<SUBMISSION>
<ACCESSION-NUMBER>0001299933-13-001465
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20130807
<ITEMS>1.01
<ITEMS>2.03
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20130809
<DATE-OF-FILING-DATE-CHANGE>20130809
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Castle Brands Inc
<CIK>0001311538
<ASSIGNED-SIC>2080
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>FL
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32849
<FILM-NUMBER>131024655
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>122 EAST 42ND STREET
<STREET2>SUITE 4700
<CITY>NEW YORK
<STATE>NY
<ZIP>10168
<PHONE>646-356-0200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>122 EAST 42ND STREET
<STREET2>SUITE 4700
<CITY>NEW YORK
<STATE>NY
<ZIP>10168
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_48283.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Castle Brands Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	August 7, 2013
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	Castle Brands Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Florida
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	001-32849
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	41-2103550
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	122 East 42nd Street, Suite 4700, New York, New York
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	&nbsp;
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	10168
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	(646) 356-0200
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 1.01 Entry into a Material Definitive Agreement.
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On August 7, 2013, Castle Brands Inc., a Florida corporation (the "Company"), and its wholly-owned subsidiary, Castle Brands (USA) Corp., a Delaware corporation ("CB-USA"), entered into a Third Amendment (the "Amendment") to that certain Loan and Security Agreement (as amended, the "Loan Agreement"), dated August 19, 2011, with Keltic Financial Partners II, LP, a Delaware limited partnership ("Keltic"), in order to amend certain terms of the Company&#x2019;s existing $8,000,000 revolving facility (the "Facility") and $2,500,000 term loan to finance the purchase of aged whiskies (the "Bourbon Term Loan") with Keltic.<br> <br>The Amendment modifies certain aspects of the borrowing base calculation and covenants with respect to the Facility and permits the Company to make regularly scheduled payments of principal and interest and voluntary prepayments on the Junior Loan (as defined below), subject to certain conditions set forth in the Amendment.  In addition, the Amendment provides the Company and CB-USA with the ability to increase the maximum aggregate principal amount of the Bourbon Term Loan from $2,500,000 to up to $4,000,000 following the identification of junior participants to purchase a portion of the increased Bourbon Term Loan amount.  The Company and CB-USA paid Keltic an aggregate $25,000 amendment fee in connection with the execution of the Amendment.<br><br>In connection with the Amendment, the Company and CB-USA entered into the following ancillary agreements with Keltic: (i) a Reaffirmation Agreement ("Reaffirmation Agreement") with certain officers of the Company and CB-USA, including John Glover, the Company&#x2019;s Chief Operating Officer, T. Kelley Spillane, the Company&#x2019;s Senior Vice President - Global Sales, and Alfred Small, the Company&#x2019;s Senior Vice President, Chief Financial Officer, Secretary & Treasurer, which reaffirms the existing Validity and Support Agreements by and among each officer, the Company, CB-USA and Keltic; and (ii) an Amended and Restated Term Note ("Term Note"). <br><br>Also in connection with the Amendment, Keltic entered into an amended and restated participation agreement with certain related parties of the Company as junior participants, including Frost Gamma Investments Trust, an entity affiliated with Phillip Frost, M.D., a director and principal shareholder of the Company, Mark E. Andrews, III, a director of the Company and the Company&#x2019;s Chairman, and an affiliate of Richard J. Lampen, a director of the Company and the Company&#x2019;s President and Chief Executive Officer, to allow for the sale of participation interests in the additional tranches of the Bourbon Term Loan, if any.  The amended and restated participation agreement provides that additional tranches of the Bourbon Term Loan, if any, are to be funded in increments of $500,000 and that Keltic will fund 15% of each tranche.  Neither the Company nor CB-USA is a party to the amended and restated participation agreement.<br><br>Also on August 7, 2013, the Company entered into a Loan Agreement (the "Junior Loan Agreement"), by and between the Company and the lending parties set forth on the signature pages attached thereto (the "Junior Lenders"), which provides for an aggregate $1,250,000 unsecured loan (the "Junior Loan") to the Company.  The Junior Loan bears interest at a rate of 11% per annum, payable quarterly in arrears commencing November 1, 2013, and matures on October 15, 2015.  The Junior Loan may be prepaid in whole or in part at any time without penalty or premium but with payment of accrued interest to the date of prepayment.  The Junior Loan Agreement contains customary events of default, which, if uncured, entitle each Junior Lender to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the portion of the Junior Loan made by such Junior Lender.  The Junior Loan Agreement provides for a funding fee of 2% per annum on the then outstanding Junior Loan balance (pro-rated for any period of less than one year), payable pro rata among the Junior Lenders on the date of the Junior Loan Agreement and on the first and second anniversaries thereof.  The Junior Lenders include Frost Gamma Investments Trust, Mark E. Andrews, III and an affiliate of Richard J. Lampen.  In connection with the Junior Loan Agreement, the Junior Lenders entered into a subordination agreement with Keltic; neither the Company nor CB-USA is a party to the subordination agreement.<br><br>The foregoing summary is qualified in its entirety by reference to the text of the Amendment, Term Note, Reaffirmation Agreement and Junior Loan Agreement attached hereto as exhibits and incorporated by reference herein.<br>
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	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The information in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
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	Item 7.01 Regulation FD Disclosure.
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The Board of Directors of Castle Brands Inc. ("Company") has formed a Strategic Review Committee ("Committee"). The Committee is comprised of Sergio Zyman, Chair, and Richard J. Lampen. The Committee, together with management, will undertake a strategic planning process to (i) critically review the Company's business and (ii) identify the steps and initiatives that can be taken to accelerate the Company's growth.  The Committee, upon completion of its review, will present the results of the strategic planning process to the full Board of Directors.
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	Item 9.01 Financial Statements and Exhibits.
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(d)	Exhibits.<br><br>The following exhibits are filed as exhibits to this Report on Form 8-K:<br>4.1	Third Amendment to Loan and Security Agreement, dated as of August 7, 2013, by and among Keltic Financial Partners II, LP, the Company and Castle Brands (USA) Corp.<br>4.2	Amended and Restated Term Note, dated as of August 7, 2013, in favor of Keltic Financial Partners II, LP.<br>4.3	Loan Agreement, dated as of August 7, 2013, by and between the Company and the lending parties thereto, including the form of promissory note attached as Exhibit B thereto.<br>10.1	Reaffirmation Agreement, dated as of August 7, 2013, by and among Keltic Financial Partners II, LP, the Company, Castle Brands (USA) Corp. and the officers signatory thereto.<br>
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Castle Brands Inc.
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	&nbsp;&nbsp;
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<I>
	August 9, 2013
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<I>
	By:
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<I>
	/s/ Alfred J. Small
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	&nbsp;
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<I>
	Name: Alfred J. Small
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<I>
	Title: Senior Vice President and Chief Financial Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	4.1
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	&nbsp;
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Third Amendment to Loan and Security Agreement, dated as of August 7, 2013, by and among Keltic Financial Partners II, LP, the Company and Castle Brands (USA) Corp.
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	4.2
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	&nbsp;
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Amended and Restated Term Note, dated as of August 7, 2013, in favor of Keltic Financial Partners II, LP.
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	4.3
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Loan Agreement, dated as of August 7, 2013, by and between the Company and the lending parties thereto, including the form of promissory note attached as Exhibit B thereto.
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	10.1
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	&nbsp;
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Reaffirmation Agreement, dated as of August 7, 2013, by and among Keltic Financial Partners II, LP, the Company, Castle Brands (USA) Corp. and the officers signatory thereto.
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<TYPE>EX-4.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">_________________________________________________________________</FONT>



<P align="center" style="font-size: 11pt"><B>THIRD AMENDMENT</B>



<P align="center" style="font-size: 11pt"><B>TO THE</B>



<P align="center" style="font-size: 11pt"><B>LOAN AND SECURITY AGREEMENT</B>



<P align="center" style="font-size: 11pt"><B>BETWEEN</B>



<P align="center" style="font-size: 11pt"><B>CASTLE BRANDS INC.,<BR>
CASTLE BRANDS (USA)&nbsp;CORP.</B>



<P align="center" style="font-size: 11pt"><B>AND</B>



<P align="center" style="font-size: 11pt"><B>KELTIC FINANCIAL PARTNERS II, LP</B>



<P align="center" style="font-size: 11pt"><B>DATED AS OF AUGUST 19, 2011</B>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 11pt">Effective Date: August&nbsp;7, 2013



<P align="left" style="font-size: 11pt"><B>THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT</B>


<P align="left" style="font-size: 11pt"><B><I>RECITALS</I></B>:


