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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Not
    applicable</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zI0ZGdx3LDS9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000029" name="dei:EntityIncorporationStateCountryCode">Ireland</ix:nonNumeric></span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Translation
    of Registrant&#8217;s name into English)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
    of incorporation or organization)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressAddressLine1_c20230101__20231231_z9io1IuWT1bi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000030" name="dei:EntityAddressAddressLine1">Mespil
Business Centre</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine2_c20230101__20231231_z8r1QL6WFjp"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000031" name="dei:EntityAddressAddressLine2">Mespil
House</ix:nonNumeric></span>, <span id="xdx_905_edei--EntityAddressAddressLine3_c20230101__20231231_zSZdDIrFyRu9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000032" name="dei:EntityAddressAddressLine3">Sussex Road</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityAddressCityOrTown_c20230101__20231231_zbck711wgB6a"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000033" name="dei:EntityAddressCityOrTown">Dublin
4</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressCountry_c20230101__20231231_z1vs7vwo9DK9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000034" name="dei:EntityAddressCountry">Ireland</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressPostalZipCode_c20230101__20231231_zoCZDFVt1Ic6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000035" name="dei:EntityAddressPostalZipCode">D04 T4A6</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>+353-1-920-1000</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zULyt9ZJ5bCh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:ContactPersonnelName">Haggai
Alon</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span style="text-decoration: underline">haggai@securitymattersltd.com</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zhHQT2tBqJ79"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:EntityAddressAddressLine1">Mespil
Business Centre</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zrVGMQkoBSD2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000038" name="dei:EntityAddressAddressLine2">Mespil
House</ix:nonNumeric></span>, <span id="xdx_900_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgKujsW7aJ52"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000039" name="dei:EntityAddressAddressLine3">Sussex Road</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zewfbqGfTKra"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000040" name="dei:EntityAddressCityOrTown">Dublin
4</ix:nonNumeric></span>, <span id="xdx_902_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_ztctM9UuKBld"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000041" name="dei:EntityAddressCountry">Ireland</ix:nonNumeric></span>, <span id="xdx_905_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z4akfW0WCBKd"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000042" name="dei:EntityAddressPostalZipCode">D04 T4A6</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel:
<span id="xdx_90A_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zwvuMQXn1zxe"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000043" name="dei:CityAreaCode">+353-1</ix:nonNumeric></span>-<span id="xdx_904_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zlcL65duIDka"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000044" name="dei:LocalPhoneNumber">920-1000</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act</b>:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--Security12bTitle_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesWithNominalValueOf0.0022PerShareMember_zFKD6unhp806"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesWithNominalValueOf0.0022PerShareMember" id="Fact000045" name="dei:Security12bTitle">Ordinary
    Shares, with a nominal value of $0.0022 per share</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--TradingSymbol_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesWithNominalValueOf0.0022PerShareMember_zpbsvDLdE5Qi"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesWithNominalValueOf0.0022PerShareMember" id="Fact000046" name="dei:TradingSymbol">SMX</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--SecurityExchangeName_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesWithNominalValueOf0.0022PerShareMember_zPBx6rqW25h8"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesWithNominalValueOf0.0022PerShareMember" format="ixt-sec:exchnameen" id="Fact000047" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span>
    Stock Market LLC</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--Security12bTitle_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsEachExercisableForOneOrdinaryShareAtExercisePriceOf253.00PerShareMember_zEf4Wytju1La"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsEachExercisableForOneOrdinaryShareAtExercisePriceOf253.00PerShareMember" id="Fact000048" name="dei:Security12bTitle">Warrants,
    each exercisable for one Ordinary Share at an exercise price of $253.00 per share</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--TradingSymbol_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsEachExercisableForOneOrdinaryShareAtExercisePriceOf253.00PerShareMember_zV2kszYFH4Mh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsEachExercisableForOneOrdinaryShareAtExercisePriceOf253.00PerShareMember" id="Fact000049" name="dei:TradingSymbol">SMXWW</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--SecurityExchangeName_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsEachExercisableForOneOrdinaryShareAtExercisePriceOf253.00PerShareMember_zLYmu8aQ6Ct6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsEachExercisableForOneOrdinaryShareAtExercisePriceOf253.00PerShareMember" format="ixt-sec:exchnameen" id="Fact000050" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span>
    Stock Market LLC</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period
covered by the annual report: On December 31, 2023, the issuer had <span id="xdx_900_edei--EntityCommonStockSharesOutstanding_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zFtMPCJROXJk"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember" id="Fact000051" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,242,706</ix:nonFraction></span> Ordinary Shares, with a par value of $0.0022 per
share, <span id="xdx_90C_edei--EntityCommonStockSharesOutstanding_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PublicWarrantsMember_z5L6RJ54wrsc"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact000052" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">284,091</ix:nonFraction></span>
public warrants, and <span id="xdx_900_edei--EntityCommonStockSharesOutstanding_iI_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--DeferredSharesMember_z7Ex9r5phwd9"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_custom_DeferredSharesMember" id="Fact000053" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>
Deferred Shares, EURO 1 par value, outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_90C_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zvAB67YPWOb7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_907_edei--EntityVoluntaryFilers_c20230101__20231231_zYPaGpMq5ku9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_900_edei--EntityCurrentReportingStatus_c20230101__20231231_z0exZPUGw5U"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_90D_edei--EntityInteractiveDataCurrent_c20230101__20231231_zQJH3c2oMH07"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000057" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityFilerCategory_c20230101__20231231_zvCBGZkcchQl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000058" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20230101__20231231_z8HCCzI7h6Ak"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000059" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_904_edei--EntityExTransitionPeriod_c20230101__20231231_zakbL1oxoY97"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000060" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;The
term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_907_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zFCOy9ES5Z2k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000061" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90E_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zSYCuFPHmPMh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000062" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US
    GAAP &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentAccountingStandard_c20230101__20231231_zBJEvFaEeCJ"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000063" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    the International Accounting Standards Board &#174;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question indicate by check mark which financial statement item the registrant
has elected to follow. Item 17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; <span id="xdx_90F_edei--EntityShellCompany_c20230101__20231231_zM65Lsg1LnB"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000064" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_001">GENERAL
    INFORMATION</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_002">CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_003">PART
    I</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_004">ITEM
    1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_005">A.
    Directors and Senior Management</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_006">B.
    Advisors</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_007">C.
    Auditors</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_008">ITEM
    2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_009">A.
    Offer Statistics</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_010">B.
    Method and Expected Timetable</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_011">ITEM
    3. KEY INFORMATION</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_012">A.
    [Reserved]</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_013">B.
    Capitalization and Indebtedness</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_014">C.
    Reasons for the Offer and Use of Proceeds</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_015">D.
    Risk Factors</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_016">ITEM
    4. INFORMATION OF THE COMPANY</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_017">A.
    History and Development of the Company</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#Na_018">B.
    Business Overview</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_001">C.
    Organizational Structure</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_002">D.
    Property, Plants and Equipment</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_003">ITEM
    4A. UNRESOLVED STAFF COMMENTS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_004">ITEM
    5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_005">A.
    Operating Results</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_006">B.
    Liquidity and Capital Resources</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#aj_007">C.
    Research and Development, Patents and Licenses, Etc.</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_001">D.
    Trend Information</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#sw_002"><span style="text-decoration: underline">E.
    Critical Accounting Policies and Estimates</span></a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sw_003"><b><span style="text-decoration: underline">ITEM
    6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></b></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#sw_004"><span style="text-decoration: underline">A.
    Directors and Executive Officers</span></a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_005">B.
    Compensation</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_006">C.
    Board Practices</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_007">D.
    Employees</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_008">E.
    Share Ownership</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_009">F.
    Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_010">ITEM
    7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_011">A.
    Major Shareholders</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_012">B.
    Related Party Transactions</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_013">C.
    Interests of Experts and Counsel</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_014">ITEM
    8. FINANCIAL INFORMATION</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_015">A.
    Consolidated Statements and Other Financial Information</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_016">B.
    Significant Changes</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_017">ITEM
    9. THE OFFER AND LISTING</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_018">A.
    Offer and Listing Details</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_019">B.
    Plan of Distribution</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_020">C.
    Markets</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_021">D.
    Selling Shareholders</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_022">E.
    Dilution</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_023">F.
    Expenses of the Issue</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_024">ITEM
    10. ADDITIONAL INFORMATION</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_025">A.
    Share Capital</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_026">B.
    Memorandum and Articles of Association</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_027">C.
