a percentage of each employee&rsquo;s base salary based upon an allocation of their business time spent
providing such services and (ii) third parties, the fees charged by such third parties. The personnel performing services under the shared
services agreement will be employees and/or independent contractors of SG Holdings and will not be under our direction or control. As
such, conflicts of interest may arise in connection with to the performance of the services by SG Holdings personnel and the allocation
of priority to the services requested by us. We will also reimburse SG Holdings for direct out-of-pocket costs incurred by SG Holdings
for third party services provided to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fabrication Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2022, we entered into a Fabrication
Agreement (the &ldquo;Fabrication Agreement&rdquo;) with SG Echo for the fabrication of approximately 800 multifamily market rate rental
units, equal to approximately 800,000 square feet of new modular buildings to be located at the McLean site (the &ldquo;Project&rdquo;).
The Fabrication Agreement provides that SG Echo will be paid a fee equal to 15% of the cost of the Project. The Project will be fabricated
in Phases of 100 to 150 units per phase, with the schedule of the phasing to be determined in our sole discretion. The terms of payment
are as follows: (i) down payment of 30% upon release of project for fabrication; (ii) stage payment of 65% upon completion of fabrication,
testing and inspection of each unit as it leaves the facility; and (iii) final payment of 5% upon completion of installation on site,
including acceptance of punch list items, startup of equipment and City of Durant inspection. Notwithstanding the foregoing, we may withhold
10%, as retainage, from the payment otherwise due, to be reduced to 5% after field install is watertight and 2.5% after all punch list
items have been complete. The Fabrication Agreement may be terminated for cause by either party upon 30-days written notice to the other
party, subject to each party&rsquo;s right to cure a default or breach, except for fraud or bad faith. In the event of termination, SG
Echo will be entitled to be paid for all services rendered through the date of termination. In the event the termination by us is without
cause, we will also pay any expenses incurred as a result of the termination (including without limitation supplier and vendor cancellation
fees, restocking fees, subcontractor termination or cancellation fees, or other similar termination costs), plus a 15% markup as compensation
for SG Echo&rsquo;s anticipated profit on the value of services not performed by SG Echo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_016"></A>SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Information Statement,
SG Holdings beneficially owns all of the outstanding shares of our common stock. Immediately after the Separation and Distribution, SG Holdings will
continue to own 70% of the shares of our common stock. Immediately following the Separation and Distribution, SG DevCo expects to have
outstanding an aggregate of approximately 10,000,000 shares of common stock based upon approximately 15,948,689 shares of SG Holdings
common stock issued and outstanding on August 1, 2023 and the number of shares to be retained by SG Holdings. The actual number of outstanding
shares of SG Holdings common stock immediately following the consummation of the Distribution will be determined on the record date.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined beneficial ownership in accordance
with the rules of the SEC.&nbsp;These rules generally attribute beneficial ownership of securities to persons who possess sole or shared
voting power or investment power with respect to those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the ownership of SG
DevCo common stock expected to be beneficially owned by our current directors, named executive officers, our directors and current executive
officers as a group and our 5% stockholders immediately following the completion of the Distribution, based on information available
as of August 1, 2023 and based on the assumption that, for every five (5) shares of SG Holdings common stock held by such persons, they
will receive approximately 0.94 shares of SG DevCo common stock. We also assumed the issuance of 9,999,000 shares of our common stock
to SG Holdings prior to the Separation and Distribution and that SG Holdings will retain 70% of our common stock following the Separation
and Distribution (excluding any shares issuable pursuant to our 2023 Plan). Unless otherwise indicated, SG DevCo believes that all persons
named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have based our calculation of the
percentage of beneficial ownership of our common stock based on 10,000,000 shares of common stock outstanding immediately following
the Separation and Distribution, which number is based upon approximately 15,948,689 shares of SG Holdings common stock issued and
outstanding on August&nbsp;1, 2023 and the number of shares to be retained by SG Holdings. We have deemed shares of our common stock
subject to RSUs that are currently vested, but for which shares of common stock have not been issued, or RSUs that will vest within
60&nbsp;days of August 1, 2023, to be outstanding and to be beneficially owned by the person holding the RSUs for the purpose of
computing the percentage ownership of that person. We did not deem these shares outstanding, however, for the purpose of computing
the percentage ownership of any other person. Unless otherwise indicated, the address of each beneficial owner listed in the table
below is c/o Safe and Green Development Corporation, 990 Biscayne Boulevard, #501, Office 12, Miami, Florida 33132.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares of<BR> Common&nbsp;Stock<BR> Beneficially<BR> Owned&nbsp;After<BR> Separation&nbsp;and<BR> Distribution</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage&nbsp;of<BR> Common&nbsp;Stock<BR> Beneficially<BR> Owned After<BR> Separation and<BR> Distribution</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">David Villarreal</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">407,381</TD><TD STYLE="width: 1%; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3.92</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Nicolai Brune</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,717</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.42</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Paul Galvin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">458,756</TD><TD STYLE="text-align: left"><SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.45</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">John Scott Magrane</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,250</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Jeffrey Tweedy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,250</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Alyssa Richardson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,125</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Peter DeMaria</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,250</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Christopher Melton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,484</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Yaniv Blumenfeld</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,058</TD><TD STYLE="text-align: left"><SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">All executive officers and directors as a group (9 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,075,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.72</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&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: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">5% Stockholders other than executive officers and directors</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(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&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: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Safe &amp; Green Holdings Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">*</TD><TD STYLE="text-align: justify">Represents beneficial ownership of less than one percent.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes: (i) 28,215
                                                                                                                                                                 shares of common stock that David Villarreal is expected to receive upon the Separation and Distribution based upon his ownership of
                                                                                                                                                                 150,000 shares of common stock of SG Holdings on August 1, 2023; and (ii) 379,166 vested RSUs under the 2023 Plan but for which
                                                                                                                                                                 shares of common stock subject to such vested RSUs have not been issued. Does not include 270,834 unvested RSUs that will not vest
                                                                                                                                                                 within 60 days of August 1, 2023.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes:
(i) 27,051 shares of common stock that Nicolai Brune is expected to receive upon the Separation and Distribution, based upon his ownership
of 143,8112 shares of common stock of SG Holdings on August 1, 2023; and (ii) 16,666 vested RSUs under the 2023 Plan but for which shares
of common stock subject to such vested RSUs have not been issued. Does not include 82,334 unvested RSUs that will not vest within 60
days of August 1, 2023.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Includes: (i) 160,840 shares of common stock that Paul Galvin is expected
to receive upon the Separation and Distribution based upon his ownership of 855,065 shares of common stock of SG Holdings on August 1,
2023; and (ii) 297,916 vested RSUs under the 2023 Plan but for which shares of common stock subject to such vested RSUs have not been
issued. Does not include 208,334 unvested RSUs that will not vest within 60 days of August 1, 2023.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">Includes 6,250 vested RSUs under the 2023 Plan but for which shares of common stock subject to such
                                                                                                                                                                 vested RSUs have not been issued. Does not include 6,250 RSUs that will not vest within 60 days of August 1, 2023.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">Includes 3,125 vested RSUs under the 2023 Plan but for which shares of common stock subject to such
                                                                                                                                                                 vested RSUs have not been issued. Does not include 3,125 RSUs that will not vest within 60 days of August 1, 2023.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify">Includes: (i) 16,234 shares of common stock that Christopher Melton
is expected to receive upon the Separation and Distribution, based upon his ownership of 86,307 shares of SG Holdings on August 1, 2023;
and (ii) 6,250 vested RSUs under the 2023 Plan but for which shares of common stock subject to such vested RSUs have not been issued.
Does not include 6,250 RSUs that will not vest within 60 days of August 1, 2023.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify">Includes (i)20,933 shares of common stock that Yaniv Blumenfeld is
expected to receive upon the Separation and Distribution, based upon his ownership of 111,287 shares of SG Holdings on August 1, 2023;
and (ii) 3,125 vested RSUs under the 2023 Plan but for which shares of common stock subject to such vested RSUs have not been issued.
Does not include 3,125 RSUs that will not vest within 60 days of August 1, 2023.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_017"></A>MATERIAL U.S. FEDERAL INCOME
TAX CONSEQUENCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a summary description of the
material U.S. federal income tax aspects of the Separation and Distribution. This summary is not intended as a complete description of
all of the tax consequences of the Separation and Distribution and does not discuss tax consequences under the laws of state, local or
foreign governments or any other jurisdiction or the potential application of the Medicare contribution tax or the alternative minimum
tax or U.S. federal gift and estate tax laws. Moreover, the tax treatment of a stockholder may vary, depending upon his, her or its particular
situation. In this regard, special rules not discussed in this summary may apply to some of our stockholders, including, but not limited
to, U.S. expatriates and former citizens or long-term residents of the United States; persons subject to the alternative minimum tax;
persons holding SG Holdings common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction
or other integrated transaction; banks, insurance companies and other financial institutions; brokers, dealers or traders in securities;
&ldquo;controlled foreign corporations,&rdquo; &ldquo;passive foreign investment companies&rdquo; and corporations that accumulate earnings
to avoid U.S. federal income tax; partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax
purposes (and investors therein); persons that acquired SG Holdings common stock through the exercise of an option or otherwise as compensation;
traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes; tax-exempt organizations
or governmental organizations; persons subject to special tax accounting rules as a result of any item of gross income being taken into
account in an applicable financial statement; U.S. stockholders (as defined below) whose functional currency is not the U.S. dollar;
mutual funds, regulated investment companies (RICs) or real estate investment trusts (REITs); tax-qualified retirement plans; and &ldquo;qualified
foreign pension funds&rdquo; as defined in Section 897(l)(2) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
and entities all of the interests of which are held by qualified foreign pension funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, this summary applies only to shares
which are held as capital assets. If you are a partnership (or other pass-through entity) for U.S. federal income tax purposes, the tax
treatment of your partners (or other owners) will generally depend on the status of the partners, the activities of the partnership and
certain determinations made at the partner level. Accordingly, partnerships (or other pass-through entities) and the partners (or other
owners) in such partnerships (or such other pass-through entities) should consult their own tax advisors regarding the U.S. federal income
tax consequences to them relating to the matters discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion is based on currently
existing provisions of the Code, existing, proposed and temporary treasury regulations promulgated under the Code and current administrative
rulings and court decisions. All of the foregoing are subject to change, which may or may not be retroactive, and any of these changes
could affect the validity of the following discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this discussion, a &ldquo;U.S.