<P align="left" style="font-size: 11pt"><B>CASTLE BRANDS INC.</B>, a corporation organized under the laws of the State of Florida (&#147;<B><I>CBI</I></B>&#148;) and
<B>CASTLE BRANDS (USA)&nbsp;CORP. </B>a corporation organized under the laws of the State of Delaware (&#147;<B><I>CBUSA</I></B>&#148;)
(individually and collectively, &#147;<B><I>Borrower</I></B>&#148;) and <B>KELTIC FINANCIAL PARTNERS II, LP</B>, a Delaware
limited partnership (&#147;<B><I>Lender</I></B>&#148;), are parties to a Loan and Security Agreement dated as of August&nbsp;19,
2011, as amended by a First Amendment dated as of July&nbsp;23, 2012, and by a Second Amendment dated as
of March&nbsp;11, 2013 (as so amended, the &#147;<B><I>Credit Agreement</I></B>&#148;), in connection with which Borrower
delivered an Amended and Restated Revolving Credit Note dated March&nbsp;11, 2013 in a maximum principal
amount of <B>$8,000,000 </B>(the &#147;<B><I>Revolving Credit Note</I></B>&#148;), a Term Note dated March&nbsp;11, 2013 in the
original principal amount of <B>$2,500,000 </B>(the &#147;<B><I>Term Note</I></B>&#148;) and other agreements, documents and
instruments in connection therewith (all of the foregoing, as the same may be amended, restated, or
otherwise modified from time to time to be collectively referred to as the &#147;<B><I>Loan Documents</I></B>&#148;).


<P align="left" style="font-size: 11pt">The proceeds of the Term Note were used to acquire certain bourbon inventory in March, 2013.
Borrower contemplates that it will be acquiring additional inventory and is seeking to purchase
such inventory under the Term Note. Concurrently herewith Borrower is incurring subordinated
indebtedness in a principal amount equal to $1,250,000. The Loan Documents prohibit the Borrower
from incurring additional indebtedness in such amount without Lender&#146;s consent.


<P align="left" style="font-size: 11pt">Borrower has requested that Lender increase the principal amount of the Term Note by a maximum
amount equal to <B>$1,500,000</B>, with a resulting maximum original principal amount of the Term Note of
<B>$4,000,000 </B>to permit Borrower to acquire certain other inventory, and to permit Borrower to incur
and repay the subordinated indebtedness described above. Upon the terms and conditions contained in
this Amendment Lender has agreed to amend the Credit Agreement as provided below.


<P align="left" style="font-size: 11pt"><B><I>AGREEMENT</I></B>:


<P align="left" style="font-size: 11pt">1.&nbsp;<U>Defined Terms</U>. Unless otherwise defined in the Recitals or in the body of this
Amendment, all capitalized terms shall have the meanings ascribed to such terms in the Loan
Documents.


<P align="left" style="font-size: 11pt">2.&nbsp;<U>Consent; Waiver</U>. Subject to the terms, conditions, representations and warranties
contained herein, Lender hereby consents to the incurrence by Castle Brands Inc. of subordinated
indebtedness from the lending parties set forth in a Loan Agreement between Castle Brands Inc. and
such parties dated on or about the date hereof in an original principal amount equal to One Million
Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00), and hereby agrees to waive all
Defaults and Events of Default under the Loan Agreement specifically caused by Borrower&#146;s
incurrence of such indebtedness.


<P align="left" style="font-size: 11pt">3.&nbsp;<U>Term Loan</U>. A Section&nbsp;2.1.A of the Credit Agreement is hereby deleted in its entirety
and replaced with the following:


<P align="left" style="font-size: 11pt">&#147;<B>2.1.A. Term Loan</B>. Subject to the terms and conditions of this Agreement Lender shall extend to
Borrower a term loan in a maximum original principal amount equal to <B>FOUR MILLION AND 00/100
DOLLARS </B>($<B>4,000,000.00</B>) (the &#147;<B><I>Term Loan</I></B>&#148;). The Term Loan shall be subject to the terms and
conditions of this Agreement and shall be subject to such additional terms and conditions contained
in an Authenticated promissory note in form and content acceptable to Lender delivered by Borrower
to Lender evidencing Borrower&#146;s obligation to pay the principal of, and interest on, the Term Loan
(the &#147;<B><I>Term Note</I></B>&#148;). Prior to the Maturity Date of the Term Loan Borrower may prepay the outstanding
principal amount of the Term Loan, in whole or in part. Each prepayment of the principal amount of
the Term Loan shall be in a minimum aggregate principal amount of Ten Thousand and 00/100 Dollars
($10,000.00) or in a larger multiple of Five Thousand and 00/100 Dollars ($5,000.00). Each
prepayment of principal of the Term Loan shall also be subject to the requirements of <B>Section&nbsp;3.7</B>.&#148;


<P align="left" style="font-size: 11pt">4.&nbsp;<U>Term Note</U>. The Term Note shall be amended and restated and shall be in the form of
<U>Exhibit&nbsp;A</U> attached hereto.


<P align="left" style="font-size: 11pt">5.&nbsp;<U>Amendment of Participation Agreement</U>. As a condition precedent to the effectiveness of
this Amendment and specifically the increase of the Term Note described herein, the Participation
Agreement dated March&nbsp;11, 2013 between Lender, Frost Gamma Investments Trust, Mark E. Andrews, III,
Susan M. Lampen, Michael S. Liebowitz, Marin Bleu Inc. and Chester Franklin Zoeller III shall be
amended, in form and content acceptable to Lender in Lender&#146;s sole discretion, to reflect the
advance of each &#147;Tranche&#148; of the Term Note (as such term is defined in the Term Note attached as
<U>Exhibit&nbsp;A</U>), the participants and participation amounts in each such Tranche, and other
terms and conditions applicable to such Tranche, including, but not limited to, terms and
conditions relating to the extension, repayment principal and interest, amount of interest, and
such other matters applicable thereto as Lender deems reasonable, necessary and/or appropriate in
Lender&#146;s sole discretion.


<P align="left" style="font-size: 11pt">6.&nbsp;<U>Foreign A/R; Collateral</U>. A new sentence is hereby added to the end of Section&nbsp;4.5 to
read as follows:


<P align="left" style="font-size: 11pt">&#147;Upon terms, conditions, agreements, documents and instruments acceptable to Lender in Lender&#146;s
reasonable discretion pursuant to which Borrower shall establish financing for Borrower&#146;s
Receivables from Account Debtors domiciled outside of the United States (&#147;<B><I>Foreign Receivables</I></B>&#148;),
Lender shall release Foreign Receivables so financed from Lender&#146;s security interest in the
Collateral granted pursuant to the terms of this Agreement and the other Loan Documents; <B><I>provided,</I></B>
that, notwithstanding any release of Foreign Receivables pursuant to the foregoing, Lender shall
not be deemed to have released any other Collateral, and no such release shall otherwise impair any
rights or remedies granted to Lender pursuant to this Agreement, any other Loan Document, or the
UCC with respect to the Collateral.&#148;


<P align="left" style="font-size: 11pt">7.&nbsp;<U>Dividends and Distributions; Payment of Indebtedness</U>. Section&nbsp;8.6 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:


<P align="left" style="font-size: 11pt"><B>&#147;8.6. Dividends and Distributions; Payment of Indebtedness</B>. Except as specifically permitted
below (i)&nbsp;pay any cash dividends or profits to any current or former holder of its Equity
Interests, (ii)&nbsp;make any distribution or return of capital in cash or other Property to any current
or former holder of its Equity Interests, (iii)&nbsp;make any payment or distribution in cash or other
Property to any current or former holder of its Equity Interests in connection with any direct or
indirect redemption or purchase of Equity Interests entered into on or prior to the date hereof,
(iv)&nbsp;directly or indirectly purchase or redeem any of its Equity Interests, or retire any of its
Equity Interests, or take any action which would have an effect equivalent to any of the foregoing,
or (v)&nbsp;pay any principal, interest, or other amount in connection with any Indebtedness (other than
the Obligations) not permitted pursuant to <B>Section&nbsp;8.1</B>.