    Material Contracts</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_028">D.
    Exchange Controls</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_029">E.
    Taxation</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_030">F.
    Dividends and Paying Agents</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_031">G.
    Statement by Experts</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_032">H.
    Documents on Display</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_033">I.
    Subsidiary Information</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_034">ITEM
    11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_035">ITEM
    12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_036">A.
    Debt Securities</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_037">B.
    Warrants and Rights</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_038">C.
    Other Securities</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_039">D.
    American Depositary Shares</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_040">PART
    II</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_041">ITEM
    13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_042">ITEM
    14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">108</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_043">ITEM
    15. CONTROLS AND PROCEDURES</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_044">A.
    Disclosure Controls and Procedures</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">108</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_045">B.
    Management&#8217;s Annual Report on Internal Control Over Financial Reporting</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_046">C.
    Attestation Report of the Registered Public Accounting Firm</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_047">D.
    Changes in Internal Control Over Financial Reporting</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_048">ITEM
    16. [RESERVED]</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_049">ITEM
    16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_050">ITEM
    16B. CODE OF ETHICS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#sw_051">ITEM
    16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_001">ITEM
    16D. EXEMPTIONS FROM THE LISTING STANDARD FOR AUDIT COMMITTEES</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_002">ITEM
    16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASER</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_003">ITEM
    16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_004">ITEM
    16G. CORPORATE GOVERNANCE</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_005">ITEM
    16H. MINE SAFETY DISCLOSURE</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_006">ITEM
    16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_007">ITEM
    16J. INSIDER TRADING POLICIES</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><a href="#it16K_001"><b>ITEM 16K. CYBERSECURITY</b></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_008">PART
    III</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_009">ITEM
    17. FINANCIAL STATEMENTS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_010">ITEM
    18. FINANCIAL STATEMENTS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_011">ITEM
    19. EXHIBITS</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">113</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><a href="#am_013">EXHIBIT
    INDEX</a></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">113</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_001"></span>GENERAL
INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
context otherwise requires, all references in this Annual Report on Form 20-F to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221;
and &#8220;our&#8221; refer to SMX (Security Matters) Public Limited Company and, where appropriate, its consolidated subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report includes trademarks, tradenames and service marks, certain of which belong to us and others that are the property of other
organizations. Solely for convenience, trademarks, tradenames and service marks referred to in this Annual Report appear without the
<sup>&#174;</sup>, <sup>&#8482;</sup> and SM symbols, but the absence of those symbols is not intended to indicate, in any way, that we
will not assert our rights or that the applicable owner will not assert its rights to these trademarks, tradenames and service marks
to the fullest extent under applicable law. We do not intend our use or display of other parties&#8217; trademarks, trade names or service
marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by,
these other parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_002"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F (including information incorporated by reference herein, the &#8220;Report&#8221;) contains or may contain
forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and
Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that involve significant risks and uncertainties.
All statements other than statements of historical facts are forward-looking statements. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not
historical facts. Forward-looking statements reflect the Company&#8217;s current views with respect to, among other things, its capital
resources, performance and results of operations. Likewise, all of the Company&#8217;s statements regarding anticipated growth in operations,
anticipated market conditions, demographics and results of operations are forward-looking statements. Words such as &#8220;outlook,&#8221;
&#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;potential,&#8221; &#8220;continues,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;should,&#8221; &#8220;could,&#8221; &#8220;seeks,&#8221; &#8220;approximately,&#8221; &#8220;predicts,&#8221; &#8220;intends,&#8221;
&#8220;plans,&#8221; &#8220;estimates,&#8221; &#8220;anticipates&#8221; or the negative version of these words or variations of such
words and similar expressions are intended to identify the forward-looking statements. Forward-looking statements in this Report and
in any document incorporated by reference in this Report may include, for example, statements about:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
    Company&#8217;s financial performance;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
    ability to obtain or maintain the listing of the Ordinary Shares on Nasdaq;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">changes
    in the Company&#8217;s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects
    and plans;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
    Company&#8217;s</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ability to develop and launch new
    products and services;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
    Company&#8217;s ability to successfully and efficiently integrate future expansion plans and opportunities;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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forward-looking statements are based on information available as of the date of this Report, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as
may be required under applicable securities laws.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk factors and cautionary language referred to or incorporated by reference in this Report provide examples of risks, uncertainties
and events that may cause actual results to differ materially from the expectations described in our forward-looking statements, including
among other things, the items identified in the section entitled &#8220;<i>Risk Factors</i>&#8221;. <span style="background-color: white">You
should, however, review the factors and risks that the Company describes in the reports it will file from time to time with the SEC.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
Warrant</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_003"></span><span style="font-size: 10pt"><b>PART
I</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_004"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_005"></span><span style="font-size: 10pt"><b>A.
Directors and Senior Management</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_006"></span><span style="font-size: 10pt"><b>B.
Advisors</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_007"></span><span style="font-size: 10pt"><b>C.
Auditors</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_008"></span><span style="font-size: 10pt"><b>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_009"></span><span style="font-size: 10pt"><b>A.
Offer Statistics</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_010"></span><span style="font-size: 10pt"><b>B.
Method and Expected Timetable</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_011"></span><span style="font-size: 10pt"><b>ITEM
3. KEY INFORMATION</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_012"></span><span style="font-size: 10pt"><b>A.
[Reserved]</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_013"></span><span style="font-size: 10pt"><b>B.
Capitalization and Indebtedness</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_014"></span><span style="font-size: 10pt"><b>C.
Reasons for the Offer and Use of Proceeds</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_015"></span><span style="font-size: 10pt"><b>D.
Risk Factors</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our securities is highly speculative, involves a high degree of risk and should be made only by investors who can afford
a complete loss. If any of the following risks actually occurs, then our business, financial condition or results of operations could
be materially adversely affected, the trading of our ordinary share and warrants could decline, and you may lose all or part of your
investment therein. In addition to the risks outlined below, risks and uncertainties not presently known to us or that we currently consider
immaterial may also impair our business operations. Potential risks and uncertainties that could affect our operating results and financial
condition include, without limitation, the following:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our securities entails a high degree of risk as more fully described under &#8220;<i>Risk Factors</i>.&#8221; You should carefully
consider such risks before deciding to invest in our securities. These risks include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Related to Ownership of the Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    market for our securities may not continue, which would adversely affect the liquidity and price of our securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    securities or industry analysts do not publish or cease publishing research or reports about the Company, its business, or its market,
    or if they change their recommendations regarding the Ordinary Shares adversely, then the price and trading volume of the Ordinary
    Shares could decline.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Related to Our Legal and Regulatory Environment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in laws, regulations or rules, and a failure to comply with any laws, regulations and standards, may adversely affect our financial
    and operating performance and profitability.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
related to the business and operations of the Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses
    and difficulties, and it may be difficult to evaluate our future prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we fail to effectively manage our growth, our business, financial condition, and results of operations could be adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    industry in which we operate is competitive, and if we fail to compete effectively, we could experience price reductions, reduced
    margins or loss of revenues.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will need in the future to raise additional funds, inter alia, by equity, debt, or convertible debt financings, to support our growth,
    and those funds may be unavailable on acceptable terms, or at all. As a result, we may be unable to meet our future capital needs,
    which may limit our ability to grow and jeopardize our ability to continue our business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Technology, Intellectual Property and Data</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be unable to, and it may be difficult and costly to, obtain, maintain, protect, or enforce our intellectual property and other
    proprietary rights sufficiently.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Our Operations in Israel</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
    in Israel and relations between Israel and other countries could adversely affect our business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
related to Tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax
    reform policies, or changes in tax legislation or policies could impact our future financial position and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    holders that directly or indirectly own 10% or more of our equity interests may be subject to adverse U.S. federal income tax consequences
    under rules applicable to U.S. shareholders of &#8220;controlled foreign corporations.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    U.S. shareholders may suffer adverse tax consequences if we are classified as a &#8220;passive foreign investment company.&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Internal Revenue Service may not agree that the Company should be treated as a non-U.S. corporation for U.S. federal income tax purposes.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unanticipated
    changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely
    affect our financial condition and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    changes in U.S. and foreign tax laws could adversely affect the Company.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
related to Irish Law</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
    in the Company&#8217;s Amended and Restated Memorandum and Articles of Association (the &#8220;Amended and Restated Memorandum and
    Articles of Association&#8221;) and under Irish law could make an acquisition of the Company more difficult, may limit attempts by
    the Company shareholders to replace or remove the Company&#8217;s management, may limit shareholders&#8217; ability to obtain a favorable
    judicial forum for disputes with the Company or the Company&#8217;s directors, officers, or employees, and may limit the market price
    of the Ordinary Shares, the warrants to acquire one Ordinary Share at an exercise price of $253.00 per share (the &#8220;Public Warrants&#8221;)
    and/or other securities issued by the Company.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Risks</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    Company may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses.