stockholder&rdquo; is a beneficial owner of shares of SG Holdings common stock that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an individual who
                                            is a citizen or resident of the United States,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a corporation (or
                                            other entity taxable as a corporation for U.S. federal income tax purposes) organized in
                                            or under the laws of the United States, any state thereof or the District of Columbia,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an estate, the
                                            income of which is subject to U.S. federal income tax regardless of its source, or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an entity treated
                                            as a trust that (1) is subject to the primary supervision of a U.S. court and the control
                                            of one or more &ldquo;United States persons&rdquo; (within the meaning of Section 7701(a)(30)
                                            of the Code) or (2) was in existence on August 20, 1996 and has a valid election in effect
                                            under applicable Treasury regulations to be treated as a United States person for U.S. federal
                                            income tax purposes.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, for purposes of this discussion, a &ldquo;non-U.S.
stockholder&rdquo; is any beneficial owner of SG Holdings common stock who or that is neither a U.S. stockholder nor an entity classified
as a partnership for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each stockholder is urged to consult his, her
or its own tax advisor as to the particular tax consequences to him, her or it of the Separation and Distribution described herein, including
the applicability and effect of any state, local or foreign tax laws, and the possible effects of changes in applicable tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Consequences of the Separation and Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For U.S. federal income tax purposes, the distribution
by SG Holdings of the shares of SG DevCo common stock will not be eligible for treatment as a tax-free distribution. Accordingly, each
holder of SG Holdings common stock who receives shares of SG DevCo common stock in the Distribution generally will be treated as if such
stockholder received a taxable distribution in an amount equal to the sum of the fair market value of SG DevCo common stock received
and a cash payment in lieu of any fractional shares, which will result in: (a) a dividend to the extent of such stockholder&rsquo;s ratable
share of SG Holdings&rsquo; current and accumulated earnings and profits&#894; then (b) a reduction in such stockholder&rsquo;s basis
in SG Holdings&rsquo; common stock (but not below zero) to the extent the amount received exceeds the amount referenced in clause (a)&#894;
and then (c) gain from the sale or exchange of SG Holdings common stock to the extent the amount received exceeds the sum of the amounts
referenced in clauses (a) and (b). Each stockholder&rsquo;s basis in his, her or its SG DevCo common stock will be equal to the fair
market value of such stock at the time of the Distribution. A stockholder&rsquo;s holding period for such shares will begin on the Distribution
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A corporate level U.S. federal income tax will
be payable by SG Holdings if gain realized in the Separation and Distribution exceeds any net operating losses that may be available
to offset such gain. The tax would be based upon the gain, if any, computed as the difference between the fair market value of the SG
DevCo common stock and SG Holdings&rsquo; adjusted basis in such stock.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Holdings&rsquo; earnings and profits generally
will be increased by any gain SG Holdings recognizes as a result of the Separation and Distribution. SG Holdings will not be able to
advise stockholders of the amount of its earnings and profits until after the end of the tax year in which the Separation and Distribution
occurs.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, SG Holdings or other applicable
withholding agents may be required or permitted to withhold at a rate of 30% (or at a lower rate under an applicable tax treaty) on all
or a portion of the distribution (including a cash payment in lieu of fractional shares) payable to non-U.S. stockholders, and any such
withholding would be satisfied by SG Holdings or the other applicable withholding agent either by withholding and selling a portion of
our shares of common stock otherwise distributable to non-U.S. stockholders, or withholding such amount from any cash distribution otherwise
payable to such non-U.S. stockholders. Any shares or cash so withheld shall be treated as if they were paid to such non-U.S. stockholders.
If a distribution payable to a non-U.S. stockholder is effectively connected with the non-U.S. stockholder&rsquo;s conduct of a trade
or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. stockholder maintains a permanent
establishment in the United States to which such dividends are attributable), the non-U.S. stockholder will be exempt from the 30% U.S.
federal withholding tax described above if such non-U.S. stockholder furnishes to the applicable withholding agent a valid Internal Revenue
Service (&ldquo;IRS&rdquo;) Form W-8ECI, certifying that the distribution is effectively connected with the non-U.S. stockholder&rsquo;s
conduct of a trade or business within the United States.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any such effectively connected income will be
subject to U.S. federal income tax on a net income basis at the regular graduated rates. A non-U.S. stockholder that is a corporation
also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such
effectively connected income, as adjusted for certain items. Non-U.S. stockholders should consult their tax advisors regarding any applicable
tax treaties that may provide for different rules.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any portion of the distribution of the SG
DevCo common stock and cash payment in lieu of any fractional shares of a non-U.S. stockholder is treated as gain from the sale or exchange
of SG Holdings common stock, such gain will not be subject to U.S. federal income tax, unless (a) the gain is effectively connected with
the non-U.S. stockholder&rsquo;s conduct of a trade or business within the United States in which case it will be subject to the tax
treatment described above; (b) the non-U.S. stockholder is a nonresident alien individual present in the United States for 183 days or
more during the taxable year of the Distribution and certain other requirements are met, in which case such gain will be subject to U.S.
federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source
capital losses of the non-U.S. stockholder (provided that the non-U.S. stockholder has timely filed U.S. federal income tax returns with
respect to such losses); or (c) SG Holdings is or has been a &ldquo;United States real property holding corporation&rdquo; for U.S. federal
income tax purposes at any time during the shorter of the five-year period ending on the Distribution Date or the period that the non-U.S.
stockholder held SG Holdings common stock, and, in the case where shares of SG Holdings common stock are regularly traded on an established
securities market, the non-U.S. shareholder has owned, directly or constructively, more than 5% of SG Holdings common stock at any time
during the shorter of the five-year period ending on the Distribution Date or the period that the non-U.S. stockholder held SG Holdings
common stock, in which case such gain will be subject to tax at generally applicable U.S. federal income tax rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Moreover, Sections 1471 through 1474 of the Code,
and Treasury regulations promulgated thereunder (&ldquo;FATCA&rdquo;), generally provide that a 30% withholding tax may be imposed on
payments of U.S. source income, such as U.S. dividends, to certain non-U.S. entities. In general, no such withholding will be required
with respect to a U.S. stockholder or non-U.S. stockholder that timely provides the information reporting and certifications required
on a valid IRS Form W-9 or applicable IRS Form W-8, respectively. Non-U.S. stockholders are encouraged to consult with their own tax
advisors regarding the possible implications and obligations of FATCA.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although SG Holdings will be ascribing a value
to shares of SG DevCo common stock it distributes for tax purposes, this valuation is not binding on the IRS or any other tax authority.