<P align="left" style="font-size: 11pt; text-indent: 4%">(a)&nbsp;<U>Permitted Payments</U>. Subject to the terms and conditions hereof, CBI shall be
permitted to make regularly scheduled payments of principal and interest due and payable required
under the terms of the Loan Agreement between Castle Brands Inc. and the lending parties named
therein dated on or about the date hereof and the Promissory Notes in an aggregate original
principal amount equal to One Million Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00)
issued by CBI to the lending parties named therein (collectively, the &#147;<B><I>Junior Creditor</I></B>&#148;) and such
other agreements, documents and instruments executed and/or delivered to Junior Creditor in
connection therewith (all such agreements, documents and instruments, together with any amendments,
restatements, extensions or other modifications made from time to time, shall be collectively
referred to herein as the &#147;<B><I>Junior Creditor Loan Documents</I></B>&#148; as the Junior Creditor Loan Documents
are in effect on the date hereof, and voluntary prepayments of principal and interest permitted
under the terms of the Junior Creditor Loan Documents as the Junior Creditor Loan Documents are in
effect on the date hereof (each, a &#147;<B><I>Permitted Payment</I></B>&#148;), but not any mandatory, voluntary,
discretionary or optional payment, distribution, or other amount in repayment or prepayment of the
Junior Obligations, whether required or permitted pursuant to the terms of the Junior Creditor Loan
Documents, due to the acceleration of maturity of the Junior Obligations, in whole or in part, for
any reason. Any amendment, modification, restatement, extension or replacement of the Junior
Creditor Loan Documents after the date of this Agreement shall be disregarded for purposes of
determining Permitted Payments.


<P align="left" style="font-size: 11pt; text-indent: 4%">(b)&nbsp;<U>Termination of Permitted Payments</U>. Notwithstanding anything of this <B>Section&nbsp;8.63</B>
to the contrary (specifically including <B>paragraph (a) </B>immediately above), or anything to the
contrary in the Junior Creditor Loan Documents, Junior Creditor shall not demand, take, accept, or
receive from or on behalf of CBI, Borrower or any Person that is a co-borrower with Borrower of the
Obligations, or that has guaranteed the repayment of the Obligations or the performance by the
Borrower of the terms and conditions of the Loan Documents in whole or in part or that has provided
any letter of credit, pledge, financial instrument or other accommodation to Lender as security for
or in support of the Obligations, any Permitted Payment:



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(i)&nbsp;if any payment of principal or interest then due with respect to the Senior
Obligations shall not have been paid to Senior Creditor in full; or



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(ii)&nbsp;if after giving effect to such Permitted Payment the remainder of the Borrowing
Capacity less the aggregate amount of all Obligations then outstanding would not exceed One
and 00/100 Dollar ($1.00) (as determined on a <I>pro forma </I>basis); or



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(iii)&nbsp;if after giving effect to such Permitted Payment a Default or Event of Default
would occur (as determined on a <I>pro forma </I>basis); or



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(iv)&nbsp;during any period in which a Default or Event of Default has occurred and is
continuing.&#148;


<P align="left" style="font-size: 11pt">8.&nbsp;<U>Definitions</U>. The Definitions Schedule is hereby amended as follows:



<P align="left" style="margin-left:4%; font-size: 11pt">(a) <U>Borrowing Base</U>. Clause (ii)&nbsp;of paragraph (b)&nbsp;of the definition of &#147;Borrowing
Base&#148; contained in the Definition Schedule is hereby deleted in its entirety and replaced
with &#147;(ii) Four Million and 00/100 Dollars ($4,000,000.00);&#148;.



<P align="left" style="margin-left:4%; font-size: 11pt">(b) <U>Southern Wine & Spirits Concentration; Eligible Receivables</U>. The reference to
&#147;forty percent (40.0%)&#148; in subclause (x)&nbsp;of clause (i)&nbsp;of the definition of &#147;Eligible
Receivable&#148; contained in the Definition Schedule is hereby deleted in its entirety and
replaced with &#147;forty five percent (45.0%)&#148;.


<P align="left" style="font-size: 11pt">9.&nbsp;<U>Reimbursement of Lender</U>. As consideration for Lender&#146;s increase of the Revolving Credit
and amendment of the Credit Agreement described above, and pursuant to Sections&nbsp;3.4 and 10.9 of the
Credit Agreement, Borrower shall (a)&nbsp;pay to Lender on the date hereof a commitment fee for the
increase of the Term Loan in the amount of Twenty Five Thousand and 00/100 Dollars ($25,000.00),
and (b)&nbsp;reimburse, indemnify and hold Lender harmless for the reasonable fees and costs and
expenses incurred by Lender for the services of legal professionals engaged by Lender in connection
with the negotiation and preparation of this Agreement. With respect to any amount required to be
paid or reimbursed by Borrower pursuant to the foregoing provisions of this paragraph 9, it is
hereby agreed that Lender may charge any such amount to the Revolving Credit on the dates such
payment is due or such reimbursement is made. Borrower acknowledges and agrees that on and after
the Effective Date of this Amendment the Facility Fee shall be calculated based on the Revolving
Credit Limit as amended by the terms hereof.


<P align="left" style="font-size: 11pt">10.&nbsp;<U>Effective Date</U>. This Amendment shall be effective as of August&nbsp;7, 2013.


<P align="left" style="font-size: 11pt">11.&nbsp;<U>Specificity of Provisions</U>. The amendments set forth herein are limited precisely as
written and shall not be deemed to (a)&nbsp;be a consent to or a waiver of any other term or condition
of the Credit Agreement or any of the documents referred to therein, or (b)&nbsp;prejudice any right or
rights which Lender may now have or may have in the future under or in connection with the Credit
Agreement or any or any other Loan Document. From and after the effective date of this Amendment,
whenever the Credit Agreement is referred to in the Credit Agreement or in any of the other Loan
Documents, it shall be deemed to mean the Credit Agreement as modified by this Amendment.


<P align="left" style="font-size: 11pt">12.&nbsp;<U>Binding Effect of Loan Documents</U>. Borrower hereby acknowledges and agrees that upon
giving effect to this Amendment, the Credit Agreement, the Revolving Credit Note and each Loan
Document shall continue to be binding upon such Borrower and shall continue in full force and
effect.


<P align="left" style="font-size: 11pt">13.&nbsp;<U>No Other Events of Default</U>. Borrower hereby represents and warrants that upon giving
effect to the terms and provisions of this Amendment no default or Event of Default shall have
occurred and be continuing under the terms of the Credit Agreement.


<P align="left" style="font-size: 11pt">14.&nbsp;<U>Choice of Law</U>. This Amendment and the legal relations among the parties hereto shall
be governed by and construed in accordance with the internal laws of the State of New York without
regard to conflicts of law principles.


<P align="left" style="font-size: 11pt">15.&nbsp;<U>Counterparts</U>. This Amendment may be executed by one or more the parties to this
Amendment on any number of separate counterparts and all of said counterparts taken together shall
be deemed to constitute one and the same instrument.


<P align="center" style="font-size: 11pt"><B><I>&#091;REMAINDER OF PAGE INTENTIONALLY LEFT BLANK&#093;</I></B>



<P align="center" style="font-size: 11pt"><B><I>&#091;SIGNATURE PAGE IMMEDIATELY FOLLOWS&#093;</I></B>




<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered
by their respective duly authorized officers.


<P align="left" style="font-size: 11pt"><B>LENDER:</B>


<P align="left" style="font-size: 11pt">KELTIC FINANCIAL PARTNERS II, LP
<BR>
By: Keltic Financial Services, LLC, its general partner
<BR>
By: /s/ Oleh Szcaupak
<BR>
Name: Oleh Szcaupak<BR>
Its: Executive Vice President
<BR>
Date: August&nbsp;7, 2013


<P align="left" style="font-size: 11pt"><B>BORROWER:</B>


<P align="left" style="font-size: 11pt">CASTLE BRANDS INC.


<P align="left" style="font-size: 11pt">By: /s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Its: Chief Financial Officer<BR>
<BR>
Date: August&nbsp;7, 2013


<P align="left" style="font-size: 11pt">CASTLE BRANDS (USA)&nbsp;CORP.


<P align="left" style="font-size: 11pt">By: /s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Its: Chief Financial Officer<BR>
<BR>
Date: August&nbsp;7, 2013



<P align="center" style="font-size: 10pt; display: none">2




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<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>AMENDED AND RESTATED TERM NOTE</B></FONT>



<P align="right" style="font-size: 11pt">August&nbsp;7, 2013



<P align="left" style="font-size: 11pt"><B>$4,000,000.00 </B>Tarrytown, New York


<P align="left" style="font-size: 11pt; text-indent: 4%">FOR VALUE RECEIVED, <B>CASTLE BRANDS INC</B>., a corporation organized under the laws of the State of
Florida (&#147;<B><I>CBI</I></B>&#148;) and <B>CASTLE BRANDS (USA)&nbsp;CORP</B>. a corporation organized under the laws of the State
of Delaware (&#147;<B><I>CBUSA</I></B>&#148;) (individually and collectively, &#147;<B><I>Borrower</I></B>&#148;), jointly and severally promise to
pay to the order of <B>KELTIC FINANCIAL PARTNERS II, LP</B>, a Delaware limited partnership (&#147;<B><I>Lender</I></B>&#148;), at
580 White Plains Road, Suite&nbsp;610, Tarrytown, New York 10591 or at such other place as Lender may
from time to time in writing designate, the aggregate principal sum advanced to Borrower under this
Term Note, which aggregate principal amount shall not exceed <B>FOUR MILLION AND 00/100 DOLLARS
($4,000,000.00) </B>as provided below. Unless defined herein, capitalized terms shall have the
meanings given such terms in the Loan and Security Agreement between Borrower and Lender dated as
of August&nbsp;19, 2011, as amended by a First Amendment dated as of July&nbsp;23, 2012, by a Second
Amendment dated March&nbsp;11, 2013, and by a Third Amendment dated on or about the date of this Note
(together with all Exhibits and Schedules thereto, as the same may be subsequently amended,
extended, restated or otherwise modified, the &#147;<B><I>Loan Agreement</I></B>&#148;).