    This would subject the Company to generally accepted accounting principles, as in effect in the United States from time to time (&#8220;GAAP&#8221;),
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    emerging growth companies will make the Ordinary Shares less attractive to investors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    can be no assurance that we will be able to comply with the continued listing standards of Nasdaq. If we are not able to comply with
    the applicable continued listing requirements or standards of the Nasdaq Capital Markets, Nasdaq could delist our Ordinary Shares
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of
operations. You should consider the risks discussed in &#8220;Risk Factors&#8221; and elsewhere in this Report before investing in our
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our securities is highly speculative, involves a high degree of risk and should be made only by investors who can afford
a complete loss. If any of the following risks actually occurs, then our business, financial condition or results of operations could
be materially adversely affected, the trading of our Ordinary Share and warrants could decline, and you may lose all or part of your
investment therein. In addition to the risks outlined below, risks and uncertainties not presently known to us or that we currently consider
immaterial may also impair our business operations. Potential risks and uncertainties that could affect our operating results and financial
condition include, without limitation, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Ownership of the Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
market for our securities may not continue, which would adversely affect the liquidity and price of our securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of our securities may fluctuate significantly due to the general market and economic conditions. An active trading market for our
securities may never develop or, if developed, it may not be sustained. In addition, the price of our securities can vary due to general
economic conditions and forecasts, our general business condition and the release of our financial reports. Additionally, if our securities
become delisted from Nasdaq for any reason, and are quoted on the OTC Bulletin Board, an inter-dealer automated quotation system for
equity securities that is not a national securities exchange, the liquidity and price of our securities may be more limited than if we
were quoted or listed on Nasdaq or another national securities exchange. You may be unable to sell your securities unless a market can
be established or sustained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
trading price of our securities could be volatile and subject to wide fluctuations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our securities could be volatile and subject to wide fluctuations in response to various factors, some of which are
beyond our control. Any of the factors listed below could have a material adverse effect on your investment in our securities and our
securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our securities
may not recover and may experience a further decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broad
market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock
market in general and Nasdaq have experienced price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities,
may not be predictable. A loss of investor confidence in the market for the stocks of other companies that investors perceive to be similar
to the Company could depress our stock price regardless of our business, prospects, financial conditions or results of operations. A
decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability
to obtain additional financing in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock
price. This type of litigation could result in substantial costs and divert our management&#8217;s attention and resources and could
also require us to make substantial payments to satisfy judgments or to settle litigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about the Company, its business, or its market,
or if they change their recommendations regarding the Ordinary Shares adversely, then the price and trading volume of the Ordinary Shares
could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market, or our competitors. Securities and industry analysts do not currently, and may never, publish research
on the Company. If no securities or industry analysts commence coverage of the Company, our stock price and trading volume would likely
be negatively impacted. If any of the analysts who may cover the Company change their recommendation regarding our stock adversely, or
provide more favorable relative recommendations about our competitors, the price of our Ordinary Shares would likely decline. If any
analyst who may cover the Company were to cease coverage or fail to regularly publish reports on it, we could lose visibility in the
financial markets, which could cause our stock price or trading volume to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
related to the business and operations of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses
and difficulties, and it may be difficult to evaluate our future prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have experienced rapid growth in recent years in the markets we serve, including hiring additional employees, running multiple projects
concurrently and expanding into new fields, and we plan to continue to expand into new markets. Our limited operating history may make
it difficult to make accurate predictions about our future performance. Assessing our business and future prospects may also be difficult
because of the risks and difficulties we face. These risks and difficulties include our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effectively
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are not able to timely and effectively address these risks and difficulties as well as those described elsewhere in this &#8220;Risk
Factors&#8221; section, our business, financial condition and results of operations may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to effectively manage our growth, our business, financial condition, and results of operations could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above, over the last several years, we have experienced rapid growth in our business and number of employees, and we expect
to continue to experience growth in the future. This rapid growth has placed, and may continue to place, significant demands on our management,
processes, systems and operational, technological and financial resources. Our ability to manage our growth effectively, integrate new
employees, independent contractors and technologies into our existing business and attract new business partners and maintain relationships
with existing business partners will require us to continue to retain, attract, train, motivate and manage employees and independent
contractors and expand our operational, technological and financial infrastructure. Continued growth could strain our ability to develop
and improve our operational, technological, financial and management controls, reporting systems and procedures, recruit, train and retain
highly skilled personnel and maintain business partners&#8217; and their customers&#8217; satisfaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not have sufficient manufacturing capabilities for our markers and readers to satisfy demand for our products, including due to
the Eastern-European issues, world politics, post-COVID-19 related issues, international freight issues, costs of goods and other
external financial or political issues. We may be unable to control the availability or cost of producing such products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current manufacturing capabilities may not reach the required production levels necessary in order to meet growing demands for any products
we may commission or future products we may develop. There can be no assurance that our commissioned products can be manufactured at
the desired commercial quantities, in compliance with our requirements and at an acceptable cost. Any such failure could delay or prevent
us from shipping said products and marketing the technologies in accordance with our target growth strategies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we were able to date to find new employees, when required, Israeli (and other) high-tech employment atmosphere (including due to the
post-COVID-19 pandemic and lack of available professionals) is making it harder and harder to find and retain new employees. Thus, risk
exists that we will not be able to hire all the employees we seek to hire, in the timeframe required and anticipated, which may slow
down our growth, cause increased costs and reduced profits or hinder our ability to duly and timely fulfill all tasks and growth plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
note that due to such employment atmosphere we may need to extend additional resources, including issuance of shares and options, and
financial measures in order to create retention plans for key personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
of our products are in the field of sustainability and circular economy and part of our growth engine is the upcoming world-wide
legislation and regulations demanding sustainability and circular economy and carbon-free environment. While we are not relying on
such upcoming legislation or regulations, slow legislation or promulgation process and changes in priorities (including due to
lingering effects of the COVID-19 epidemic or the Eastern-European issues) may slow our growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the fact that we aim our sales efforts at large international market-maker conglomerates, our sales cycle is relatively slow and there
is a larger risk that at any time, due to many reasons that are beyond our control, the sales cycle will be broken and all efforts will
be lost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing factors could negatively affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Isorad License Agreement is terminated, our business, financial condition and results of operations may be harmed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2015, SMX Israel entered a license agreement with Isorad Ltd (a company wholly owned by the State of Israel with rights to exclusively
commercialize the Soreq Nuclear Research Center technology for civilian uses) (&#8220;Isorad&#8221;) to license the initial technology
of tracking and tracing materials by observing and identifying markers (&#8220;Source IP&#8221;) and commercialize and develop the technology
further (the &#8220;Isorad License Agreement&#8221;). Under the Isorad License Agreement, the Source IP can be utilized in almost any
industry and with any product. The Source IP has been the cornerstone for our technological developments. Since entering into the Isorad
License Agreement, we filed over a hundred additional patent applications worldwide (most of which are irrelated to the Source IP).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically
as to Yahaloma, the royalty rate on gross sales of Yahaloma, to be paid by Yahaloma, are 4.2% (and not 2.2% that applies solely to Security
Matters PTY, its other affiliates and to other sublicensees). Upon the occurrence of an M&amp;A event (as such event is defined in such
agreement to include mergers, sale of all or substantially all the assets of Yahaloma and similar event), Isorad is entitled to a fee
equal to 1% of the total consideration paid to, received by, or distributed to, Yahaloma and/or its shareholders and/or its affiliates
in connection with the event, including, without limitation, all cash, securities or other property which is received by Yahaloma and/or
its shareholders in connection with such event of two such events (i.e. twice) at its choice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Isorad License Agreement will continue in full force and effect in perpetuity unless terminated. If either party does not remedy a material
breach of its obligations within 180 days of notice of the material breach, the non-defaulting party may terminate the Isorad License
Agreement immediately. Isorad may terminate the agreement by providing 30 days prior written notice if the royalties payable to Isorad
are nil in any semi-annual report or if we breach other certain obligations (such as a failure to maintain a patent or patent application
in the previous semi-annual review period). If the Isorad License Agreement is terminated, our business, financial condition and results
of operations may be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to penetrate the full value chain manufacturing eco-system effectively, our business, financial condition, and results of operations
could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value
based pricing may be necessary to enable roll-out across clients, creating challenges in full value capture and effective customer segmentation.