These taxing authorities could ascribe a higher valuation to such shares, particularly if such shares trade at prices significantly above
the value ascribed to them by SG Holdings in the period following the Distribution. Such a higher valuation may cause a larger reduction
in the tax basis of a stockholder&rsquo;s shares of SG Holdings common stock or may cause a stockholder to recognize additional dividend
or capital gain income.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Back-up Withholding Requirements</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States information reporting requirements
and backup withholding may apply with respect to all or a portion of the distribution (including cash payment in lieu of fractional shares)
and dividends paid on, and proceeds from the taxable sale, exchange or other disposition of, SG DevCo common stock unless the stockholder:
(a) is a corporation or non-U.S. stockholder or comes within certain other exempt categories, and, when required, demonstrates these
facts (including by providing any applicable IRS form)&#894; or (b) provides a correct taxpayer identification number, certifies as to
no loss of exemption from backup withholding and otherwise complies with applicable requirements of the backup withholding rules. A stockholder
who does not supply us with his, her or its correct taxpayer identification number may be subject to penalties imposed by the IRS. Any
amount withheld under these rules will be creditable against the stockholder&rsquo;s U.S. federal income tax liability. Stockholders
should consult their tax advisors as to their qualification for exemption from backup withholding and the procedure for obtaining such
an exemption. If information reporting requirements apply to a stockholder, the amount of dividends paid with respect to the stockholder&rsquo;s
shares will be reported annually to the IRS and to the stockholder.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholders should consult their own tax advisors
as to the particular tax consequences of the Separation and Distribution to them.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_018"></A>DESCRIPTION OF CAPITAL
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Our certificate of incorporation and bylaws
will be amended and restated prior to the Distribution. The following briefly summarizes the material terms of our capital stock that
will be contained in our amended and restated certificate of incorporation and amended and restated bylaws. These summaries do not describe
every aspect of these securities and documents and are subject to all the provisions of our amended and restated certificate of incorporation
or amended and restated bylaws that will be in effect at the time of the Distribution, and are qualified in their entirety by reference
to these documents, which you should read (along with the applicable provisions of Delaware law) for complete information on our capital
stock as of the time of the Distribution. The amended and restated certificate of incorporation and amended and restated bylaws, each
in a form expected to be in effect at the time of the Distribution, are included as exhibits to our registration statement on Form 10,
of which this information statement forms a part. We will include our amended and restated certificate of incorporation and amended and
restated bylaws, as in effect at the time of the Distribution, in a Current Report on Form 8-K filed with the SEC. The following also
summarizes certain relevant provisions of the DGCL. Since the terms of the DGCL are more detailed than the general information provided
below, you should read the actual provisions of the DGCL for complete information.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our authorized capital stock will consist of&thinsp;50,000,000
shares of common stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately following the Distribution, we expect
that approximately 10,000,000 shares of our common stock will be issued and outstanding, all of which will be fully paid and nonassessable,
and that no shares of our preferred stock will be issued and outstanding.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common stock is expected to be listed on Nasdaq under the symbol
&ldquo;SGD&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of shares of our common stock will be
entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Except as otherwise provided in
our amended and restated certificate of incorporation or as required by law, all matters to be voted on by our stockholders, other than
matters relating to the election and removal of directors, must be approved by a majority of the shares present in person or by proxy
at the meeting and entitled to vote on the subject matter or by a written resolution of the stockholders representing the number of affirmative
votes required for such matter at a meeting. The holders of our common stock will not have cumulative voting rights in the election of
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of shares of our common stock will be
entitled to receive dividends when and if declared by our Board of Directors out of funds legally available therefor, subject to any
statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the
terms of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon our dissolution or liquidation or the sale
of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and subject to any rights
of preferred stockholders, the holders of shares of our common stock will be entitled to receive pro rata our remaining assets available
for distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of shares of our common stock will not
have preemptive, subscription, redemption, or conversion rights. There will be no redemption or sinking fund provisions applicable to
the common stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors will have the authority,
without action by our stockholders, to designate and issue up to 5,000,000 shares of preferred stock in one or more series or classes
and to designate the rights, preferences and privileges of each series or class, which may be greater than the rights of our common stock.
There are no shares of preferred stock designated or outstanding. It is not possible to state the actual effect of the issuance of any
shares of preferred stock upon the rights of holders of our common stock until our Board of Directors determines the specific rights
of the holders of the preferred stock. However, the effects might include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">restricting dividends on our common stock;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">diluting the voting power of our common stock;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">impairing liquidation rights of our common stock;
    or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">delaying or preventing a change in control of
    us without further action by our stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors&rsquo; authority to issue
preferred stock without stockholder approval could make it more difficult for a third-party to acquire control of our company and could
discourage such attempt. We have no present plans to issue any shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forum Selection</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of incorporation
and amended and restated bylaws will provide that unless we consent in writing to the selection of an alternative forum, the Court of
Chancery of the State of Delaware (or, in the event that the Court of Chancery does not have jurisdiction, the federal district court
for the District of Delaware or other state courts of the State of Delaware) is the exclusive forum for (i) any derivative action or
proceeding brought on our behalf; (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer, employee
or agent of the Company to the Company or our stockholders; (iii) any action asserting a claim arising pursuant to the provisions of
the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws; or (iv)
any action asserting a claim against us that is governed by the internal affairs doctrine of the State of Delaware; provided that, if
and only if the Court of Chancery of the State of Delaware dismisses any such action for lack of subject matter jurisdiction, or the
Company consents in writing to the selection of an alternative forum, such action may be brought in another state or federal court sitting
in the State of Delaware. Our amended and restated certificate of incorporation and amended and restated bylaws will also provide that
the federal district courts of the United States of America is the exclusive forum for the resolution of any complaint asserting a cause
of action against under the Securities Act. Notwithstanding the foregoing, the exclusive forum provision will not apply to suits brought
to enforce any liability or duty created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
Nothing in our amended and restated certificate of incorporation or amended and restated bylaws will preclude stockholders that assert
claims under the Exchange Act from bringing such claims in state or federal court, subject to applicable law.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-Takeover Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of incorporation
and our amended and restated bylaws will contain provisions that may delay, defer, or discourage another party from acquiring control
of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover
bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors,
which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they will also
give our board of directors the power to discourage acquisitions that some stockholders may favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Section 203 of the DGCL</I>. We are subject
to Section 203 of the DGCL. Subject to certain exceptions, Section 203 prevents a publicly held Delaware corporation from engaging in
a &ldquo;business combination&rdquo; with any &ldquo;interested stockholder&rdquo; for three years following the date that the person
became an interested stockholder, unless the interested stockholder attained such status with the approval of our board of directors
or unless the business combination is approved in a prescribed manner. A &ldquo;business combination&rdquo; includes, among other things,
a merger or consolidation involving us and the &ldquo;interested stockholder&rdquo; and the sale of more than 10% of our assets. In general,
an &ldquo;interested stockholder&rdquo; is any entity or person beneficially owning 15% or more of our outstanding voting stock and any
entity or person affiliated with or controlling or controlled by such entity or person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Blank Check Preferred Stock<B>. </B></I>Our
board of directors has the right to issue preferred stock in one or more series and to determine the designations, rights, preferences
of such preferred stock without stockholder approval. &nbsp;As a result, our board of directors could, without stockholder approval,
authorize the issuance of preferred stock with voting, dividend, redemption, liquidation, sinking fund, conversion and other rights that
could proportionately reduce, minimize or otherwise adversely affect the voting power and other rights of holders of the Company&rsquo;s
capital stock or that could have the effect of delaying, deferring or preventing a change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Classified Board of Directors</I>. Our amended
and restated certificate of incorporation will divide our Board of Directors into three classes serving three-year terms, with one class
being elected each year by a plurality of the votes cast by the stockholders entitled to vote on the election. In addition,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Removal of Directors</I>.
Our amended and restated certificate of incorporation and our amended and restated bylaws will provide that, (i) subject to the rights
of holders of any series of preferred stock or any limitation imposed by law, the Board of Directors or any individual director may be
removed from office at any time with cause by the affirmative vote of the holders of majority of the voting power of all the then-outstanding
shares of capital stock of the Corporation entitled to vote generally at an election of directors; and (ii) subject to the rights of
holders of any series of preferred stock, neither the Board of Directors nor any individual director may be removed without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Board Vacancies</I>. Our amended and restated
certificate of incorporation and our amended and restated bylaws, will provide that any vacancy on our Board of Directors, including
a vacancy resulting from an enlargement of our Board of Directors, may be filled only by the affirmative vote of a majority of our directors
then in office, even though less than a quorum of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stockholder Action by Written Consent</I>.