<P align="left" style="font-size: 11pt; text-indent: 4%">For purposes of this Note, a &#147;<B><I>Tranche</I></B>&#148; shall mean a portion of the aggregate principal amount
of this Note that is advanced to Borrower in connection with the acquisition by Borrower (other
than in the ordinary course of Borrower&#146;s business) of certain Inventory that has been
satisfactorily identified to Lender in Lender&#146;s sole discretion. Each Tranche may be advanced by
Lender to Borrower on one (1)&nbsp;Banking Day or on a series of Banking Days, as is acceptable to
Lender in Lender&#146;s sole discretion. The name of a Tranche, date of advance of a Tranche, original
principal amount of a Tranche, terms and conditions relating to repayment of principal and payment
of interest with respect to a Tranche and such other information as may be pertinent to a Tranche
shall be set forth in a Schedule attached to, and made a part of, this Note (such Tranche&#146;s
&#147;<B><I>Tranche Schedule</I></B>&#148;). Each Tranche shall be subject to the terms and conditions of this Note and
shall be subject to such additional terms and conditions contained in its Tranche Schedule and the
Loan Agreement. Each Tranche Schedule may be added to this Note by Allonge, may be incorporated
into an amendment and restatement of this Note, or may be made a part of this Note by such other
methods as Lender shall agree in its sole discretion.


<P align="left" style="font-size: 11pt; text-indent: 4%">Notwithstanding anything to the contrary contained in any Tranche Schedule (i)&nbsp;Lender shall
not be required to make any advance of a Tranche, in whole or in part, following the occurrence and
during the continuation of a Default or Event of Default, and (ii)&nbsp;the entire unpaid principal
balance of this Note, all accrued and unpaid interest thereon, all fees, costs and expenses payable
in connection with the Term Loan, this Note and each Tranche, and all other sums due hereunder and
under the Loan Documents in connection with the Term Loan, shall be due and payable <B>IN FULL </B>on the
Maturity Date.


<P align="left" style="font-size: 11pt; text-indent: 4%">Borrower shall pay interest on the outstanding principal amount of this Note to Lender until
all Obligations with respect to this Note and the Term Loan have been finally and indefeasibly paid
to Lender in cash and performed in full. Interest shall accrue daily on the daily unpaid principal
amount of this Note, and Borrower shall pay interest to Lender with respect to a Tranche monthly in
arrears commencing on the first Banking Day of the calendar month immediately following the date of
advance of such Tranche and on the first Banking Day of each calendar month thereafter. The
outstanding principal balance of each Tranche shall bear interest at the rate indicated by its
Tranche Schedule.


<P align="left" style="font-size: 11pt; text-indent: 4%">Notwithstanding anything to the contrary in this Agreement or any other Loan Document, in no
event shall any interest paid to Lender on the Term Loan exceed an amount that would cause the
interest rate on the Term Loan to exceed the maximum rate permitted by applicable law. Any amount
of interest paid to Lender that is finally and irrevocably determined by a court of competent
jurisdiction to exceed the maximum interest payable on the Term Loan under applicable law shall be
returned by Lender to Borrower promptly thereafter.


<P align="left" style="font-size: 11pt; text-indent: 4%">All repayments or prepayments of principal, all payments of interest and all payments of fees,
costs and expenses payable in connection with the Term Loan shall be made by Borrower, or credited
to the account of Borrower by Lender, pursuant to the terms of the Loan Agreement. Borrower may
prepay the indebtedness evidenced by this Note in whole or in part pursuant to, and subject to, the
applicable provisions of the Loan Agreement and Loan Documents. Any partial prepayment of the
principal of this Note will be applied against the remaining unpaid principal payments due
hereunder in the inverse order in which such payments are due.


<P align="left" style="font-size: 11pt; text-indent: 4%">This is the Note evidencing the &#147;Term Loan&#148; referred to in the Loan Agreement and is entitled
to the benefit of all of the terms and conditions and the security of all of the security interests
and liens granted by Borrower or any other person to Lender pursuant to the Loan Agreement, all
collateral security agreements executed and/or delivered by Borrower, and all of the other Loan
Documents including, without limitation, supplemental provisions regarding mandatory and/or
optional prepayment rights and premiums. This Note amends and restates in its entirety, and is
given in replacement of and in substitution for, but not in payment of, a Term Note dated March&nbsp;11,
2013 and executed and delivered by Borrower to Lender, as such Note may have been amended from time
to time prior to the date hereof.


<P align="left" style="font-size: 11pt; text-indent: 4%">The entire unpaid Obligations and Indebtedness evidenced by this Note shall become immediately
due and payable, without further notice to or demand of Borrower upon the happening of any Event of
Default. After an Event of Default, Lender shall have all of the rights and remedies available to
Lender as set forth in the Loan Documents, including but not limited to those relating to the
enforcement of this Note and the collection of the Obligations owing in connection with this Note
and the Term Loan.


<P align="left" style="font-size: 11pt; text-indent: 4%">The agreements, covenants, Indebtedness, liabilities and Obligations of Borrower set forth in
this Note shall continue to be effective, or be reinstated, as the case may be, if at any time any
payment in respect of the Term Loan is rescinded or must otherwise be restored or returned by
Lender by reason of any bankruptcy, reorganization, arrangement, composition or similar proceeding
or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, Borrower or any other Person, or any Property of Borrower or any other Person,
or otherwise, all as though such payment had not been made.


<P align="left" style="font-size: 11pt; text-indent: 4%">Whenever any payment to be made under this Note shall be stated to be due on a day other than
a Banking Day, such payment shall be made on the next succeeding Banking Day and such extension of
time shall be included in the computation of any interest then due and payable hereunder.


<P align="left" style="font-size: 11pt; text-indent: 4%">The undersigned and all other parties who, at any time, may be liable hereon in any capacity
waive presentment, demand for payment, protest and notice of dishonor of this Note. This Note and
any provision hereof may not be waived, modified, amended or discharged orally, but only by an
agreement in writing which is signed by the holder and the party or parties against whom
enforcement of any waiver, change, modification, amendment or discharge is sought.


<P align="left" style="font-size: 11pt; text-indent: 4%">The agreements, covenants, Indebtedness, liabilities and Obligations of Borrower under this
Note are joint and several obligations of each of the undersigned. Each of undersigned expressly
represents that it is part of a common enterprise and that any financial accommodations by Lender
under this Note and under the other Loan Documents are and will be of direct and indirect interest,
benefit and advantage to the undersigned.


<P align="left" style="font-size: 11pt; text-indent: 4%">This Note shall be governed by and construed in accordance with the internal laws of the State
of New York, as the same may from time to time be in effect, without regard to principles of
conflicts of laws thereof. This Note shall be binding upon Borrower, its successors and assigns,
and shall inure to the benefit of Lender, its successors and assigns. Lender shall have the right,
without the necessity of any further consent of or other action by Borrower, to sell, assign,
securitize or grant participations in all or a portion of Lender&#146;s interest in this Note to other
financial institutions of Lender&#146;s choice and on such terms as are acceptable to Lender in Lender&#146;s
sole discretion. Borrower shall not assign, exchange or otherwise hypothecate any Obligations under
this Note or any other rights, liabilities or obligations of Borrower in connection with this Note,
in whole or in part, without the prior written consent of the Lender, and any attempted assignment,
exchange or hypothecation without such written consent shall be void and be of no effect.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the undersigned has executed this Note on the day and year first above
written.


<P align="left" style="font-size: 11pt"><B>CASTLE BRANDS INC.</B>


<P align="left" style="font-size: 11pt">By: /s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Title: Chief Financial Officer<BR>
<BR>
<BR>
<BR>
<B>CASTLE BRANDS (USA)&nbsp;CORP.</B>


<P align="left" style="font-size: 11pt">By: /s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Title: Chief Financial Officer<BR>
<BR>
<BR>
STATE OF NEW YORK


<P align="left" style="font-size: 11pt">COUNTY OF NEW YORK


<P align="left" style="font-size: 11pt">On the 7th day of August in the year 2013, before me, the undersigned, a notary public in and for
said state, personally appeared Alfred J. Small, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by
his/her signature on the instrument, the individual, or the person upon behalf of which the
individual acted, executed the instrument.