Some end-markets (e.g. plastics) require high levels of penetration to support our full value proposition. A broad range of potential
end-markets and clients with different value propositions and price sensitivities will require a substantial, high performing, commercial
organization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to maintain continuous growth there is a need to onboard more and more players from different parts of the value chain manufacturing
eco-system with the final view of covering all links in the value chain manufacturing eco-system. This may be time and cost consuming
and will require funding and personnel and we may not be able to achieve the full value chain penetration due to failure to attain funding
or personnel or due to external circumstances, which may hinder our growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
COVID-19 pandemic has adversely affected, and its lingering effects may continue to affect, our business, financial condition,
liquidity and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic resulted in a widespread health crisis that has adversely affected businesses, economies and financial markets
worldwide, placed constraints on the operations of businesses, decreased consumer mobility and activity, and caused significant
economic volatility in the United States, Israel, Australia and international capital markets. We have followed guidance issued from
time to time by the Australian and Israeli governments and the other local governments in territories in which we operate to protect
our employees. As such, we have implemented work from home where possible, minimized face-to-face meetings and utilized video
conference as much as possible and adhered to social distancing rules at our facilities while eliminating international travel,
which required us to use local representatives to handle presentations and demonstrations for oversees customers. As a result, we
have experienced some difficulties in employee ability to efficiently collaborate to meet our customer needs, a difficulty in our
efforts to recruit and hire qualified personnel during this time, and have recorded a minor decrease in expected growth in 2020 and
2021, both due to the lockdown and restrictions, and our customers postponing or being hesitant of making future financial, or
other, commitments due to the need to put response to the pandemic at the forefront, hesitations that may continue, or reoccur, in
the future. Although many of these limitations have been lifted as the pandemic has receded, some of the resulting difficulties have
remained in varying degrees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the other future potential, direct or indirect, lingering impacts of the COVID-19 pandemic on our business or
operations. Additional waves of infections, or any further lingering adverse impacts caused by the COVID-19 pandemic could further
impact employment rates, supply chains, priorities and the economy, affecting our customer base and divert customers&#8217;
discretionary spend to other uses, including for essential items. These events could impact our cash flows, results of operations
and financial conditions and heighten many of the other risks described in this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations in foreign jurisdictions will subject us to risks associated with operating in those jurisdictions and may adversely affect
our business, cash flows, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we operate in foreign jurisdictions (such as Ireland, Israel, Australia, Singapore, France and Canada), we will be subject to those risks
associated with operating in foreign jurisdictions. Such risks may include economic, social or political instability or change, hyperinflation,
currency non-convertibility or instability and changes of laws affecting foreign ownership, government participation, taxation, working
conditions, rates of exchange, exchange control, licensing, repatriation of income or return of capital, consumer health and safety or
labor relations. While the jurisdictions in which we currently operate are economically stable, there is no certainty that political
and economic conditions will remain stable. Any deterioration in political or economic conditions, including hostilities or terrorist
activity may adversely affect our operations and profitability. There is a risk that the government of any such jurisdiction may change
its policies regarding foreign investment, apply new or different taxes and levies, or make any other change which may have an adverse
impact on our profitability. See the risk factors under &#8220;Risks Related to Our Operations in Israel.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Russian-Ukrainian dispute, Security Matters PTY was cooperating with a Ukrainian entity in parallel with its activities in Israel
and European entities for research and development for its readers. Security Matters PTY was also reviewing potential relationships with
entities in Russia, Belarus and Ukraine. As a result of the dispute, Security Matters PTY put on hold its research and development in
Ukraine while continuing its research and development activity in Israel and with European entities and undertook no business relationships
with parties in those regions. It is yet unknown what other effects such dispute may have on other jurisdictions, mainly in Europe, and
any such effect might affect our business and growth. We cannot predict the other future potential impacts of the dispute on our business
or operations, especially if such dispute becomes more than a regional event. These events could impact our cash flows, business, results
of operations and financial condition and heighten many of the other risks described in this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
events may occur within or outside the jurisdictions in which we operate that could impact those economies, our operations and the price
of the Ordinary Shares. These events include but are not limited to acts of terrorism, an outbreak of international hostilities, fires,
floods, earthquakes, labor strikes, civil wars, natural disasters, outbreaks of disease or other natural or manmade events or occurrences
that can have an adverse effect on the demand for our products and our ability to conduct business. While we seek to maintain insurance
in accordance with industry practice to insure against the risks we consider appropriate after consideration of our needs and circumstances,
no assurance can be given as to our ability to obtain such insurance coverage in the future at reasonable rates or that any coverage
arranged will be adequate and available to cover any and all potential claims. The occurrence of an event that is not covered or fully
covered by insurance could have a material adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to successfully identify and integrate acquisitions, our results of operations could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisitions
may be a significant component of our growth strategy and from time to time we may seek to identify and complete acquisitions. Our future
acquisitions may not be successful or may not generate the financial benefits that we expected we would achieve at the time of acquisition.
In addition, there can be no assurance that we will be able to locate suitable acquisition candidates in the future or acquire them on
acceptable terms or, because of competition in the marketplace. Acquisitions involve special risks, including, without limitation, the
potential assumption of unanticipated liabilities and contingencies, difficulty in assimilating the operations and personnel of the acquired
businesses, disruption of our existing business, dissipation of our limited management resources and impairment of relationships with
employees and customers of the acquired business as a result of changes in ownership. While we believe that strategic acquisitions can
improve our competitiveness and profitability, these activities could have a material adverse effect on our business, financial condition
and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may incur significant costs such as transaction fees, professional service fees and other costs related to future acquisitions. We may
also incur integration costs following the completion of any such acquisitions as we integrate the acquired business with the rest of
our Company. Although we expect that the realization of efficiencies related to the integration of any acquired businesses will offset
the incremental transaction and acquisition-related costs over time, this net financial benefit may not be achieved in the near term,
or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
industry in which we operate is competitive, and if we fail to compete effectively, we could experience price reductions, reduced margins
or loss of revenues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the track and trace and anti-counterfeit industry in which we operate is subject to global and domestic competition. We are unable to
influence or control the conduct of our competitors and such conduct may detrimentally affect our financial and operating performance
There are several competitors that operate in the anti-counterfeit and track-and-trace industries and if new competitors enter the market,
or established companies develop new products and technologies that are superior to our current technology, our ability to exploit any
technological advantage successfully may be affected. We may be unable to develop further products or keep pace with developments and
may lose clients to competitors. If our competitors develop a more efficient business model or undertake a more aggressive marketing
campaign, this is likely to affect our marketing strategies and results of operations adversely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that customers will adopt our products and we may be unable to compete successfully with more established track and trace
and anti-counterfeit companies on price or quality or may be unsuited to the established preferences of potential customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
continued growth, including our ability to manage our operations and meet our strategic objectives, depends on retaining our current
employees upon whom we are dependent and attracting and retaining qualified personnel, and we may not be able to do so at a rate that
will enable us to stand up to our expected growth or cope with specific demands that may arise.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends to a large extent upon the skills and experience of our executive officers, management and sales, marketing, operations
and scientific staff. We may not be able to attract or retain qualified employees due to the intense competition for qualified personnel
in the technology industry, as well as to geographic considerations, our ability to offer competitive compensation and benefits, and
other reasons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are not able to attract and retain the necessary qualified personnel to manage our operations and accomplish our business objectives,
we may experience constraints that will adversely affect our ability to manufacture, sell and market our products or to support research
and development programs effectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel has entered into employment contracts with several of its executives including Haggai Alon, its founder and Chief Executive Officer,
and Ofira Bar, its CFO. Due to the specific knowledge and experience of these executives regarding the industry, technology and market
generally and to our company specifically, the loss of the services of any one of these executives could have a material adverse effect
on us. We have not obtained a key person insurance policy on any officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our employment agreements contain non-compete clauses, Israeli law does not fully enforce employees&#8217; non-compete obligations and
may limit their application, including with regard to duration and scope.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Israeli case law an Israeli Court will usually only enforce non-compete provisions if the employee received specific consideration for
it. While all of our employment agreements include specific provisions stipulating that special consideration was paid for the non-compete
provision, a risk always exists that a Court will not enforce such.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to anticipate or adapt to consumer preferences which may have an adverse effect on our business, cash flows, financial
condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on our ability to develop and commercialize our technology. A failure to successfully develop and commercialize our technology
could lead to a loss of opportunities and adversely impact on our business, cash flows, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global market for our technology is ever changing due to new technologies, new products, changes in regulations and other factors influencing
market acceptance or market rejection of our technologies. This market volatility and risks exists despite our best efforts in relation
to market research, promotion and sales efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is dependent on consumer awareness and market acceptance of our products. We may not be able to anticipate and react to trends
within the industries we target in a timely manner or accurately assess the impact that such trends may have on consumer preferences.