Our amended and restated certificate of incorporation and our amended and restated bylaws will prohibit stockholders from acting by written
consent. Accordingly, stockholder action must take place at an annual or a special meeting of the Company&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Special Meetings of Stockholders</I>. Our
amended and restated bylaws will also provide that, except as otherwise required by law, special meetings of the stockholders may only
be called by our Board of Directors, Chairman of the Board of Directors or our Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Advance Notice Requirements
for Stockholder Proposals and Director Nominations</I>. Stockholders wishing to nominate persons for election to our Board of Directors
or to propose any business to be considered by our stockholders at an annual meeting must comply with certain advance notice and other
requirements which will be set forth in our amended and restated bylaws. Likewise, if our Board of Directors has determined that directors
shall be elected at a special meeting of stockholders, stockholders wishing to nominate persons for election to our Board of Directors
at such special meeting must comply with certain advance notice and other requirements which will be set forth in our amended and restated
bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amendment of Certificate of Incorporation
or Bylaws</I>. The DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required
to amend a corporation&rsquo;s certificate of incorporation or bylaws, unless a corporation&rsquo;s certificate of incorporation or bylaws,
as the case may be, requires a greater percentage. Our amended and restated bylaws may be amended or repealed by a majority vote of our
Board of Directors or by the affirmative vote of the holders of at least 66 2/3% of the votes which all our stockholders would be eligible
to cast in an election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitations on Liability and Indemnification
of Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated bylaws will provide
indemnification for our directors and executive officers to the fullest extent permitted by the DGCL. We intend to enter into indemnification
agreements with each of our directors and executive officers that may, in some cases, be broader than the specific indemnification provisions
contained under Delaware law. In addition, as permitted by Delaware law, our amended and restated certificate of incorporation will include
provisions that eliminate the personal liability of our directors and officers for monetary damages resulting from breaches of certain
fiduciary duties as a director or officer, as applicable, except to the extent such an exemption from liability thereof is not permitted
under the DGCL. The effect of these provisions will be to restrict our rights and the rights of our stockholders in derivative suits
to recover monetary damages against a director or officer for breach of fiduciary duties as a director or officer, subject to certain
exceptions in which case the director or officer would be personally liable. An officer may not be exculpated for any action brought
by or in the right of the corporation. A director may not be exculpated for improper distributions to stockholders. Further, pursuant
to Delaware law, a director or officer may not be exculpated for:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.8pt">&#9679;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    breach of his duty of loyalty to us or our stockholders;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acts
    or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    transaction from which the director derived an improper personal benefit.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These limitations of liability will not apply
to liabilities arising under the federal or state securities laws and do not affect the availability of equitable remedies such as injunctive
relief or rescission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated bylaws will provide
that we will indemnify our directors and executive officers to the fullest extent permitted by law, and may indemnify other officers,
employees and other agents. Our amended and restated bylaws will also provide that we are obligated to advance expenses incurred by a
director or executive officer in advance of the final disposition of any action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to enter into separate indemnification
agreements with our directors and executive officers. These agreements, among other things, will require us to indemnify our directors
and officers for any and all expenses (including reasonable attorneys&rsquo; fees, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees)
judgments, fines and amounts paid in settlement actually and reasonably incurred by such directors or officers or on his or her behalf
in connection with any action or proceeding arising out of their services as one of our directors or officers, or any of our subsidiaries
or any other company or enterprise to which the person provides services at our request provided that such person follows the procedures
for determining entitlement to indemnification and advancement of expenses set forth in the indemnification agreement. We believe that
these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us, we have been informed 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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dissenters&rsquo; Rights of Appraisal and
Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the DGCL, with certain exceptions, our
stockholders will have appraisal rights in connection with a merger or consolidation of SG DevCo. Pursuant to the DGCL, stockholders
who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment
of the fair value of their shares as determined by the Delaware Court of Chancery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stockholders&rsquo; Derivative Actions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the DGCL, any of our stockholders may bring
an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the
action is a holder of our shares at the time of the transaction to which the action relates or such stockholder&rsquo;s stock thereafter
devolved by operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sale of Unregistered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the Distribution, we have made the following
issuances of unregistered securities pursuant to Section 4(a)(2) and/or Rule 701 of the Securities Act. We do not intend to register
the issuance of these securities under the Securities Act because the issuance will not constitute a public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 18, 2021, we issued 1,000 shares of
our common stock to SG Holdings, which shares will be distributed to SG Holdings stockholders in the Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Paul Galvin for 500,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the balance vesting
quarterly on a pro-rata basis over the next eighteen (18) months of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Nicolai Brune for 200,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the balance vesting
quarterly on a pro-rata basis over the next eighteen (18) months of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Caitlin Kelly for 100,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the balance vesting
quarterly on a pro-rata basis over the next eighteen (18) months of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Marc Brune for 100,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly
on a pro-rata basis over the next eighteen (18) months of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Wendy Bravo for 50,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the balance vesting quarterly
on a pro-rata basis over the next eighteen (18) months of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to David Villarreal for 650,000 shares of our common stock, vesting fifty percent (50%) upon issuance, with the balance vesting
quarterly on a pro-rata basis over the next eighteen (18) months of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Ahmad Cory Jubran for 18,750 shares of our common stock, 14,062 vesting upon issuance, with 1/3 of the balance vesting on
each of July 1, 2023, October 1, 2023 and January 1, 2024 provided that such person provides continuous services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Jordan Bem for 18,750 shares of our common stock, 14,062 vesting upon issuance, with 1/3 of the balance vesting on each
of July 1, 2023, October 1, 2023 and January 1, 2024 provided that such person provides continuous services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Nancy Guzman for 18,750 shares of our common stock, 14,062 vesting upon issuance, with 1/3 of the balance vesting on each
of July 1, 2023, October 1, 2023 and January 1, 2024 provided that such person provides continuous services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Eric Tate for 18,750 shares of our common stock, 14,062 vesting upon issuance, with 1/3 of the balance vesting on each of
July 1, 2023, October 1, 2023 and January 1, 2024 provided that such person provides continuous services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Kevin Rohani for 18,750 shares of our common stock, 14,062 vesting upon issuance, with 1/3 of the balance vesting on each
of July 1, 2023, October 1, 2023 and January 1, 2024 provided that such person provides continuous services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to John Scott Magrane, Jr. for 12,500 shares of our common stock, with twenty-five percent (25%) vesting on each of April 1,
2023, July 1, 2023, October 1, 2023 and January 1, 2024 provided he continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Jeffrey Tweedy for 12,500 shares of our common stock, with twenty-five percent (25%) vesting on each of April 1, 2023, July
1, 2023, October 1, 2023 and January 1, 2024 provided he continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Peter DeMaria for 12,500 shares of our common stock, with twenty-five percent (25%) vesting on each of April 1, 2023, July
1, 2023, October 1, 2023 and January 1, 2024 provided he continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Paul Galvin for 12,500 shares of our common stock, with twenty-five percent (25%) vesting on each of April 1, 2023, July
1, 2023, October 1, 2023 and January 1, 2024 provided he continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, we granted an RSU under the
2023 Plan to Christopher Melton for 12,500 shares of our common stock, with twenty-five percent (25%) vesting on each of April 1, 2023,
July 1, 2023, October 1, 2023 and January 1, 2024 provided he continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On April 11, 2023, we granted an RSU under the 2023 Plan to Yaniv Blumenfeld
for 12,500 shares of our common stock, with twenty-five percent (25%) vesting on each of April 1, 2023, July 1, 2023, October 1, 2023
and January 1, 2024 provided he continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 16, 2023, we granted an RSU under the
2023 Plan to Alyssa Richardson for 12,500 shares of our common stock, with twenty-five percent (25%) vested upon issuance and twenty-five
percent (25%) vesting on each of July 1, 2023, October 1, 2023 and January 1, 2024 provided she continues to serve on our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the consummation of the Distribution, the
transfer agent and registrar for SG DevCo common stock will be American Stock Transfer and Trust Company, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to apply to have our common stock listed
on Nasdaq under the ticker symbol &ldquo;SGD.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_019"></A>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed a registration statement on Form
10 with the SEC with respect to the shares of our common stock being distributed as contemplated by this information statement. This
information statement is a part of and does not contain all of the information set forth in, the registration statement and the exhibits
and schedules to the registration statement. For further information with respect to our company and our common stock, please refer to
the registration statement, including its exhibits and schedules. While statements made in this information statement relating to any
contract or other document include the material provisions of such contracts or other documents, such statements are not necessarily
complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contract or document.
You may review a copy of the registration statement, including its exhibits and schedules, on the Internet website maintained by the
SEC at&nbsp;<I>www.sec.gov</I>.&nbsp;<B>Information contained on or connected to any website referenced in this information statement
is not incorporated into this information statement or the registration statement of which this information statement forms a part, or
in any other filings with, or any information furnished or submitted to, the SEC</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the Distribution, we will become
subject to the information and reporting requirements of the Exchange Act, and, in accordance with the Exchange Act, will file periodic
reports, proxy statements and other information with the SEC, which will be available on the Internet website maintained by the SEC at&nbsp;<I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to furnish holders of our common stock with annual reports
containing financial statements prepared in accordance with U.S. generally accepted accounting principles and audited and reported on,
with an opinion expressed, by an independent registered public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should rely only on the information contained in this information
statement or to which this information statement has referred you. We have not authorized any person to provide you with different information
or to make any representation not contained in this information statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.05pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="e_001"></A>INDEX TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 90%; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page <BR>
Number</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">AUDITED FINANCIAL STATEMENTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><A HREF="#f_001">Report of Independent Registered Public Accounting Firm (PCAOB ID: 726)</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-2</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><A HREF="#f_002">Balance Sheets as of December 31, 2022 and 2021</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-3</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><A HREF="#f_003">Statements of Operations for the year ended December 31, 2022 and the period February 17, 2021 (inception) through December 31, 2021</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-4</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><A HREF="#f_004">Statements of Changes in Stockholder&rsquo;s Equity for the year ended December 31, 2022 and the period February 17, 2021 (inception) through December 31, 2021</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-5</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><A HREF="#f_005">Statements of Cash Flows for the year ended December 31, 2022 and the period February 17, 2021 (inception) through December 31, 2021</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><A HREF="#f_006">Notes to Financial Statements</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-7</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#f_007">Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-12</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#f_008">Statements of Operations for the three and six months ended June 30, 2023 and 2022 (Unaudited)</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-13</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#f_009">Statements of Changes in Stockholder&rsquo;s Equity for the three and six months ended June 30, 2023 and 2022 (Unaudited)</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-14</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#f_010">Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (Unaudited)</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-15</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#f_011">Notes to Financial Statements</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-16</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors and Stockholder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Safe and Green Development Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying balance sheets of
Safe and Green Development Corporation (the &ldquo;Company&rdquo;), as of December 31, 2022 and 2021, and the related statements of operations,
changes in stockholder&rsquo;s equity, and cash flows for the year ended December 31, 2022 and for the period from February 17, 2021 (Inception)
through December 31, 2021, and the related notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company, as of December 31, 2022 and
2021, and the results of its operations and its cash flows for the year ended December 31, 2022 and for period from February 17, 2021
(Inception), through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company is dependent upon its one
stockholder to fund operations. These factors raise substantial doubt that the Company will be able to continue as a going concern. Management&rsquo;s
plans in regard to these matters are also described in Note 1 to the financial statements. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.</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"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal
control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal
control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><B>Emphasis
of Matter</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">The financial statements include expense allocations
for certain corporate functions historically provided by Safe &amp; Green Holdings Corp. These allocations may not be reflective of the
actual expense that would have been incurred had the Company operated as a separate entity apart from Safe &amp; Green Holdings Corp.