<P align="left" style="font-size: 11pt">/s/ Donna M. Hibbert
<BR>
Notary Public, State of New York



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<P align="center" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>LOAN AGREEMENT</B></FONT>



<P align="left" style="font-size: 10pt; text-indent: 4%">THIS LOAN AGREEMENT (this &#147;<B><I>Agreement</I></B>&#148;), dated as of August&nbsp;7, 2013, is entered into by and
between Castle Brands Inc., a Florida corporation (&#147;<B><I>Borrower </I></B>&#148;), and the lending parties set forth
on the signature pages attached hereto (individually a &#147;<B><I>Lender</I></B>&#148; and collectively, the &#147;<B><I>Lenders</I></B>&#148;).


<P align="center" style="font-size: 10pt"><U><B>RECITALS</B></U>



<P align="left" style="font-size: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Lenders desire to provide Borrower with additional funding on the terms set forth
herein.


<P align="left" style="font-size: 10pt; text-indent: 4%"><B>NOW</B>, <B>THEREFORE</B>, in consideration of the covenants, promises and representations set forth
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
expressly and mutually acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows:


<P align="center" style="font-size: 10pt"><B>ARTICLE I</B>



<P align="center" style="font-size: 10pt"><B>THE LOAN</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;1.1. <U> Commitment and Loan</U>. Subject to the terms and conditions of this
Agreement, the Lenders agree to lend to Borrower the aggregate sum of One Million Two Hundred Fifty
Thousand Dollars and No Cents ($1,250,000.00) (collectively, the &#147;<B><I>Commitment</I></B>&#148;), in the amounts set
forth on the signature page attached hereto. The Lenders shall advance the funds due under the
Commitment to Borrower (collectively, the &#147;<B><I>Loan</I></B>&#148;) immediately prior to the date that the Closing
(as defined herein) will take place.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;1.2. <U>Note</U>. Upon the advance of the Loan to Borrower, Borrower shall execute
and deliver to each Lender a promissory note in substantially the form of <U>Exhibit&nbsp;A</U> (the
<B><I>&#147;Notes&#148;</I></B>) in the amount of each Lender&#146;s Commitment. The terms and conditions of the Notes are
incorporated herein by reference as if fully set forth herein. In the event of conflict between
the provisions of this Agreement and the provisions of the Notes, the provisions of the Notes shall
govern.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;1.3. <U>Funding Fee</U>. In connection with the Loan to Borrower, Borrower shall
pay to the Lenders a funding fee (&#147;<B><I>Funding Fee</I></B>&#148;) of 2% per annum on the then outstanding Loan
balance (pro-rated for any period of less than one year), payable pro rata among the Lenders in
proportion to the amount of the Loan they are making as follows: payable each on the date hereof,
and on the first and second anniversary of the date hereof, respectively.


<P align="center" style="font-size: 10pt"><B>ARTICLE II</B>



<P align="center" style="font-size: 10pt"><B>CLOSING</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">The obligation of Lenders to make the Loan to the Borrower is subject to the following express
conditions precedent:


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;2.1 <U>Transaction Documents</U>. Borrower shall have executed (or obtained the
execution or issuing of) and delivered to Lenders this Agreement and the Notes.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;2.2 <U>Representations True</U>. All representations and warranties by Borrower
shall be true and correct as of the date hereof.


<P align="left" style="font-size: 10pt">Section&nbsp;2.3 <U>Closing</U>. The consummation of the transactions contemplated hereby (the
&#147;<U><B><I>Closing</I></B></U>&#148;) shall take place by wire transfer to account provided by the Borrower, telecopy,
email delivery and/or overnight delivery on the date hereof.


<P align="center" style="font-size: 10pt"><B>ARTICLE III</B>



<P align="center" style="font-size: 10pt"><B>REPRESENTATIONS AND WARRANTIES OF BORROWER</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Borrower represents and warrants to the Lenders as follows:


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;3.1 <U>Capacity; Execution of Agreement</U>. Borrower has all requisite power,
authority, and capacity to enter into this Agreement and to perform the transactions and
obligations to be performed by it hereunder. The execution and delivery of this Agreement, and the
performance by Borrower of the transactions and obligations contemplated hereby have been duly
authorized by all requisite corporate action of Borrower. This Agreement has been duly executed and
delivered by Borrower and constitutes a valid and legally binding agreement of Borrower,
enforceable in accordance with its terms, except as enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws, both state and federal,
affecting the enforcement of creditors&#146; rights or remedies in general from time to time in effect
and the exercise by courts of equity powers or their application of principles of public policy.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;3.2. <U>Formation and Standing</U>. Borrower is duly formed, validly existing and
in good standing under the laws of the State of Florida and has the requisite power and authority
to own and operate its properties and assets, and to carry on its business as currently conducted.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;3.3 <U>Power and Authority</U>. Borrower has all requisite legal and other power
and authority to execute and deliver this Agreement and to carry out and perform its other
obligations hereunder.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;3.4 <U>SEC Reports</U>. Each report, registration statement and definitive proxy
statement (the &#147;<B><I>SEC Reports</I></B>&#148;) filed by Borrower with the Securities and Exchange Commission (the
&#147;<B><I>SEC</I></B>&#148;) during the last two fiscal years and the interim period prior to the date of this Agreement,
which are all the forms, reports and documents required to be filed by the Borrower with the SEC
during such time period, are publicly available to the Lenders on the SEC&#146;s website. As of their
respective dates the SEC Reports: (i)&nbsp;were prepared in accordance, and complied in all material
respects, with the requirements of the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended (the &#147;<B><I>Exchange Act</I></B>&#148;), as the case may be, and the rules and
regulations of the SEC thereunder applicable to such SEC Reports, and (ii)&nbsp;did not at the time they
were filed (and if amended or superseded by a filing prior to the date of this Agreement then on
the date of such filing and as so amended or superseded) contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading.
Except to the extent set forth in this Article&nbsp;III, the Borrower makes no representation or
warranty whatsoever concerning any SEC Report as of any time other than the date or period with
respect to which it was filed.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;3.5. <U>Financial Statements</U>. Each set of financial statements (including, in
each case, any related notes thereto) contained in the SEC Reports complied as to form in all
material respects with the published rules and regulations of the SEC with respect thereto, was
prepared in accordance with U.S. generally accepted accounting principles applied on a consistent
basis throughout the periods involved (except as may be indicated in the notes thereto or, in the
case of unaudited statements, do not contain footnotes as permitted by Form 10-Q under the Exchange
Act) and each fairly presents or will fairly present in all material respects the financial
position of Borrower at the respective dates thereof and the results of its operations and cash
flows for the periods indicated, except that the unaudited interim financial statements were
subject to normal adjustments.


<P align="center" style="font-size: 10pt"><B>ARTICLE IV</B>



<P align="center" style="font-size: 10pt"><B>REPRESENTATIONS AND WARRANTIES OF EACH LENDER</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Each Lender severally and not jointly represents and warrants to Borrower as of the date of
this Agreement as follows:


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;4.1. <U>Capacity; Execution of Agreement</U>. It has all requisite power,
authority, and capacity to enter into this Agreement and to perform the transactions and
obligations to be performed by it hereunder. The execution and delivery of this Agreement, and the
performance by it of the transactions and obligations contemplated hereby have been duly authorized
by all requisite action on the part of the Lender. This Agreement has been duly executed and
delivered by it and constitutes a valid and legally binding agreement of it, enforceable in
accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws, both state and federal, affecting the enforcement
of creditors&#146; rights or remedies in general from time to time in effect and the exercise by courts
of equity powers or their application of principles of public policy.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;4.2. <U>Formation and Standing</U>. If an entity, it is duly formed, validly
existing and in good standing under the laws of its formation and has the requisite power and
authority to own and operate its properties and assets, and to carry on its business as currently
conducted.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;4.3. <U>Power and Authority</U>. It has all requisite legal and other power and
authority to execute and deliver this Agreement and to carry out and perform its other obligations
hereunder.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;4.4. <U>Accredited Investor</U>. It is an &#147;accredited investor&#148; as defined in Rule
501(a) of Regulation&nbsp;D promulgated under the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;4.5. <U>Suitability and Sophistication</U>. It has (i)&nbsp;such knowledge and
experience in financial and business matters that it is capable of independently evaluating the
risks and merits of entering into this Agreement and acquiring the Note and (ii)&nbsp;independently
evaluated the risks and merits of acquiring the Note and has independently determined that the Note
is a suitable investment for it.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;4.6. <U>Brokers or Finders</U>. It has not engaged any brokers, finders or agents,
or incurred, directly or indirectly, any liability for brokerage or finders&#146; fees or agents&#146;
commissions or any similar charges in connection with this Agreement and the transactions
contemplated hereby.