Failure to respond to changes in consumer preferences or anticipate market trends may adversely affect our future revenues and performance.
Although we have striven to establish market recognition for our products in the relevant industry, it is too early in the life cycle
of our brand to determine whether markers, readers, blockchain technology and any further technology developed by us will achieve and
maintain satisfactory levels of acceptance and sustained adoption by manufacturers and consumers. Our technology may not be accepted
by the market or used in our proposed markets and industries. We may not be able to commercialize our products, which could adversely
impact on business, cash flows, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to adapt our markers to the needs of any customer or field which may have an adverse effect on our business, cash flows,
financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development tailoring costs are required to adapt marker and scanning technology to different materials and industrial/commercial
environments, potentially increasing the cost and time to market as we scale across customers and verticals. If we are unable to adapt
our markers to the needs of any customer or field due to the costs of doing so, our business, cash flows, financial condition and results
of operations could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will need in the future to raise additional funds, inter alia, by equity, debt, or convertible debt financings, to support our growth,
and those funds may be unavailable on acceptable terms, or at all. As a result, we may be unable to meet our future capital needs, which
may limit our ability to grow and jeopardize our ability to continue our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to continue to make investments to support our growth and will require additional funds to respond to business challenges that may
arise, including the need to develop new products and services, enhance our technology, scale and improve our operating infrastructure,
or acquire complementary businesses and technologies. Accordingly, we will need to engage in equity, debt or convertible debt financings
to secure additional funds. In raising additional funds by the issuance of equity securities or securities convertible into equity securities,
our shareholders may experience dilution. Debt financing, such as credit facilities or corporate bonds, may involve covenants restricting
our operations or our ability to incur additional debt. Debt financing may also require security arrangements including cash collateral
agreements that restrict the availability of cash held as collateral which is the case for amounts we may borrow in the future. In addition,
future equity financing or replacement or refinancing of any debt financings may not be available on terms favorable to us, or at all,
and the fact that debt holders are repaid first may reduce our ability to raise a later equity financing and may limit the ability to
distribute dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain adequate financing or financing at terms satisfactory to us when we require it, we may be unable to pursue certain
business opportunities, supply proper service to our customers, and our ability to continue to support our business growth and the then
current business and to respond to business challenges may be impaired and our business may be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
proceedings, investigations or claims against us may be costly and time-consuming to defend and may harm our reputation and damage our
business regardless of the outcome. In addition, our business and operations could be negatively affected if they become subject to any
securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of business and growth
strategy and impact our share price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not aware of any risk of litigation against us, but we may be involved in litigation disputes with third parties including
suppliers, customers, employees, former employees and government bodies in the ordinary course of business. The occurrence of a litigation
dispute may be costly and impact on our reputation which may have a material adverse effect on our business, cash flows, financial condition
and results of operations. Insurance might not cover such claims, might not provide sufficient payments to cover all the costs to resolve
one or more such claims and might not continue to be available at terms acceptable to us. A claim brought against us for which we are
uninsured or underinsured could result in unanticipated costs, potentially harming our business, cash flows, financial position and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
not a director of that entity, Mr. Alon previously worked as the deputy general manager for business development of an Israeli public
company, Plat Technologies International Ltd (&#8220;Plat&#8221;) which entered insolvency. In early 2017, an ILS 35.9 million shareholders
claim was filed by the appointed court officers at the end of the seven year statute of limitation period against 18 defendants, including
Mr. Alon, regarding the collapse of Plat (the &#8220;Claim&#8221;). The insurance policy covering directors and officers responded and
are now handling the claim. Mr. Alon denies any wrongdoing and does not consider that he will be required to commit any significant time
to the conduct of the Claim and therefore will not constrain his ability to perform his duties and obligations to Security Matters PTY.
The parties agreed to try and amicably resolve the dispute in mediation under which the insurance company agreed to consider taking upon
itself any compensation as to the liability of Mr. Alon, if any, in such mediation proceedings. Security Matters PTY is not a party to
the Claim and the Claim does not relate to the business or the affairs of Security Matters PTY.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
markers may contaminate or spoil the raw material into which our marker is inserted, which could damage our reputation, subject us to
product liability claims and result in a loss of revenue.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we follow production protocols and conduct quality assurance tests, our markers may contaminate the raw material or certain raw material
ingredients may be spoiled, contaminated by chemicals, microorganisms or toxins, or include foreign materials or substances. The risk
of contamination may lead to product recalls or other interventions, which may cause serious damage to our reputation as a marking solution
which does not affect the characteristics of the materials or products, or result in product liability claims and loss of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
markers may include hazardous materials which may put customers, employees and other parties in our supply chain at risk. If any person
is harmed by hazardous materials in our markers, our reputation could be damaged and we could be subject to litigation which may adversely
affect our business, cash flows, financial position and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
markers used by us are produced from materials chosen specifically for a specific application. Markers may, in some cases, include low
concentrations of materials that may be deemed hazardous materials and the production of the markers by our employees can include dealing
with hazardous materials. While manufacturing is conducted according to the material&#8217;s Material Safety Data Sheets (MSDS) and other
relevant safety guidelines, a risk of health, even if minimal, may arise. While the hazardous materials are sent to the customers at
a low concentration (of the marker), the risk of misuse or error in production may cause damage to our employees or customers, which
may affect our expenses and production abilities. While we take safety provisions with respect to the hazardous materials used in our
markers, these safety precautions may not be sufficient to prevent harm to our employees or customers from the production of or use of,
respectively, our markers. While we are in compliance with the requirements of ISO 9001:2015 standard for quality management and quality
assurance as well as safety measures instructed by an external safety engineer, such safety provisions may not be sufficient to prevent
human error or other causes of damage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
readers use x-rays and may be of danger if tampered with or otherwise not used in accordance with the user manual and safety rules.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we supply customers with strict instructions for the use of our readers, and although we take measures to avoid misuse of the readers
and minimize the risk of damage from misuse of the readers, users and others may suffer damage from not following such user instructions
and may seek legal actions against us, even if such users or others are at fault.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to procure adequate insurance and any insurance we have or may have may not be of sufficient coverage</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our subsidiaries seek to maintain appropriate policies of insurance consistent with those customarily carried by organizations in
our industry sector, including product insurance, as well as cyber-risk and privacy-risk insurance. Any increase in the cost of insurance
policies or the industry in which they operate could adversely affect our business, cash flows, financial condition and results of operations.
Our insurance coverage may also be inadequate to cover losses we may sustain and the insurance company may refuse to provide coverage
or demand excessive payment for such coverage. In particular, our insurance does not extend to any potential liability or claims made
against us under our agreement with Isorad. Uninsured loss or a loss in excess of our insured limits could adversely affect our business,
cash flows, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
risk management policies and procedures, and those of our third-party vendors upon which we rely, may not be fully effective in identifying
or mitigating risk exposure. If our policies and procedures do not adequately protect us from exposure to these risks, we may incur losses
that would adversely affect our financial condition, reputation and market share.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed risk management policies and procedures and we continue to refine such as we conduct our business. Our policies and procedures
are meant to identify, monitor and manage risks may not be fully effective in mitigating our risk exposure. Further, as we are a research
and development (&#8220;R&amp;D&#8221;) company and expand into new fields of business, our risk management policies and procedures may
not be able to keep up with our current rapid rate of expansion adequately, and may not be adequate or sufficient to mitigate risks.