A summary of transactions with related parties is included in Note&nbsp;7 to the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have served as the Company&rsquo;s auditor since
2016.</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">Dallas, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Whitley Penn LLP</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">May 1, 2023</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: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I. FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ITEM&nbsp;1. Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_002"></A>Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">December 31,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">December&nbsp;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; padding-left: 9pt">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">720</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Assets held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,396,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,190,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,576,130</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Project development costs and other non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">670,061</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Equity-based investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,599,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,599,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other current assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">25,040</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total Assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,268,918</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,846,136</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and Stockholder&rsquo;s 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: White">
    <TD STYLE="text-align: left; padding-left: 9pt">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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">255,278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">130,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Due to affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Short term notes payable, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,648,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,971,960</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,103,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,302,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD>Commitments and contingencies</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(204,238,255)">
    <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: White">
    <TD STYLE="text-align: left">Stockholder&rsquo;s 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: rgb(204,238,255)">
    <TD STYLE="text-align: left">Common stock, $0.001 par value, 1,000 shares authorized, issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,095,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,029,733</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,930,006</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 9pt">Total stockholder&rsquo;s equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,165,340</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,543,987</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total Liabilities and Stockholder&rsquo;s Equity</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,268,918</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,846,136</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_003"></A>Statements of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center">For&nbsp;the<BR> Year Ended<BR>
    December&nbsp;31,</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center">For&nbsp;the<BR> Period<BR> February 17, <BR> 2021<BR> (inception)<BR> through<BR> December&nbsp;31,</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 9pt">Payroll and related expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,106,997</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">199,919</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">998,717</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,271</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Marketing and business development expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32,152</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,557</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.25in">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,137,866</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">485,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,137,866</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(485,747</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Other expense:</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(204,238,255)">
    <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: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Interest Expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(306,393</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,444,259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD>Net loss per share</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(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,444.26</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(485.75</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD>Weighted average shares outstanding:</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: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_004"></A>Statements of Changes in Stockholder&rsquo;s
Equity&nbsp;(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">$0.01&nbsp;Par Value<BR> Common Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Additional<BR> Paid-in</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Accumulated</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Total<BR> Stockholder&rsquo;s</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Capital</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Deficit</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Equity</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Balance at February 17, 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left">Capital Contributions</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,000</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">1</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">2,029,733</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">-</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">2,029,734</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance at December 31, 2021</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,029,733</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(485,747</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,543,987</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Balance at January 1st, 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,029,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(485,747</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,543,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Capital Contributions</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">3,065,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,065,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,444,259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,444,259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance at December 31, 2022</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,095,345</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,930,006</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,165,340</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_005"></A>Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">For&nbsp;the<BR>
    Year Ended<BR> December&nbsp;31, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">For the<BR> period<BR> February&nbsp;17,<BR> 2021<BR> (Inception),<BR>
through<BR>
December 31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(2,444,259</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(485,747</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Amortization of debt issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Changes in operating assets and 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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,040</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,089</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Due to affiliates</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,200,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Net cash (used in) provided by operating activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,316,170</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,844,442</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities:</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(204,238,255)">
    <TD STYLE="padding-left: 9pt">Purchase of land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,190,655</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,576,130</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Additions to project development costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(206,367</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(646,335</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Equity-based investments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,599,945</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,397,022</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,822,410</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities:</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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Debt Issuance Costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,766</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Proceeds from short-term notes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">648,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 9pt">Contributions</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,065,612</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,029,734</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,713,912</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,977,968</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net change in cash</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">720</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">Cash - beginning of period</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold">Cash - end of period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure of non-cash operating activities:</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(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;&nbsp;Transfer of land to assets held for sale</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,576,130</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_006"></A>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>For the Year Ended December 31, 2022 and for
the Period from February 17, 2021 (inception) through December 31, 2021</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Business&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Safe and Green Development Corporation
(the &ldquo;Company,&rdquo; &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;), previously known as SGB Development Corp., a Delaware
corporation was incorporated on February 17, 2021. The Company was formed with the purpose of real property development primarily in the
acquisition, development, management, sale and leasing of green single or multi-family projects in underserved regions nationally.&nbsp;
The Company&nbsp;has a minority interest in Norman Berry II Owners LLC and JDI-Cumberland Inlet LLC as described further below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company began operations during
2021 and has incurred a net loss during such period. In addition, as of December 31, 2022, the Company has minimal cash or cash equivalents
on hand. Since inception, the Company has been funded by Safe &amp; Green Holdings Corp., the Company&rsquo;s parent company (&ldquo;Parent&rdquo;)
and the Company relies solely on the Parent to fund operations and has raised substantial doubt of the Company&rsquo;s ability to continue
as a going concern. The Company will continue to rely on its Parent to fund the operations of the Company until positive cash flows are
received. Management believes that these actions will enable the Company to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary of Significant Accounting Policies </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Basis of presentation</I></B>&nbsp;&ndash;
The financial statements have been prepared in accordance with generally accepted accounting principles&nbsp;in the United States of America
(&ldquo;GAAP&rdquo;) and the applicable rules and regulations of the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Recently adopted accounting pronouncements
&ndash; </I></B>New accounting pronouncements implemented by the Company are discussed below or in the related notes, where appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Accounting estimates&nbsp;</I></B>&ndash;
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Investment Entities </I></B>&ndash;&nbsp;On
May 31, 2021, the Company&nbsp;agreed to contribute $600,000 to acquire a 50% membership interest in Norman Berry II Owner LLC (&ldquo;Norman
Berry&rdquo;). The Company contributed $350,329&nbsp;and $114,433 of the initial $600,000 in the second quarter and third quarter of 2021
respectively, with the remaining $135,183&nbsp;funded in the fourth quarter of 2021. The purpose of Norman Berry is to develop and provide&nbsp;affordable
housing in the Atlanta, Georgia metropolitan area. The Company has determined it is not the primary beneficiary of Norman Berry and thus
will not consolidate the activities in its financial statements. The Company will use the equity method to report the activities as an
investment in its financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On June 24, 2021, the Company entered
into an operating agreement with Jacoby Development for a&nbsp;10% non-dilutable&nbsp;equity interest for JDI-Cumberland Inlet, LLC (&ldquo;Cumberland&rdquo;).
The Company contributed $3,000,000&nbsp;for its&nbsp;10% equity interest.&nbsp; The purpose of Cumberland is to develop a waterfront parcel
in a mixed-use destination community.&nbsp; The Company has determined it is not the primary beneficiary of Cumberland and thus will not
consolidate the activities in its financial statements.&nbsp; The Company will use the equity method to report the activities as an investment
in its financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the year ended December 31,2022
and the period ended December 31, 2021, Norman Berry and Cumberland did not have any material earnings or losses as the investments are
in development. In addition, management believes there was no impairment as of December 31, 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Cash and cash equivalents </I></B>&ndash;
The Company considers cash and cash equivalents to include all short-term, highly liquid investments that are readily convertible to known
amounts of cash and have original maturities of three months or less upon acquisition. The Company has minimal cash and cash equivalents
on hand as of December 31, 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Property, plant and equipment&nbsp;</I></B>&ndash;&nbsp;Property,
plant and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated lives of each asset.