<P align="center" style="font-size: 10pt"><B>ARTICLE V</B>



<P align="center" style="font-size: 10pt"><B>MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.1. <U>Survival of Representations and Warranties; Indemnification</U>.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations and warranties of Borrower and the Lenders contained in or
made pursuant to this Agreement shall continue in full force and effect until the
indebtedness of Borrower under the Notes and all other obligations hereunder and
thereunder have been paid in full.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrower hereby agrees to indemnify and hold harmless each Lender and, as
applicable, its respective officers, directors, shareholders, agents and
representatives from and against any and all claims, demands, losses, damages, expenses
or liabilities (including reasonable attorneys&#146; fees) due to or arising out of a
material breach of any representation, warranty or covenant provided, made or agreed to
by Borrower hereunder or under the Note, the use or the proposed use of the proceeds
thereof and any other transaction contemplated by this Agreement.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(c)</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.2. <U>Successors and Assigns</U>. This Agreement is binding upon and inures to
the benefit of the parties and their successors and assigns. The Borrower shall not assign this
Agreement or any rights or obligations hereunder without the prior written consent of the Lenders.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.3. <U>Counterparts</U>. This Agreement may be executed in any number of
counterparts or other electronic signatures, each of which shall be deemed an original, and all of
which together shall constitute one instrument.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.4. <U>Facsimile</U>. A facsimile copy of an original written signature shall be
deemed to have the same effect as an original written signature.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.5. <U>Captions and Headings</U>. The captions and headings used in this Agreement
are used for convenience only and are not to be considered in construing or interpreting this
Agreement.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.6. <U>Notices</U>. Unless otherwise provided herein, all notices, requests,
waivers and other communications made pursuant to this Agreement will be in writing and will be
conclusively deemed to have been duly given (i)&nbsp;when hand delivered to the other party; (ii)&nbsp;upon
receipt, when sent by facsimile to the number set forth below or email to the address set forth
below; (iii)&nbsp;five business days after deposit in the U.S. mail, postage prepaid and addressed to
the other party at the address set forth below; or (iv)&nbsp;the next business day after deposit with a
national overnight delivery service, postage prepaid, addressed to the parties as set forth below
with next business day delivery guaranteed. Each person making a communication hereunder by
facsimile or email will promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile or email pursuant hereto but the absence of
such confirmation will not affect the validity of any such communication. A party may change or
supplement the addresses given below, or designate additional addresses for purposes of this
Section&nbsp;5.6, by giving the other party written notice of the new address in the manner set forth
above.


<P align="left" style="font-size: 10pt">If to Borrower:



<P align="left" style="margin-left:8%; font-size: 10pt">Castle Brands Inc.
<BR>
122 East 42nd Street
<BR>
Suite&nbsp;4700
<BR>
New York, NY 10168
<BR>
Attention: Alfred J. Small, Senior Vice President, Treasurer & CFO
<BR>
Phone: (646)&nbsp;356-0200
<BR>
Facsimile: (646)&nbsp;356-0222


<P align="left" style="font-size: 10pt">If to a Lender, the address set forth on the signature page attached hereto.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.7. <U>Amendments and Waivers</U>. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of Borrower and
the Lenders.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.8. <U>Enforceability; Severability</U>. The parties hereto agree that each
provision of this Agreement will be interpreted in such a manner as to be effective and valid under
applicable law. If one or more provisions of this Agreement are nevertheless held to be prohibited,
invalid or unenforceable under applicable law, such provision will be effective to the fullest
extent possible excluding the terms affected by such prohibition, invalidity or unenforceability,
without invalidating the remainder of such provision or the remaining provisions of this Agreement.
If the prohibition, invalidity or unenforceability referred to in the prior sentence requires such
provision to be excluded from this Agreement in its entirety, the balance of the Agreement will be
interpreted as if such provision were so excluded and will be enforceable in accordance with its
terms.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.9. <U>Governing Law; Choice of Forum</U>. THIS AGREEMENT SHALL BE GOVERNED BY,
INTERPRETED IN ACCORDANCE WITH, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD OR REFERENCE TO ITS PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO
EACH HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF NEW
YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT SHALL BE LITIGATED IN SUCH COURTS.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.10. <U>Waiver of Jury Trial</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF. EACH OF
THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND THAT MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED OF THE OTHER PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTIES HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH OF THE
PARTIES HERETO HEREBY FURTHER ACKNOWLEDGES AND AGREES THAT EACH HAS REVIEWED OR HAD THE OPPORTUNITY
TO REVIEW THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL</FONT><FONT style="font-size: 8pt"> </FONT><FONT style="font-size: 10pt">COUNSEL. IN THE EVENT
OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
</FONT>

<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.11. <U>Further Assurances; Access</U>. The Lenders and Borrower will from time to
time and at all times hereafter make, do, execute, or cause or procure to be made, done and
executed such further acts, deeds, conveyances, consents and assurances without further
consideration, which may reasonably be required to effect the transactions contemplated by this
Agreement. Upon reasonable written notice, Borrower shall afford the officers, employees and
authorized agents and representatives of the Lenders reasonable access, during normal business
hours, to the offices, properties, books, records and such additional financial and operating data
and other information regarding the assets, goodwill and business of the Borrower as the Lenders
may from time to time reasonably request.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.12. <U>Entire Agreement</U>. This Agreement, the Notes and that certain
Subordination Agreement, dated as of August&nbsp;&nbsp;&nbsp;, 2013, between Keltic Financial Partners II, LP and
the Lenders, and all exhibits hereto and thereto constitute the entire agreement among the parties
with respect to the subject matter hereof and thereof and supercedes the Commitment Letter. No
party will be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein or therein.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.13. <U>Delays or Omissions</U>. No delay or omission to exercise any right power
or remedy accruing to any party under this Agreement, or upon any breach or default of any other
party under this Agreement, will impair any such right, power or remedy of such non-breaching or
non-defaulting party nor will it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter occurring; nor will any
waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any party of any provisions or conditions of this Agreement, must be in
writing and will be effective only to the extent specifically set forth in such writing. Except as
otherwise set forth herein, all remedies, either under this Agreement or by law or otherwise
afforded to any party, will be cumulative and not alternative.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.14. <U>Third Party Beneficiaries</U>. This Agreement is intended for the benefit
of the parties hereto and their respective permitted successors and assigns. This Agreement shall
not be construed to confer upon or give to any person other than the parties hereto and their
respective permitted successors and assigns any benefits, rights or remedies under or by reason of,
or any rights to enforce or cause the Company to enforce, the provisions of this Agreement.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.15. <U>Equitable Relief</U>. The parties hereto recognize that, if such party
fails to perform or discharge any of its obligations under this Agreement, any remedy at law may
prove to be inadequate relief to the other parties. Each party hereto therefore agrees that the
other parties are entitled to seek temporary and permanent injunctive relief and any other
equitable remedy a court of competent jurisdiction may deem appropriate in any such case.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.16. <U>No Strict Construction</U>. The language used in this Agreement is deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.17. <U>Expenses</U>. Each party shall bear its own costs and expenses in
connection with the transactions contemplated hereby.


<P align="left" style="font-size: 10pt; text-indent: 4%">Section&nbsp;5.18. <U>Exhibits</U>. All exhibits annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein.


<P align="center" style="font-size: 10pt">&#091;<I>Signatures begin on next page</I>.&#093;



<P align="left" style="font-size: 10pt; text-indent: 4%">IN WITNESS THEREOF, this Agreement has been executed by the undersigned as of the day, month
and year first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Castle Brands Inc.</B>
&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Alfred J. Small<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alfred J. Small</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and CFO</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>&#091;COUNTERPART SIGNATURE PAGE TO LOAN AGREEMENT&#093;</B></FONT>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>LENDER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>LENDER</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commitment<BR>
Amount: $<BR>
Address:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commitment<BR>
Amount: $<BR>
Address:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phone:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone:</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 11pt"><FONT style="font-size: 12pt">EXHIBIT B</FONT>



<P align="center" style="font-size: 12pt">FORM OF NOTE




<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 12pt">PROMISSORY NOTE



<P align="left" style="font-size: 12pt">$&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August&nbsp;7, 2013


<P align="left" style="font-size: 12pt; text-indent: 8%">FOR VALUE RECEIVED, CASTLE BRANDS INC., a Florida corporation (&#147;Maker&#148;), having an address at
122 East 42<sup>nd</sup> Street, Suite&nbsp;4700, New York, New York 10168, hereby promises to pay to
the order of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, a <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, its successors and/or assigns (any of which is
hereinafter referred to as &#147;Holder&#148;), in lawful money of the United States, the sum of &#091;TBD&#093;
Dollars and No Cents ($XXX,XXX.XX), on October&nbsp;15, 2015 (&#147;Maturity Date&#148;). Capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the Loan Agreement, dated
as of the date hereof (the &#147;Loan Agreement&#148;), between the Maker and the Lenders party thereto.