Moreover, we are subject to the risks of errors and misconduct, including by our officers, employees and independent contractors, including
fraud and non-compliance with policies. These risks are difficult to detect in advance and prevent or avoid, and could harm our business,
results of operations or financial condition. Although we seek to maintain insurance and use other traditional risk-shifting tools when
possible, such as third-party indemnification, where possible, to manage certain exposures, they are subject to terms such as deductibles,
coinsurance, limits and policy exclusions, as well as risk of counterparty denial of coverage, default or insolvency. If our policies
and procedures do not adequately protect us from exposure, and our exposure is not adequately covered by insurance or other risk-shifting
tools, we may incur losses that would adversely affect our business, cash flows, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Technology, Intellectual Property and Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to, and it may be difficult and costly to, obtain, maintain, protect, or enforce our intellectual property and other proprietary
rights sufficiently.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to operate our businesses depends, in part, upon our proprietary technology. We may be unable to protect our proprietary technology
effectively, which would allow competitors to duplicate our technology and adversely affect our ability to compete with them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have applied for over a hundred patents. While we are not aware of any such patent applications or the technology infringing any third
party&#8217;s patents, we have not undertaken an exhaustive assessment of existing patents to determine any overlapping technology or
potential infringement, and we do not conduct a freedom to operate search or any other exhaustive search of patents that may limit our
ability to supply solutions to specific customers or fields, as the costs of such would be prohibitive. Accordingly, there is a risk
that a third party may claim that any patent application infringes that third party&#8217;s patent. Any event that would jeopardize our
proprietary rights or any claims of infringement by third parties could have an adverse effect on our ability to market or exploit our
technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that our proposed patents that are the subject of the patent applications filed by us will provide adequate protection
for our intellectual property, or that third parties will not infringe or misappropriate the patents or similar proprietary rights. In
addition, there can be no assurance that we will not have to pursue litigation against other parties to assert our rights. There is no
guarantee that any of the patents that have been applied for will be granted. If some or all of the patent applications are not granted,
our ability to exploit our technology may be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
third parties claim that we infringe upon or otherwise violate their intellectual property rights, our business could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are not aware of any infringement on the rights of third parties, we may in the future be subject to claims that we have infringed
or otherwise violated third parties&#8217; intellectual property rights. There is patent, copyright, and other intellectual property
development and enforcement activity in our industry and relating to the advanced technology we use in our business. Our future success
depends in part on not infringing upon or otherwise violating the intellectual property rights of others. From time to time, our competitors
or other third parties (including non-practicing entities and patent holding companies) may contend that we are infringing upon or otherwise
violating their intellectual property rights, or attack our pending or approved patents, and we may be found to be infringing upon or
otherwise violating such rights or otherwise in legal claims regarding patents or other intellectual property rights. We may be unaware
of the intellectual property rights of others that may cover some or all of our current or future technology or conflict with our rights,
and the patent and other intellectual property rights of others may limit our ability to improve our technology and compete effectively.
Any claims of intellectual property infringement or other intellectual property violations, even those without merit, could cause the
incurrence of costs and other direct, or indirect, damage to us, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
    expensive and time consuming to defend;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause
    us to cease making, licensing, or using any of our products that incorporate the challenged intellectual property;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage
    our reputation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hinder
    our ability to market or sell our products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">affect
    negotiations or executed agreements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause
    increase to our insurance policies premium or refusal of insurance companies to insure us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">divert
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
royalty or licensing agreements, if required, may not be available to us on acceptable terms or at all. A successful claim of infringement
against us could result in our being required to pay significant damages, enter into costly settlement agreements, or prevent us from
offering our solutions, any of which could have a negative impact on our operating profits and harm our future prospects. We may also
be obligated to indemnify our customers or business partners in connection with any such litigation and to obtain licenses, modify our
solutions, or refund fees, which could further exhaust our resources. Such disputes could also disrupt our solutions, adversely affecting
our customer satisfaction and ability to attract customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
applicable employment laws, we may not be able to enforce covenants not to compete.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our employment agreements with our employees we have confidentiality obligations. These agreements generally prohibit our employees,
if they cease working for us, from competing directly with us or working for our competitors for a limited period. We may be unable to
enforce these agreements under the laws of the jurisdictions in which our employees work and it may be difficult for us to restrict our
competitors from benefitting from the expertise our former employees or consultants developed while working for us. For example, Israeli
labor Courts have required employers seeking to enforce non-compete undertakings of a former employee to demonstrate that the competitive
activities of the former employee will harm one of a limited number of material interests of the employer which have been recognized
by the courts, such as the protection of a company&#8217;s trade secrets or other proprietary knowhow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Legal and Regulatory Environment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Litigation,
regulatory actions, consumer complaints and compliance issues could subject us to significant fines, penalties, judgments, remediation
costs and/or requirements resulting in increased expenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, we may be named as a defendant in various legal actions, including litigation or regulatory enforcement
actions. All such legal actions are inherently unpredictable and, regardless of the merits of the claims, are often expensive, time-consuming,
disruptive to our operations and resources, and distracting to management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in laws, regulations and standards and failure to comply with laws, regulations and standards may adversely affect our financial and
operating performance and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
changes to the existing regulatory framework or the imposition of new legislation or regulations applicable to any of the industries
in which Security Matters PTY operates may adversely affect the financial and operating performance of Security Matters PTY. This risk
factor applies to government policy and legislative changes in the United States, Australia, Israel, as well as the other jurisdictions
in which we currently operate, or will operate in the future, or jurisdictions in which our current or future customers may operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
while we currently do not anticipate this, as the markers used in materials or products are of minuscule quantities, the markers may
in the future be required to comply with health and safety laws in certain jurisdictions, and failure to comply with such laws may lead
to penalties and other liabilities being imposed on us. In such circumstances, we may be required to suspend production or cease operations,
which may lead to a materially adverse effect on our financial performance and profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we are not aware of any regulation or similar restriction that currently materially limits our ability to use our markers, such regulation
or similar restriction may in the future limit our ability to sell our products and may require us either to avoid marking certain material
or require us to disclose data to certain entities for certification process that may be required in order for us to use our markers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
readers use X-range ray technology, which may thus require in certain jurisdictions specific authorization in order to import, manufacture
or use such readers. Such authorization process in each such jurisdiction may be time and resources consuming, but may also limit the
ability of users to use the readers without proper qualifications, as well as may require, in certain jurisdictions the supervision of
such use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Obligations
and changes in laws or regulations relating to privacy, cybersecurity, and data protection, or any actual or deemed failure by us to
comply with such laws and regulations that could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
receive, collect, use, disclose, transmit, and store information, including certain sensitive data, relating to our customers and employees.
Our collection and processing of such data in our business may subject us to certain state, federal, and international laws and regulations
relating to privacy, cybersecurity, and data protection. These laws, rules, and regulations evolve frequently and their scope may continually
change through new legislation, amendments to existing legislation, and changes in interpretation or enforcement, and may be inconsistent
from one jurisdiction to another.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in laws or regulations relating to privacy, cybersecurity, and data protection, particularly any new or modified laws or regulations
that require enhanced protection of certain types of data or new obligations with regard to data retention, transfer, or disclosure,
could greatly increase the cost of our operations or prevent us from providing certain services. Complying with these requirements through
changing our policies and practices may be onerous and costly. These changes may in turn impair our ability to offer our existing or
planned products and services or increase our cost of doing business. Further, we may become subject to privacy and data security laws
from jurisdictions outside of our standard business operations in. Despite our efforts to comply with any applicable laws, regulations,
and other obligations relating to privacy, cybersecurity, and data protection, it is possible that our interpretations of the law, practices,
or our network could be inconsistent with, or fail or be alleged to fail to meet all requirements of, such laws, regulations, or obligations.