Repairs and maintenance are charged to expense when incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On May 10, 2021 the Company acquired
a 50+ acre Lake Travis project site in Lago Vista, Texas (&ldquo;Lago Vista&rdquo;) for $3,576,130, which is recorded in assets held for
sale on the accompanying balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During February 2022 and September 2022,
the Company acquired properties in Oklahoma and Georgia for $893,785 (including additions) and $296,870, respectively, which is recorded
as land on the accompanying balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Project Development Costs&nbsp;</I></B>&ndash;&nbsp;Project
development costs are stated at cost. At December 31, 2022, the Company&rsquo;s project development costs are expenses incurred related
to development costs on various projects that are capitalized during the period the project is under development. As of December 31, 2022,
$820,696 of project development costs related to Lago Vista are included in assets held for sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Assets Held For Sale</I>&nbsp;</B>&ndash;
During 2022, management implemented a plan to sell Lago Vista, which meets all of the criteria required to classify it as an Asset Held
For Sale. Including the project development costs associated with Lago Vista of $820,696, the book value is now $4,396,826.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Fair value measurements </I></B>&ndash;
Financial instruments, including accounts payable and accrued expenses are carried at cost, which the Company believes approximates fair
value due to the short-term nature of these instruments. The short-term note payable is carried at cost which approximates fair value
due to corresponding market rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company measures the fair value
of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an
exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring
fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company uses three levels of inputs
that may be used to measure fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices in active markets for identical assets or liabilities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for similar assets and liabilities in active markets or inputs that are observable. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Transfer into and transfers out of the
hierarchy levels are recognized as if they had taken place at the end of the reporting period.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Income taxes</I></B><I>&nbsp;&ndash;&nbsp;</I>The
Company accounts for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future
tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income
taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred
taxes result from the differences between the financial and tax bases of the Company&rsquo;s assets and liabilities and are adjusted for
changes in tax rates and tax laws when changes are enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The calculation of tax liabilities involves
dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for anticipated tax audit
issues based on the Company&rsquo;s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts
ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when
the liabilities are no longer determined to be necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment,
a further charge to expense would result.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Concentrations of credit risk
</I></B><I>&ndash;</I> Financial instruments, that potentially subject the Company to concentration of credit risk, consist principally
of cash and cash equivalents. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess
of the FDIC insurance limits. The Company has not experienced any losses in such account and believes that it is not exposed to any&nbsp;significant&nbsp;credit
risk on the account.&nbsp;<BR>
&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity-based investments</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The approximate combined financial position
of the Company&rsquo;s equity-based investments are summarized below as of December 31, 2022 and 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 1.5pt">Condensed balance sheet information:</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-right: 0pt; padding-left: 0pt">2022</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-right: 0pt; padding-left: 0pt">2021</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0pt; text-align: center; padding-left: 0pt; padding-right: 0pt">&nbsp;</TD><TD STYLE="text-align: center; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">(Unaudited)</TD><TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="text-align: center; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">(Unaudited)</TD><TD STYLE="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0pt; width: 76%; text-align: left; padding-left: 0pt; padding-right: 0pt">Total assets</TD><TD STYLE="padding-top: 0pt; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 1%; text-align: left; padding-right: 0pt; padding-left: 0pt">$</TD><TD STYLE="padding-top: 0pt; width: 9%; text-align: right; padding-right: 0pt; padding-left: 0pt">37,500,000</TD><TD STYLE="padding-top: 0pt; width: 1%; text-align: left; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-top: 0pt; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 1%; text-align: left; padding-right: 0pt; padding-left: 0pt">$</TD><TD STYLE="padding-top: 0pt; width: 9%; text-align: right; padding-right: 0pt; padding-left: 0pt">37,700,000</TD><TD STYLE="padding-top: 0pt; width: 1%; text-align: left; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0pt; text-align: left; padding-left: 0pt; padding-right: 0pt">Total liabilities</TD><TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">$</TD><TD STYLE="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt">7,100,000</TD><TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">$</TD><TD STYLE="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt">7,020,000</TD><TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0pt; text-align: left; padding-left: 0pt; padding-right: 0pt">Members&rsquo; equity</TD><TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">$</TD><TD STYLE="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt">30,400,000</TD><TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">$</TD><TD STYLE="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt">30,680,000</TD><TD STYLE="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note Payable</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On July 14, 2021, the Company, issued
a Real Estate Lien Note, in the principal amount of $2,000,000&nbsp;(the &ldquo;Short-Term Note&rdquo;), secured by a Deed of Trust, dated
July 14, 2021 (the &ldquo;Deed of Trust&rdquo;), on Lago Vista and a related Assignment of Leases and Rents, dated July 8, 2021 (&ldquo;Assignment
of Rents&rdquo;), for net loan proceeds of approximately $1,948,234&nbsp;after fees.&nbsp;The Short-Term Note has a term of one (1) year,
provides for payments of interest only at a rate of twelve percent (12%) per annum and may be prepaid without penalty commencing nine
(9) months after its issuance date.&nbsp;If the Short-Term Note is prepaid prior to&nbsp;nine&nbsp;(9) months after its issuance date,
a&nbsp;0.5% prepayment penalty is due.<FONT STYLE="background-color: white">&nbsp;</FONT>The Company capitalized $20,000&nbsp;in interest
charges and $4,134&nbsp;in debt issuance costs during the year ended December 31, 2022&nbsp;related to the Lago Vista project in accordance
with ASC 835-20.&nbsp;On July 14, 2022, the Company entered into a renewal and extension of the Short-Term Note, with a maturity date
of January 14, 2023 and all other terms remaining the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company entered into a Second Real
Estate Lien Note, in the principal amount of $500,000, with similar terms to the Short-Term Note (&ldquo;Second Short-Term Note&rdquo;).
The Second Short-Term Note has a maturity date of January 14, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During August 2022, in connection with
the purchase of a property in Georgia, the Company entered into a promissory note in the amount of $148,300. This note has a term of one
(1) year, provided for payments of interest only at a rate of nine and three quarters percent (9.75%) per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Loss Per Share </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify">Basic net loss per share is computed
by dividing the net loss for the period by the weighted average number of common shares outstanding during the period. Diluted net loss
per share is computed by dividing the net loss for the period by the weighted average number of common and potentially dilutive common
shares outstanding during the period. Potentially dilutive common shares consist of the common shares issuable upon the exercise of stock
options and warrants. Potentially dilutive common shares are excluded from the calculation if their effect is antidilutive.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At December 31, 2022 and 2021, there
were no securities outstanding that could potentially dilute future net loss per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stockholder&rsquo;s Equity&nbsp; </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, the Company
has 1,000 shares of common stock authorized,&nbsp; issued and outstanding which were issued to the Parent. As of December 31, 2022, the Parent
contributed $5,095,346 to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Related Party Transactions &nbsp; </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022 and 2021, $4,200,000
is due to Parent. This amount was advanced to the Company, is non-interest bearing and is due on demand. Included in this amount, are
payroll and general and administrative expenses which have been paid by the Parent and allocated to the Company. The Parent has allocated
these costs based upon the estimated efforts which benefit the Company. For the year ended December 31, 2022, the Parent allocated $1,690,377
to the Company, with $207,523 included in project development costs. For the period February 17, 2021 (inception) through December 31,
2021, the Parent allocated $1,150,808 to the Company, with $670,061 included in project development costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income Taxes &nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s provision (benefit) for income taxes
consists of the following for the year end and period ended December 31, 2022 and 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">Deferred:</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; padding-left: 9pt">Federal</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(513,294</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">102,007</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">State&nbsp;and local</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(35,234</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,002</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total deferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(548,528</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(109,009</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total provision (benefit) for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(548,528</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(109,009</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Less: valuation reserve</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">548,528</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">109,009</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Income tax provision</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A reconciliation of the federal statutory
rate to&nbsp;0.0% for the year ended December 31, 2022 and the period ended December 31, 2021 to the effective rate for income from operations
before income taxes is as follows:&nbsp; &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Benefit for income taxes at federal statutory rate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">21.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">State&nbsp;and local income taxes, net of federal benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less valuation allowance</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(22.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Effective income tax rate</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.0</TD><TD STYLE="padding-bottom: 4pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The tax effects of these temporary differences
along with the net operating losses, net of an allowance for credits, have been recognized as deferred tax assets at December 31, 2022
and 2021 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Net operating loss&nbsp;carryforward</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">439,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">109,009</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Valuation allowance</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(439,519</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(109,009</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net deferred tax asset</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company establishes a valuation
allowance, if based on the weight of available evidence, it is more likely than not that some portion or all of the deferred assets will
not be realized.&nbsp; The valuation allowance increased by $439,519 and 109,009 during the year ended December 31, 2022 and the period
ended December 31, 2021, respectively.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, the Company
had a net operating loss&nbsp;carryforward&nbsp;of approximately $2,900,000 for Federal and State tax purposes. This net operating losses
will carryforward indefinitely and be available to offset up to 80% of future taxable income each year.&nbsp; The Company&rsquo;s net
operating loss&nbsp;carryforward&nbsp;may be subject to annual limitations, which could reduce or defer the utilization of the losses
as a result of an ownership change as defined in Section 382 of the Internal Revenue Code.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As required by the provisions of ASC
740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would
more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount
recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized
upon ultimate settlement with the relevant tax authority. Differences between tax positions taken or expected to be taken in a tax return
and the net benefit recognized and measured pursuant to the interpretation are referred to as &ldquo;unrecognized benefits.&rdquo; A liability
is recognized (or amount of net operating loss or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents
an enterprise&rsquo;s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying
the provisions of ASC 740.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company recognizes interest and
penalties related to uncertain tax positions in general and administrative expenses. As of December 31, 2022 and 2021, the Company has&nbsp;no&nbsp;unrecognized
tax positions, including interest and penalties. The 2021 tax year is still open to examination by the major tax jurisdictions in which
the Company operates. The Company files returns in the United States Federal tax jurisdiction and various other state jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commitments&nbsp;and Contingencies &nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At times the Company is subject to certain
claims and lawsuits arising in the normal course of business. The Company assesses liabilities and contingencies in connection with outstanding
legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of
the loss can be reasonably estimated, the Company records a liability in our financial statements. These legal accruals may be increased
or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not
estimable, the Company does not record an accrual, consistent with applicable accounting guidance. Based on information currently available,
advice of counsel, and available insurance coverage, the Company believes that any legal proceedings will not have a material adverse
effect on the financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10. </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsequent Events</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">During January 2023, the Short-Term Note and Second Short-Term
Note were extended with a current maturity date of February 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 30, 2023, an affiliate of SG
DevCorp. entered into an agreement to secure financing to pay off the&nbsp;Short-Term Note and Second Short-Term Note&nbsp;by issuing
a new $5,000,000&nbsp;note to be secured by the Lago Vista property and SG DevCorp.&rsquo;s McLean site in Durant, Oklahoma.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I. FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ITEM&nbsp;1. Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_007"></A>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">June 30,<BR>
2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">December&nbsp;31,<BR>
2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Current assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 76%">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,082,443</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">720</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Prepaid asset and other current assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">541,650</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">25,040</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: left">Current Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,624,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Assets held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,400,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,396,826</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,190,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,190,655</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Project development costs and other non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,732</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Equity-based investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,624,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,599,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Intangible assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">21,650</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Total Assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">10,929,781</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,268,918</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and Stockholder&rsquo;s 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: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">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: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">333,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">255,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Due to affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,200,743</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Short term notes payable, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,963,181</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,648,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,497,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,103,578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">&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: White">