<P align="left" style="font-size: 12pt; text-indent: 8%">Beginning on the issuance date of this Note, the outstanding principal balance of this Note
shall bear interest at a rate per annum equal to eleven percent (11.0%), payable quarterly in
arrears on November&nbsp;1, February&nbsp;1, May 1 and August 1 of each year (each, an &#147;Interest Payment
Date&#148;), commencing November&nbsp;1, 2013, and on the Maturity Date.&nbsp; Interest shall be computed on the
basis of a 360-day year of twelve (12)&nbsp;30-day months.&nbsp; At the Holder&#146;s request, payments shall be
made by wire transfer to an account designated by the Holder. This Note, however, may be prepaid in
whole or in part at any time without penalty or premium but with payment of accrued interest to the
date of prepayment.


<P align="left" style="font-size: 12pt; text-indent: 8%">So long as any amount under this Note remains outstanding and unpaid, Maker will not, unless
otherwise consented to in writing by the Holder, create, incur, assume or suffer to exist (other
than indebtedness existing on the date hereof) any indebtedness for borrowed funds (institutional
or otherwise) which is not subordinated in all respects to the indebtedness under this Note.


<P align="left" style="font-size: 12pt; text-indent: 8%">Holder may, with or without notice to Maker or any guarantor or other party liable herefor,
extend or renew this Note, or extend the time for making payment of any amount provided for herein,
or accept any amount in advance, all without affecting the liability of Maker or any other party or
guarantor liable herefor.


<P align="left" style="font-size: 12pt; text-indent: 8%">Upon the occurrence of a Default, the whole sum of principal shall become due immediately at
the option of Holder. As used herein, &#147;Default&#148; shall mean the occurrence of any of the following
events: (i)&nbsp;failure to make any payment hereunder within five days of the date prescribed for
payment; (ii)&nbsp;filing, as to the Maker or any guarantor or endorser of this Note, of an involuntary
petition which is not dismissed within sixty (60)&nbsp;days or of a voluntary petition under the
provisions of the Federal Bankruptcy Code or any state statute for the relief of debtors; (iii)
default in the payment of principal or interest on any obligation in excess of $50,000 for borrowed
money beyond the period of grace, if any, provided with respect thereto or default in the
performance or observance of any other term, condition or agreement contained in any such
obligation or in any agreement relating thereto, if the effect thereof is to cause, or permit the
holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause
such obligation to become due prior to its stated maturity and such default remains unremedied for
a period of 10&nbsp;days; (iv)&nbsp;final judgment for the payment of money in excess of $50,000 shall be
rendered against Maker and the same shall remain undischarged for a period of thirty (30)&nbsp;days
during which execution of such judgment shall not be effectively stayed; (v)&nbsp;the non-payment, for
any reason, of any check tendered to Holder by Maker; or (vi)&nbsp;any material breach by the Maker of
any covenant or agreement under this Note or the Loan Agreement.


<P align="left" style="font-size: 12pt; text-indent: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<P align="left" style="font-size: 12pt; text-indent: 8%">The times for the payment of the principal sum as herein stated are of the essence of this
Note. Upon the occurrence of a Default, the amount of the principal sum hereunder, plus reasonable
attorneys fees and expenses, shall bear interest from the date thereof to the actual date of
payment (whether such payment is made voluntarily or as a result of legal process) at the maximum
rate of interest permitted by law or 18% per annum, whichever is lower, from the date of the
Default to the date of actual payment.


<P align="left" style="font-size: 12pt; text-indent: 8%">The Maker shall not consolidate or merge into, or transfer or lease all or substantially all
of its assets to, any person unless the Lenders consent to such consolidation, merger, transfer,
lease or sale, which consent shall not be unreasonably withheld.


<P align="left" style="font-size: 12pt; text-indent: 8%">Maker and each other party liable herefor, whether principal, endorser, guarantor or
otherwise, jointly and severally hereby (i)&nbsp;waive presentment, demand, protest, notice of dishonor
and/or protest, notice of non-payment and all other notices or demands in connection with the
delivery, acceptance, performance, default, enforcement or guaranty of this Note, (ii)&nbsp;waive
recourse to suretyship defenses generally, including extensions of time, releases of security and
other indulgences which may be granted from time to time by Holder to Maker or any party liable
herefor, and (iii)&nbsp;agree to pay all costs and expenses, including reasonable attorneys fees, in
connection with the enforcement or collection of this Note.


<P align="left" style="font-size: 12pt; text-indent: 8%">Nothing contained in this Note or in any other agreement between Maker and Holder shall
require Maker to pay, or Holder to accept, interest in an amount which would subject Holder to any
penalty or forfeiture under applicable law. In no event shall the total of all charges payable
hereunder, whether of interest or of such other charges which may or might be characterized as
interest, exceed the maximum rate permitted to be charged under applicable law. Should Holder
receive any payment which is or would be in excess of that permitted to be charged under such
applicable law, such payment shall have been and shall be deemed to have been made in error and
shall automatically be applied to reduce the principal balance outstanding on this Note.


<P align="left" style="font-size: 12pt; text-indent: 8%">Holder shall not, by any act, delay, omission or otherwise, be deemed to have waived any of
its rights and/or remedies hereunder, and no waiver whatsoever shall be valid unless in writing,
signed by Holder, and then only to the extent therein set forth. The making of any demands or the
giving of any notices by Holder or a waiver by Holder of any right and/or remedy hereunder on any
one occasion shall not be construed as a bar to or waiver of any right and/or remedy which Holder
would otherwise have on any future occasion. All rights and remedies of Holder shall be cumulative
and may be exercised singly or concurrently.


<P align="left" style="font-size: 12pt; text-indent: 8%">This Note may be assigned at any time by Holder to any person controlling, controlled by or
under common control with the Holder or to any affiliate of the Holder on notice to Maker.


<P align="left" style="font-size: 12pt; text-indent: 8%">The terms and provisions hereof shall survive the payment, cancellation or surrender of this
Note. Any instrument taken by Holder in payment of, or for application against, any obligation of
Maker or any other party liable herefor shall not operate as a discharge of such obligation until
the instrument is finally paid, notwithstanding the fact that a bank may be the maker, drawer or
acceptor of such instrument.


<P align="left" style="font-size: 12pt; text-indent: 8%">This Note shall be governed and construed in accordance with the law of the State of New York
without giving effect to choice of law principles. MAKER AND EACH OTHER PARTY LIABLE HEREFOR, IN
ANY LITIGATION IN WHICH HOLDER SHALL BE AN ADVERSE PARTY, WAIVES TRIAL BY JURY AND WAIVES THE RIGHT
TO INTERPOSE ANY DEFENSE, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. ANY SUCH LITIGATION
SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE STATE OR FEDERAL COURTS LOCATED IN THE STATE
OF NEW YORK.


<P align="left" style="font-size: 12pt">CASTLE BRANDS INC.


<P align="left" style="font-size: 12pt">By:/s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Title: Senior Vice President, Chief Financial Officer, Treasurer and Secretary<BR>



<P align="center" style="font-size: 10pt; display: none">4




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<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><U><B>REAFFIRMATION AGREEMENT</B></U></FONT>



<P align="left" style="font-size: 11pt; text-indent: 4%"><B>THIS REAFFIRMATION AGREEMENT </B>(this &#147;<B><I>Agreement</I></B>&#148;) is made as of August&nbsp;7, 2013, by the
undersigned in favor of <B>KELTIC FINANCIAL PARTNERS II, LP </B>(&#147;<B><I>Lender</I></B>&#148;).


<P align="left" style="font-size: 11pt"><B>RECITALS:</B>


<P align="left" style="font-size: 11pt"><B>CASTLE BRANDS INC</B>., a corporation organized under the laws of the State of Florida (&#147;<B><I>CBI</I></B>&#148;) and
<B>CASTLE BRANDS (USA)&nbsp;CORP</B>. a corporation organized under the laws of the State of Delaware (&#147;<B><I>CBUSA</I></B>&#148;)
(individually and collectively, &#147;<B><I>Borrower</I></B>&#148;) and <B>KELTIC FINANCIAL PARTNERS II, LP</B>, a Delaware
limited partnership (&#147;<B><I>Lender</I></B>&#148;), are parties to a Loan and Security Agreement dated as of August&nbsp;19,
2011, as amended by a First Amendment dated as of July&nbsp;23, 2012, and by an Second Amendment dated
as of March&nbsp;11, 2013 (as so amended, the &#147;<B><I>Credit Agreement</I></B>&#148;), in connection with which Borrower
delivered an Amended and Restated Revolving Credit Note dated March&nbsp;11, 2013 in a maximum principal
amount of $8,000,000 (the &#147;<B><I>Revolving Credit Note</I></B>&#148;), a Term Note dated March&nbsp;11, 2013 in an original
principal amount of $2,500,000, and other agreements, documents and instruments in connection
therewith.