Our failure, or the failure by our business partners or customers using our services to comply with applicable laws or regulations or
any other obligations relating to privacy, cybersecurity, and data protection or any compromise of security that results in unauthorized
access to, or use or release of personal information or other data relating to consumers or other individuals, or the perception that
any of the foregoing types of failure or compromise has occurred, could damage our reputation, discourage new and existing business partners
and customers from working with us, or result in fines, investigations, or proceedings by governmental agencies and private claims and
litigation, any of which could adversely affect our business, cash flows, financial condition, and results of operations. Even if not
subject to legal challenge, the perception of privacy concerns, whether or not valid, may harm our reputation and brand and adversely
affect our business, cash flows, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
invest significant resources in information technology protection and security measures. If these measures are targeted or breached,
we may incur significant legal and financial exposure as a result of ransomware, loss of information, and related litigation. Moreover,
we hold data of our employees and customers and we invest significant resources in information technology protection and security measures
to ensure that such data is safe. If these measures are targeted or breached, we may incur significant reputational damage and related
legal and financial exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
                                            Related to Our Operations in Israel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conditions
in Israel and relations between Israel and other countries could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our offices and R&amp;D facilities are located in Israel. Accordingly, political, economic and military conditions in Israel and the
surrounding region directly affect our business and operations and could materially and adversely affect our ability to continue to operate
from Israel. Recently, for example, the current political situation in Israel where the ruling parties are attempting to implement laws
that essentially allow the parliament to enact laws that are preemptively immune to judicial review could adversely affect our business
and results of operations. In addition, since the State of Israel was established in 1948, a number of armed conflicts have occurred
between Israel and its Arab neighbors. In the event that our facilities are damaged as a result of hostile action or hostilities otherwise
disrupt the ongoing operation of our facilities, our ability to continue our operations could be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, and most recently restarting in October 2023 Israel has been engaged in sporadic armed conflicts with terrorist
groups, including those that control the Gaza Strip and other regions close to Israel. In addition, Iran has threatened to attack,
and has attacked, Israel and may be developing nuclear weapons. Some of these hostilities were accompanied by missiles being fired
from the Gaza Strip, Lebanon, Syria and Iran against civilian targets in various parts of Israel, including areas in which our
employees and independent contractors are located, which negatively affected business conditions in Israel. Any hostilities
involving Israel, regional political instability or the interruption or curtailment of trade between Israel and its trading partners
could materially and adversely affect our operations and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of property damage and certain direct and indirect damages that are caused by terrorist
attacks or acts of war, such coverage would likely be limited, may not be applicable to our business (either due to the geographic location
of our offices or the type of business that we operate) and may not reinstate our loss of revenue or economic losses more generally.
Furthermore, we cannot assure that this government coverage will be maintained or that it will sufficiently cover our potential damages,
or whether such coverage would be timely provided. Any losses or damages incurred by us could have a material adverse effect on our business,
cash flows, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts and Israeli legal reforms initiatives
may cause countries to limit activities with Israel or otherwise apply certain restrictions, or may otherwise adversely affect our activities.
Several countries still restrict doing business with Israel and Israeli companies, and additional countries may impose restrictions on
doing business with Israel and Israeli companies if hostilities in Israel or political instability in the region continues or increases.
These restrictive laws and policies, or significant downturn in the economic or financial condition of Israel, could materially and adversely
affect our operations and product development, and could cause our sales to decrease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
large concentration of our staff resides in Israel and many of our employees and independent contractors in Israel are required to perform
military reserve duty, which may disrupt their work for us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our employees and independent contractors, including certain of our founders and certain members of our management team, operate from
our headquarters that are located in central Israel. In addition, a number of our officers and directors are residents of Israel. Accordingly,
political, economic and military conditions in Israel and the surrounding region may directly affect our business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, many Israeli citizens are obligated to perform several days, and in some cases more, of annual military reserve duty each year
until they reach the age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event
of a military conflict, may be called to active duty. In response to increases in terrorist activity, there have been periods of significant
call-ups of military reservists, including since October 7, 2023. It is possible that there will be additional and continued military
reserve duty call-ups in the future. Our operations could be disrupted by such call-ups, particularly if such call-ups include the call-up
of members of our management, and given the current shortage of talent in Israel due to the recent acceleration of activity in startups,
especially in the technology space. Such disruption could materially and adversely affect our business, financial condition and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Tax</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax reform
policies, or changes in tax legislation or policies could impact the Company&#8217;s future financial position and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
tax reform, base-erosion efforts and tax transparency continue to be high priorities in many tax jurisdictions where we have business
operations. As a result, policies regarding corporate income and other taxes in numerous jurisdictions are under heightened scrutiny
and tax reform legislation is being proposed or enacted in a number of jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2015, the Organization for Economic Co-operation and Development (the &#8220;OECD&#8221;) published final recommendations on base erosion
and profit shifting (&#8220;BEPS&#8221;). These recommendations proposed the development of rules directed at counteracting the effects
of tax havens and preferential tax regimes in countries around the world. Several of the areas of tax law on which the BEPS project focused
have led or will lead to changes in the domestic law of individual OECD jurisdictions. These changes include (amongst others) restrictions
on interest and other deductions for tax purposes, the introduction of broad anti-hybrid regimes and reform of controlled foreign corporation
rules. Changes are also expected to arise in the application of certain double tax treaties, which may restrict the ability of certain
members of the Company to rely on the terms of relevant double tax treaties in certain circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2021, the OECD published the draft Global Anti-Base Erosion Model Rules which are aimed at ensuring that Multinational Enterprises
(&#8220;MNEs&#8221;) will be subject to a global minimum 15% tax rate from 2023 (&#8220;GloBE Rules&#8221;). The GloBE Rules are part
of the OECD/G20 Inclusive Framework on BEPS which currently has 141 participant countries. The EU Council adopted Council Directive 2022/25234
(the &#8220;GloBE Directive&#8221;) on 22 December 2022 to implement the GloBE Rules in the EU. The GloBE Directive provides for the
introduction of rules designed to achieve a minimum effective taxation for MNEs and large-scale domestic groups with revenues of at least
&#8364;750,000,000, operating in the EU&#8217;s internal market and beyond. It provides a common framework for implementing the GloBE
Rules into EU Member States&#8217; national laws by 31 December 2023. If the Company is regarded as part of an &#8220;MNE Group&#8221;
(or large-scale domestic group) which has consolidated revenues of more than EUR 750,000,000 in at least two out of the previous four
years, it may be within the scope of the GloBE Rules which may result in an increase in the Company&#8217;s tax costs and operational
expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
of law in individual jurisdictions which may arise as a result of the BEPS project or other tax measures may ultimately increase the
tax base of individual members of the Company in certain jurisdictions or the worldwide tax exposure of the Company. Changes of law may
also include revisions to the definition of a &#8220;permanent establishment&#8221; and the rules for attributing profit to a permanent
establishment. Other changes may focus on the goal of ensuring that transfer pricing outcomes are in line with value creation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
changes to tax laws could increase their complexity and the burden and costs of compliance. Additionally, such changes could also result
in significant modifications to existing transfer pricing rules and could potentially have an adverse impact on the Company&#8217;s taxable
profits in various jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
holders that directly or indirectly own 10% or more of our equity interests may be subject to adverse U.S. federal income tax consequences
under rules applicable to U.S. shareholders of &#8220;controlled foreign corporations.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation generally will be classified as a controlled foreign corporation for U.S. federal income tax purposes (a &#8220;CFC&#8221;),
if &#8220;10% U.S. equityholders&#8221; (as defined below) own, directly, indirectly or constructively, more than 50% of either (i) the
total combined voting power of all classes of stock of such corporation entitled to vote or (ii) the total value of the stock of such
corporation. We do not believe that the Company would be classified as a CFC at the time of Closing, although CFC status is determined
after taking into account complex constructive ownership rules and, accordingly, there can be no assurance in this regard. However, certain
of the Company&#8217;s non-U.S. subsidiaries may be classified as CFCs (as a result of the application of certain constructive ownership
rules which treat the Company&#8217;s U.S. subsidiaries as owning the equity of those non-U.S. subsidiaries), and it is possible that
we may be classified as a CFC in the future. The U.S. federal income tax consequences for U.S. holders who at all times are not 10% U.S.
equityholders would not be affected by the CFC rules. However, a U.S. holder that owns (or is treated as owning, directly, indirectly
or constructively, including by applying certain attribution rules) 10% or more of the combined voting power of all classes of our stock
entitled to vote or the total value of our equity interests (including equity interests attributable to a deemed exercise of options
and convertible debt instruments), or a &#8220;10% U.S. equityholder,&#8221; if we were classified as a CFC, would generally be subject
to current U.S. federal income taxation on a portion of our applicable subsidiaries&#8217; earnings and profits (as determined for U.S.
federal income tax purposes) and our earnings and profits, regardless of whether such 10% U.S. equityholder receives any actual distributions
(with certain exceptions in the case of CFCs attributed through downward attribution). In addition, if we were classified as a CFC, a
portion of any gains realized on the sale of our common shares by a 10% U.S. equityholder may be treated as ordinary income. A 10% U.S.