    <TD STYLE="text-align: left">Commitments and contingencies</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(204,238,255)">
    <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: White">
    <TD STYLE="text-align: left">Stockholder&rsquo;s 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: rgb(204,238,255)">
    <TD STYLE="text-align: left">Common stock, $0.001 par value, 1,000 shares authorized, issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,054,729</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,095,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,622,428</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,930,006</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total stockholder&rsquo;s equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,432,302</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,165,340</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Total Liabilities and Stockholder&rsquo;s Equity</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">10,929,781</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,268,918</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_008"></A>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Statements of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>For&nbsp;the <BR>
Three Months<BR>
Ended&nbsp;<BR>
June 30,</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>For the<BR>
Three Months<BR>
Ended <BR>
June 30,</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>2023</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>2022</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operating expenses:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 78%; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payroll and related expenses</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">196,601</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">263,763</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">284,703</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">189,031</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing and business development expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,159</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,195</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">496,463</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">453,989</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operating loss</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(496,463</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(453,989</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other expense:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(291,456</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(72,942</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net loss</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(787,919</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(526,931</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss per share</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(787.92</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(526.93</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average shares outstanding:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center">For&nbsp;the <BR> Six Months<BR> Ended<BR> June 30,</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center">For the<BR> Six Months<BR> Ended <BR> June 30,</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 9pt">Payroll and related expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">670,098</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">520,194</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,196</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Marketing and business development expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">27,305</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,708</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0.25in">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">12,217,376</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">874,098</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,217,376</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(874,098</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left">Other expense:</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(204,238,255)">
    <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: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(475,046</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(121,569</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,692,422</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(995,667</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: White">
    <TD>Net loss per share</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(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,692.42</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(995.67</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD>Weighted average shares outstanding:</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: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_009"></A>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Statements of Changes in Stockholder&rsquo;s
Equity&nbsp;(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">$0.01&nbsp;Par Value<BR> Common Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Additional<BR> Paid-in</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Accumulated</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Total<BR> Stockholder&rsquo;s</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Capital</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Deficit</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Equity</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold">Balance at March 31, 2022</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,628,329</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(954,483</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,673,847</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital Contributions</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">521,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521,999</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(526,931</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(526,931</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance at June 30, 2022</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,150,328</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,481,414</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,668,915</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Balance at January 1, 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,029,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(485,747</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,543,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Capital Contributions</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">2,120,596</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,120,596</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(995,667</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(995,667</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance at June 30, 2022</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,150,329</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,481,414</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,668,916</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">$0.01&nbsp;Par Value<BR> Common Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Additional<BR> Paid-in</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Accumulated</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic; text-align: center">Total<BR> Stockholder&rsquo;s</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Capital</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Deficit</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Equity</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold">Balance at March 31, 2023</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1, 000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,054,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(3,834,509</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,220,221</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(787,919</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(787,919</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance at June 30, 2023</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,054,729</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(4,622,428</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,432,302</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Balance at January 1, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,095,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,930,006</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,165,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital Contributions</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">959,384</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959,384</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,692,422</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,692,422</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance at June 30, 2023</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,054,729</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(4,622,428</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,432,302</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_010"></A>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the<BR> Six Months<BR> Ended<BR> June 30, <BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">For the<BR> Six<BR> Months Ended <BR> June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(1,692,422</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(995,667</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Amortization of debt issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,883</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Changes in operating assets and 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: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid asset and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94,676</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Due to affiliates</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(999,257</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,289,957</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,064,460</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities:</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(204,238,255)">
    <TD STYLE="text-align: left">Additions to assets held for sale</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: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Additions to project development costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,534</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Equity-based investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,345</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(893,786</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(25,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(162,350</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(40,879</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,056,136</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities:</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(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Debt issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(486,825</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Proceeds from short-term notes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,440,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Repayment of short-term notes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,500,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 9pt">Contributions</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">959,384</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,120,596</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,412,559</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,120,596</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net change in cash</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,081,723</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">Cash - beginning of period</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">720</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Cash - end of period</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,082,443</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure of non-cash operating activities:</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: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Transfer of land to assets held for sale</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,576,130</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Prepaid interest held back from proceeds from short-term notes payable</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">675,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these financial statements.&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_011"></A>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><I>For the Three and
Six Months Ended June 30, 2023</I></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>1. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Description of Business&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Safe and Green Development Corporation
(the &ldquo;Company,&rdquo; &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;), previously known as SGB Development Corp., a Delaware
corporation was incorporated on February 17, 2021. The Company was formed with the purpose of real property development primarily in the
acquisition, development, management, sale and leasing of green single or multi-family projects in underserved regions nationally.&nbsp;
The Company&nbsp;has a minority interest in Norman Berry II Owners LLC and JDI-Cumberland Inlet LLC as described further below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company began operations during
2021 and has incurred a net loss during such period. Since inception, the Company has been funded by Safe &amp; Green Holdings Corp.,
the Company&rsquo;s parent company (&ldquo;Parent&rdquo;) and the Company relies solely on the Parent to fund operations and has raised
substantial doubt of the Company&rsquo;s ability to continue as a going concern. The Company will continue to rely on its Parent to fund
the operations of the Company until positive cash flows are received. Management believes that these actions will enable the Company to
continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-size: 10pt"><B>2. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Summary of Significant Accounting Policies </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Basis of presentation</I></B>&nbsp;&ndash;
The financial statements have been prepared in accordance with generally accepted accounting principles&nbsp;in the United States of America
(&ldquo;GAAP&rdquo;) and the applicable rules and regulations of the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Recently adopted accounting pronouncements
&ndash; </I></B>New accounting pronouncements implemented by the Company are discussed below or in the related notes, where appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Accounting estimates&nbsp;</I></B>&ndash;
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Reclassifications</I></B>
- Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation.
These reclassifications have no effect on previously reported net loss or cash flows.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Investment Entities </I></B>&ndash;&nbsp;On
May 31, 2021, the Company&nbsp;agreed to contribute $600,000 to acquire a 50% membership interest in Norman Berry II Owner LLC (&ldquo;Norman
Berry&rdquo;). The Company contributed $350,329&nbsp;and $114,433 of the initial $600,000 in the second quarter and third quarter of 2021
respectively, with the remaining $135,183&nbsp;funded in the fourth quarter of 2021. The purpose of Norman Berry is to develop and provide&nbsp;affordable
housing in the Atlanta, Georgia metropolitan area. The Company has determined it is not the primary beneficiary of Norman Berry and thus
will not consolidate the activities in its financial statements. The Company will use the equity method to report the activities as an
investment in its financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On June 24, 2021, the Company entered
into an operating agreement with Jacoby Development for a&nbsp;10% non-dilutable&nbsp;equity interest for JDI-Cumberland Inlet, LLC (&ldquo;Cumberland&rdquo;).
The Company contributed $3,000,000&nbsp;for its&nbsp;10% equity interest.&nbsp;During the three months ended March 31, 2023, the Company
contributed an additional $25,000.&nbsp;The purpose of Cumberland is to develop a waterfront parcel in a mixed-use destination community.&nbsp;
The Company has determined it is not the primary beneficiary of Cumberland and thus will not consolidate the activities in its financial
statements.&nbsp; The Company will use the equity method to report the activities as an investment in its financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended June 30,
2023 and year ended December 31 ,2022, Norman Berry and Cumberland did not have any material earnings or losses as the investments are
in development. In addition, management believes there was no impairment as of June 30, 2023 or December 31, 2022.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Cash and cash equivalents</I></B>
&ndash; The Company considers cash and cash equivalents to include all short-term, highly liquid investments that are readily convertible
to known amounts of cash and have original maturities of three months or less upon acquisition. The Company has $1,082,443 cash and cash
equivalents on hand as of June 30, 2023 and $720 as of December 31, 2022.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Property, plant and equipment&nbsp;</I></B>&ndash;&nbsp;Property,
plant and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated lives of each asset.