<P align="left" style="font-size: 11pt">The proceeds of the Term Note were used to acquire certain bourbon inventory in March, 2013.
Borrower has requested that Lender increase the principal amount of the Term Note by a maximum
amount equal to $1,500,000, with a resulting maximum original principal amount of the Term Note of
$4,000,000. The additional principal amount of the Term Note will be used by Borrower to acquire
certain other inventory and will be advanced to Borrower in one or more tranches as described in
the &#147;Third Amendment Documents&#148; described below. Lender has also agreed to permit CBI to incur
$1,250,000 of subordinated indebtedness that shall be subordinated to the indebtedness of Borrowers
to Lender pursuant to a Subordination Agreement dated on or about the date hereof the
&#147;<B><I>Subordination Agreement</I></B>&#148;).


<P align="left" style="font-size: 11pt">The Credit Agreement, the Revolving Credit Note, the Third Amendment Documents, the Subordination
Agreement, and all other agreements, documents and instruments executed and/or delivered in
connection therewith, as the same may be amended, restated, or otherwise modified from time to
time, shall be collectively referred to as the &#147;<B><I>Loan Documents</I></B>&#148;.


<P align="left" style="font-size: 11pt">Each of the undersigned indicated as a &#147;<B>Validity Party</B>&#148; has executed and delivered a Validity and
Support Agreement dated on or about August&nbsp;19, 2011 in favor of Lender (each, a &#147;<B><I>Validity
Agreement</I></B>&#148;) pursuant to which such Validity Party has agreed to validate certain information
provided by Borrower to Lender and provide support in connection with Lender&#146;s efforts to collect
collateral to secure Borrower&#146;s payment and performance of all obligations and to Lender and such
other matters as described in such Validity Agreement.


<P align="left" style="font-size: 11pt">Each of the undersigned indicated as a &#147;<B>Term Loan Participant</B>&#148; has executed and delivered to Lender
a Participation Agreement dated March&nbsp;11, 2013 in connection with the Term Note (the &#147;<B><I>Participation
Agreement</I></B>&#148;) pursuant to which such Participant has agreed to participate in the Term Note and to
such other matters upon such terms and conditions contained in the Participation Agreement.


<P align="left" style="font-size: 11pt">Lender has agreed to increase the maximum principal amount of the Term Note by $1,500,000, with a
resulting maximum principal amount of $4,000,000 and to permit Borrower to incur $1,250,000 of
subordinated indebtedness, pursuant to a Third Amendment to the Credit Agreement, an Amended and
Restated Term Note in a maximum original principal amount of $4,000,000, an Amended and Restated
Participation Agreement related to the Term Note, the Subordination Agreement, each dated on or
about the date hereof, and the other agreements, documents and instruments relating thereto
(collectively, the &#147;<B><I>Third Amendment Documents</I></B>&#148;), subject to and conditioned on the execution and
delivery of this Agreement by the undersigned to Lender.


<P align="left" style="font-size: 11pt"><B>AGREEMENT:</B>


<P align="left" style="font-size: 11pt; text-indent: 2%">1.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in any of the Loan Documents, the Borrower hereby reaffirms to
the Lender and ratifies its obligations under the Loan Documents (collectively, the &#147;<B><I>Keltic
Obligations</I></B>&#148;), including, specifically, Third Amendment Documents, and as the Loan Documents may
have been amended, modified and/or restated from time to time and including the amendment,
modification or restatement thereof in connection with the matters described in the recitals
hereto, and each other agreement, document and instrument executed and/or delivered by the Borrower
in connection therewith as the same may have been amended, modified and/or restated from time to
time and including the amendment, modification or restatement thereof in connection with the
matters described in the recitals hereto (collectively, the &#147;<B><I>Borrower Documents</I></B>&#148;), and hereby
further ratifies and confirms that each of the Borrower Documents shall remain in full force and
effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">2.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in such party&#146;s Validity Agreement, each Validity Party hereby
reaffirms to the Lender and ratifies its obligations under such Validity Agreement, and each other
agreement, document and instrument executed and/or delivered by such Validity Party in connection
therewith (collectively, the &#147;<B><I>Validity Documents</I></B>&#148;), and hereby further ratifies and confirms that
each of the Validity Documents executed and/or delivered to Lender shall remain in full force and
effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">3.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in the Participation Agreement, each Term Loan Participant
hereby reaffirms to the Lender and ratifies its obligations under the Participation Agreement, as
the same may be amended and restated pursuant to the Third Amendment Documents, and each other
agreement, document and instrument executed and/or delivered by such Participant in connection
therewith (collectively, the &#147;<B><I>Participation Documents</I></B>&#148;), and hereby further ratifies and confirms
that each of the Participation Documents executed and/or delivered to Lender shall remain in full
force and effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">4.&nbsp;No change, amendment or modification of this Agreement shall be valid or binding unless
such change, amendment or modification shall be in writing and duly executed by all parties hereto
and consented to by the Lender in writing.


<P align="left" style="font-size: 11pt; text-indent: 2%">5.&nbsp;This Agreement shall be governed by and interpreted and construed in accordance with the
internal laws of the State of New York, without regard to its principles of conflicts of laws, and
any dispute hereunder shall be brought in the appropriate court located in Westchester County, New
York or Erie County, New York.


<P align="left" style="font-size: 11pt; text-indent: 2%">6.&nbsp;This Agreement may not be assigned by any party hereto without the prior written consent of
the other parties hereto and the Lender, and no party hereto shall be relieved of its duties,
obligations or liabilities under this Agreement without the express written consent of the other
parties hereto and the Lender, regardless of assignments, delegations or other agreements with
third parties which may provide otherwise.


<P align="left" style="font-size: 11pt; text-indent: 2%">7.&nbsp;This Agreement shall be binding upon the parties hereto, their successors, permitted
assigns, heirs and legal representatives.


<P align="left" style="font-size: 11pt; text-indent: 2%">8.&nbsp;The invalidity of one or more phrases, sentences, clauses or paragraphs contained in this
Agreement shall not affect the validity of the remainder of this Agreement.


<P align="left" style="font-size: 11pt; text-indent: 2%">9.&nbsp;This Agreement contains the entire understanding of the parties and the Lender with respect
to the subject matter hereof and there are no other oral understandings, terms or conditions except
as expressly stated herein and none of the parties have relied upon any representation, express or
implied, not contained in this Agreement.


<P align="left" style="font-size: 11pt; text-indent: 2%">10.&nbsp;This Agreement may be executed in two (2)&nbsp;or more counterparts, each of which shall be
considered an original, and all of which shall be considered one and the same instrument.


<P align="center" style="font-size: 10pt; display: none; text-indent: 2%">1
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<P align="left" style="font-size: 11pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the undersigned have duly executed this Agreement as of the date first
written above.


<P align="left" style="font-size: 11pt"><B>BORROWER:</B>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CASTLE BRANDS INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CASTLE BRANDS (USA)&nbsp;CORP.</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Its: Chief Financial Officer<BR>
Date: August&nbsp;7, 2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Alfred J. Small<BR>
Name: Alfred J. Small<BR>
Its: Chief Financial Officer<BR>
Date: August&nbsp;7, 2013</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>VALIDITY PARTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alfred Small<BR>
ALFRED SMALL
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Glover<BR>
JOHN GLOVER</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael Becker<BR>
MICHAEL BECKER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ T. Kelley Spillane<BR>
T. KELLEY SPILLANE</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM LOAN PARTICIPANTS</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FROST GAMMA INVESTMENTS TRUST
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MARIN BLEU INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Dr.&nbsp;Phillip Frost<BR>
Its: Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Momoko Matsumura<BR>
Its:<FONT style="font-size: 12pt"> President</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt">/s/ Mark E. Andrews, III<BR>
MARK E. ANDREWS, III</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Susan M. Lampen<BR>
SUSAN M. LAMPEN</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael S. Liebowitz<BR>
MICHAEL S. LIEBOWITZ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Chester Franklin Zeller III<BR>
CHESTER FRANKLIN ZELLER III</TD>
</TR>
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<P align="center" style="font-size: 10pt; display: none">2




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