Repairs and maintenance are charged to expense when incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On May 10, 2021 the Company acquired
a 50+ acre Lake Travis project site in Lago Vista, Texas (&ldquo;Lago Vista&rdquo;) for $3,576,130, which is recorded in assets held for
sale on the accompanying balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During February 2022 and September 2022,
the Company acquired properties in Oklahoma and Georgia for $893,785 (including additions) and $296,870, respectively, which is recorded
as land on the accompanying balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Intangible assets</I></B><I>
&ndash; </I>Intangible assets consist of $21,650 of website costs that will be amortized over 5 years. As of June 30, 2023 the website
costs are not in service.&nbsp;The Company evaluated intangible assets for impairment during the six months ended June 30, 2023 and&nbsp;2022&nbsp;and
determined that there are no impairment losses.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Project Development Costs</I>&nbsp;&ndash;&nbsp;</B>Project
development costs are stated at cost. At June 30, 2023 and December 31, 2022, the Company&rsquo;s project development costs are expenses
incurred related to development costs on various projects that are capitalized during the period the project is under development. As
of June 30, 2023 and December 31, 2022, $820,696 of project development costs related to Lago Vista are included in assets held for sale.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Assets Held For Sale</I>&nbsp;</B>&ndash;
During 2022, management implemented a plan to sell Lago Vista, which
meets all of the criteria required to classify it as an Asset Held For Sale. Including the project development costs associated with Lago
Vista of $824,231, the book value is now $4,400,361 as of June 30, 2023.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Fair value measurements </I></B>&ndash;
Financial instruments, including accounts payable and accrued expenses are carried at cost, which the Company believes approximates fair
value due to the short-term nature of these instruments. The short-term note payable is carried at cost which approximates fair value
due to corresponding market rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company measures the fair value
of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an
exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring
fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company uses three levels of inputs
that may be used to measure fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">Level 1 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Quoted prices in active markets for identical assets or liabilities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Level 2 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Quoted prices for similar assets and liabilities in active markets or inputs that are observable. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Level 3 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Transfer into and transfers out of the
hierarchy levels are recognized as if they had taken place at the end of the reporting period.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Income taxes</I></B><I>&nbsp;&ndash;&nbsp;</I>The
Company accounts for income taxes utilizing the asset and liability approach. Under this approach, deferred taxes represent the future
tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income
taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred
taxes result from the differences between the financial and tax bases of the Company&rsquo;s assets and liabilities and are adjusted
for changes in tax rates and tax laws when changes are enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The calculation of tax liabilities involves
dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for anticipated tax audit
issues based on the Company&rsquo;s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts
ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when
the liabilities are no longer determined to be necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment,
a further charge to expense would result.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Concentrations of credit risk
</I></B><I>&ndash;</I> Financial instruments, that potentially subject the Company to concentration of credit risk, consist principally
of cash and cash equivalents. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess
of the FDIC insurance limits. The Company has not experienced any losses in such account and believes that it is not exposed to any&nbsp;significant&nbsp;credit
risk on the account.&nbsp;<BR>
&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>3. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Equity-based investments</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The approximate combined financial position of the Company&rsquo;s
equity-based investments are summarized below as of June 30, 2023 and December 31, 2022:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid">Condensed balance sheet information:</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30,<BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Total assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">37,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">37,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Members&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,400,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>4. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Notes Payable</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On July 14, 2021, the Company, issued
a Real Estate Lien Note, in the principal amount of $2,000,000&nbsp;(the &ldquo;Short-Term Note&rdquo;), secured by a Deed of Trust, dated
July 14, 2021 (the &ldquo;Deed of Trust&rdquo;), on Lago Vista and a related Assignment of Leases and Rents, dated July 8, 2021 (&ldquo;Assignment
of Rents&rdquo;), for net loan proceeds of approximately $1,948,234&nbsp;after fees.&nbsp;The Short-Term Note has a term of one (1) year,
provides for payments of interest only at a rate of twelve percent (12%) per annum and may be prepaid without penalty commencing nine
(9) months after its issuance date.&nbsp;If the Short-Term Note is prepaid prior to&nbsp;nine&nbsp;(9) months after its issuance date,
a&nbsp;0.5% prepayment penalty is due.<FONT STYLE="background-color: white">&nbsp;</FONT>The Company capitalized $20,000&nbsp;in interest
charges and $4,134&nbsp;in debt issuance costs during the year ended December 31, 2022&nbsp;related to the Lago Vista project in accordance
with ASC 835-20.&nbsp;On July 14, 2022, the Company entered into a renewal and extension of the Short-Term Note, with a maturity date
of January 14, 2023 and all other terms remaining the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company entered into a Second Real
Estate Lien Note, in the principal amount of $500,000, with similar terms to the Short-Term Note (&ldquo;Second Short-Term Note&rdquo;).
The Second Short-Term Note had a maturity date of January 14, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During August 2022, in connection with
the purchase of a property in Georgia, the Company entered into a promissory note in the amount of $148,300. This note has a term of one
(1) year, provided for payments of interest only at a rate of nine and three quarters percent (9.75%) per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During January 2023, the Short-Term
Note and Second Short-Term Note were extended with a maturity date of February 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 31, 2023, LV Peninsula Holding
LLC (&ldquo;LV Peninsula&rdquo;), a Texas limited liability company and wholly owned subsidiary of SG DevCorp, pursuant to a Loan Agreement,
dated March 30, 2023 (the &ldquo;Loan Agreement&rdquo;), issued a promissory note, in the principal amount of $5,000,000 (the &ldquo;LV
Note&rdquo;), secured by a Deed of Trust and Security Agreement, dated March 30, 2023 (the &ldquo;Deed of Trust&rdquo;) on the Lake Travis
project site in Lago Vista, Texas, a related Assignment of Contract Rights, dated March 30, 2023 (&ldquo;Assignment of Rights&rdquo;),
on our project site in Lago Vista, Texas and McLean site in Durant, Oklahoma and a Mortgage, dated March 30, 2023 (&ldquo;Mortgage&rdquo;),
on our site in Durant, Oklahoma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The proceeds of the LV Note were used
to pay off the Short-Term Note and Second Short-Term Note. The LV Note requires monthly installments of interest only, is due on April
1, 2024 and bears interest at the prime rate as published in the Wall Street Journal (currently 8.0%) plus five and 50/100 percent (5.50%),
currently equaling 13.5%; provided that in no event will the interest rate be less than a floor rate of 13.5%. The LV Peninsula obligations
under the LV Note have been guaranteed by SG DevCorp pursuant to a Guaranty, dated March 30, 2023 (the &ldquo;Guaranty&rdquo;), and may
be prepaid by LV Peninsula at any time without interest or penalty. The Company incurred $406,825 of debt issuance costs and remitted
$675,000 in prepaid interest in connection with the LV Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On June 23, 2023, the Company, entered
into a Loan Agreement (the &ldquo;BCV Loan Agreement&rdquo;) with a Luxembourg-based specialized investment fund, BCV S&amp;G DevCorp
(&ldquo;BCV S&amp;G&rdquo;), for up to $2,000,000 in proceeds, under which we initially received $1,250,000. The Loan Agreement provides
that the loan provided thereunder will bear interest at 14% per annum and mature on December 1, 2024. The loan may be repaid by the Company
at any anytime following the twelve-month anniversary of its issue date. The loan is secured by 1,999,999 shares of the Company&rsquo;s
common stock (the &ldquo;Pledged Shares&rdquo;), which were pledged by the Company pursuant to an escrow agreement (the &ldquo;Escrow
Agreement&rdquo;) with American Stock Transfer &amp; Trust Company, LLC, the Company&rsquo;s transfer agent, and which represent 19.99%
of the Company&rsquo;s outstanding shares. The fees associated with the issuance include $70,000 paid to BCV S&amp;G for the creation
of the BCV Loan Agreement and $27,500 payable to BCV S&amp;G per annum for maintaining the BCV Loan Agreement. Additionally, $37,500 in
broker fees has been paid to Bridgeline Capital Partners S.A. on the principal amount raised of $1,250,000 raised to date. As of June
30, 2023, the Company has paid $35,000 in debt issuance costs. The BCV Loan Agreement further provides that if SG DevCorp&rsquo;s shares
of common stock are not listed on The Nasdaq Stock Market on before August 30, 2023 or if following such listing the total market value
of the Pledged Shares falls below twice the face value of the loan, the loan will be further secured by the Company&rsquo;s St. Mary&rsquo;s
industrial site, consisting of 29.66 acres and a proposed manufacturing facility in St. Mary&rsquo;s, Georgia. For the three months ended
June 30, 2023, the Company recognized amortization of debt issuance costs of $5,000. As of June 30, 2023, the unamortized debt issuance
costs amounted to $130,000.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Net Loss Per Share </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify">Basic net loss per share is computed
by dividing the net loss for the period by the weighted average number of common shares outstanding during the period. Diluted net loss
per share is computed by dividing the net loss for the period by the weighted average number of common and potentially dilutive common
shares outstanding during the period. Potentially dilutive common shares consist of the common shares issuable upon the exercise of stock
options and warrants. Potentially dilutive common shares are excluded from the calculation if their effect is antidilutive.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At June 30, 2023 and December 31, 2022, there were no securities outstanding
that could potentially dilute future net loss per share.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>6. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Stockholder&rsquo;s Equity&nbsp; </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of June 30, 2023, the Company
has 1,000 shares of common stock authorized, issued and outstanding which were issued to the Parent. As of June 30, 2023, the Parent
contributed $6,054,729 to the Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-size: 10pt"><B>7. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Related Party Transactions &nbsp; </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of June 30, 2023 and December 31,
2022, $3,200,743 and $4,200,000, respectively, is due to Parent. This amount was advanced to the Company, is non-interest bearing and
is due on demand. Included in this amount, are payroll and general and administrative expenses which have been paid by the Parent and
allocated to the Company. The Parent has allocated these costs based upon the estimated efforts which benefit the Company. For the year
ended December 31, 2022, the Parent allocated $1,690,377 to the Company, with $207,523 included in project development costs. For the
six months ended June 30, 2023, the Parent allocated $542,065 to the Company. For the three months ended June 30, 2023, the Parent allocated
$60,000 to the Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>8. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Commitments&nbsp;and Contingencies &nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At times the Company is subject to certain
claims and lawsuits arising in the normal course of business. The Company assesses liabilities and contingencies in connection with outstanding
legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of
the loss can be reasonably estimated, the Company records a liability in our financial statements. These legal accruals may be increased
or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not
estimable, the Company does not record an accrual, consistent with applicable accounting guidance. Based on information currently available,
advice of counsel, and available insurance coverage, the Company believes that any legal proceedings will not have a material adverse
effect on the financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 48px"><FONT STYLE="font-size: 10pt"><B>9. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Subsequent Events</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 9, 2023, Parent and the Company
entered into a Note Cancellation Agreement, effective as of July 1, 2023, pursuant to which Parent cancelled and forgave the remaining
balance then due on that certain promissory note, dated December 19, 2021, made by the Company in favor of Parent in the original principal
amount of $4,200,000.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, on August 9, 2023, Parent
issued to the Company a non-interest bearing promissory note, in the principal amount of $908,323, payable on demand, to evidence advances
by the Company to Parent in such amount.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">On August 16, 2023, the Company secured an additional
$500,000 in bridge funding from BCV S&amp;G under the BCV Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">F-19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