equityholder will also be subject to additional U.S. federal income tax information reporting requirements with respect to our subsidiaries
that are classified as CFCs and with respect to us (if we or any of our subsidiaries were classified as a CFC) and substantial penalties
may be imposed for noncompliance. We cannot provide any assurances that the Company will assist U.S. holders in determining whether the
Company or any of its subsidiaries are treated as a CFC for U.S. federal income tax purposes or whether any U.S. holder is treated as
a 10% U.S. equityholder with respect to any of such CFC or furnish to any holder information that may be necessary to comply with reporting
and tax paying obligations if the Company, or any of its subsidiaries, is treated as a CFC for U.S. federal income tax purposes. Each
U.S. holder should consult its own tax advisor regarding the CFC rules and whether such U.S. holder may be a 10% U.S. equityholder for
purposes of these rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income
tax consequences to U.S. investors in our shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a non-U.S. corporation is a passive foreign investment company, (&#8220;PFIC&#8221;), for any taxable year in which (i) 75%
or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets
that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that
owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the
other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes
dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the expected composition of our income and assets and the value of our assets, including goodwill, we do not expect to be a PFIC for
our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely
clear. Because the proper characterization of certain components of our income and assets is not entirely clear, because we will hold
a substantial amount of cash following this offering, and because our PFIC status for any taxable year will depend on the composition
of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market
price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any
future taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could
apply to such U.S. investor. See &#8220;Material Income Tax Considerations-U.S. Federal Income Taxation Considerations-Passive Foreign
Investment Company Consequences&#8221; for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Internal Revenue Service may not agree that the Company should be treated as a non-U.S. corporation for U.S. federal income tax purposes.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company is incorporated in Ireland, the Internal Revenue Service (&#8220;IRS&#8221;) may assert that it should be treated as a U.S.
corporation (and therefore a U.S. tax resident) for U.S. federal income tax purposes pursuant to Section 7874 of the Internal Revenue
Code of 1986, as amended (the &#8220;Code&#8221;). For U.S. federal income tax purposes, a corporation is generally considered a U.S.
&#8220;domestic&#8221; corporation (or U.S. tax resident) if it is organized in the United States, and a corporation is generally considered
a &#8220;foreign&#8221; corporation (or non-U.S. tax resident) if it is not a U.S. corporation. Because the Company is an entity incorporated
in Ireland, it would generally be classified as a foreign corporation (or non-U.S. tax resident) under these rules. Section 7874 of the
Code provides an exception under which a foreign incorporated and foreign tax resident entity may, in certain circumstances, be treated
as a U.S. corporation for U.S. federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The
Company is not currently expected to be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the
Code after the Business Combination. However, the application of Section 7874 of the Code is complex and is subject to detailed regulations
(the application of which is uncertain in various respects and would be impacted by changes in such U.S. Treasury Regulations with possible
retroactive effect) and is subject to certain factual uncertainties. Accordingly, there can be no assurance that the IRS will not challenge
the status of the Company as a foreign corporation under Section 7874 of the Code or that such challenge would not be sustained by a
court.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the IRS were to successfully challenge under Section 7874 of the Code the Company&#8217;s status as a foreign corporation for U.S. federal
income tax purposes, the Company and certain the Company shareholders would be subject to significant adverse tax consequences, including
a higher effective corporate income tax rate on the Company and future withholding taxes on certain the Company shareholders, depending
on the application of any income tax treaty that might apply to reduce such withholding taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Investors
in the Company should consult their own tax advisors regarding the application of Section 7874 of the Code to the Business Combination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unanticipated
changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect
our financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to federal and state income taxes in the United States and potentially in other jurisdictions. Our future effective tax rates
could be subject to volatility or adversely affected by a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    in the valuation of our deferred tax assets and liabilities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    timing and amount of the release of any tax valuation allowances;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax
    effects of stock-based compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in tax laws, regulations or interpretations thereof; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower
    than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings
    in jurisdictions where we have higher statutory tax rates.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may be subject to audits of our income, sales and other transaction taxes by taxing authorities. Outcomes from these audits
could have an adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
changes in U.S. and foreign tax laws could adversely affect the Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Congress and the Organisation for Economic Co-operation and Development have focused on issues related to the taxation of multinational
corporations. In particular, specific attention has been paid to &#8220;base erosion and profit shifting&#8221;, where payments are made
between affiliates from a jurisdiction with high tax rates to a jurisdiction with lower tax rates. As a result, the tax laws in Ireland
could change on a prospective or retroactive basis, and any such change could adversely affect the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Irish Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company does not intend to pay dividends for the foreseeable future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has never declared or paid any cash dividends on its capital stock and does not intend to pay any cash dividends in the foreseeable
future. The Company expects to retain future earnings, if any, to fund the development and growth of its business. Any future determination
to pay dividends on the Company&#8217;s capital stock will be at the discretion of the Board of Directors of the Company (the &#8220;Board&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Irish
taxes may apply to any dividends paid or transfers of the Company&#8217;s securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company pays dividends, such dividends may be subject to Irish dividend withholding tax or Irish income tax. Certain transfers of
Ordinary Shares, may be subject to Irish capital acquisitions tax or stamp duty. In particular, Irish stamp duty will apply to any future
transfer of Ordinary Shares which are not listed and held through the Depository Trust Company (&#8220;DTC&#8221;) and generally the
purchaser / transferee will be liable for the payment of the stamp duty arising.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
in the Amended and Restated Memorandum and Articles of Association and under Irish law could make an acquisition of Lionheart more difficult,
may limit attempts by the Company shareholders to replace or remove the Company&#8217;s management, may limit shareholders&#8217; ability
to obtain a favorable judicial forum for disputes with the Company or the Company&#8217;s directors, officers or employees, and may limit
the market price of the Ordinary Shares, the Public Warrants and/or other securities issued by the Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
in the Amended and Restated Memorandum and Articles of Association may have the effect of delaying or preventing a change of control
or changes in the Company&#8217;s management. The Amended and Restated Memorandum and Articles of Association includes provisions that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">permit
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibit
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company incurs significant costs and devotes substantial management time as a result of being subject to reporting requirements in the
United States, which may adversely affect the operating results of the Company in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company subject to reporting requirements in the United States, the Company incurs significant legal, accounting and other expenses
that the Company would not have incurred as a private company. For example, the Company is subject to the reporting
requirements of the Exchange Act and is required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank
Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC, including the establishment
and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Compliance with these requirements
increase the Company&#8217;s legal and financial compliance costs and make some activities more time consuming and costly, while also
diverting management attention. In particular, the Company expects to incur significant expenses and devote substantial management effort
toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which will increase when it is no longer an
emerging growth company as defined by the JOBS Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s management has limited experience in operating a public company in the United States.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Company&#8217;s executive officers have experience in the management of a public company in Australia, the Company&#8217;s executive
officers have limited experience in the management of a public company in the United States. The Company&#8217;s management team may
not successfully or effectively manage its transition to a U.S. public company that will be subject to significant regulatory oversight
and reporting obligations under federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining
to U.S. public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted
to these activities which will result in less time being devoted to the management and growth of the Company. The Company may not have
adequate personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal
controls over financial reporting required of public companies in the United States. The development and implementation of the standards
and controls necessary for the Company to achieve the level of accounting standards required of a public company in the United States
may require costs greater than expected. It is possible that the Company will be required to expand its employee base and hire additional
employees to support its operations as a public company, which will increase its operating costs in future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
stock price of the Ordinary Shares may be volatile.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of the Ordinary Shares may be volatile. In addition to factors discussed elsewhere in this Risk Factors section, the market
price of the Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond the Company&#8217;s
control, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market
prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate
to the operating performance of those companies. In the past, stockholders have instituted securities class action litigation following
periods of market volatility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may issue additional Ordinary Shares or other equity securities without seeking approval of the Company&#8217;s shareholders,
which would dilute your ownership interests and may depress the market price of the Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has warrants outstanding to purchase approximately 15 million Ordinary Shares and other convertible securities, compared to 38,334,442
Ordinary Shares issued and outstanding, as of April 29, 2024. Further, the Company may choose to seek third party or other financing
to provide additional working capital, in which event the Company may issue additional equity securities. The Company may also issue
additional Ordinary Shares or other equity securities of equal or senior rank in the future for any reason or in connection with, among
other things, future acquisitions, the redemption of outstanding warrants, or repayment of outstanding indebtedness, without shareholder
approval, in a number of circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s issuance of additional Ordinary Shares or other equity securities of equal or senior rank would have the following effects:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Company is an &#8220;emerging growth company&#8221; and it cannot be certain if the reduced disclosure requirements applicable to emerging
growth companies will make the Ordinary Shares less attractive to investors.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company&#8221; as defined in the JOBS Act. As an emerging growth company, the Company is only required
to provide two years of audited financial statements and only two years of related selected financial data and management discussion
and analysis of financial condition and results of operations disclosure. In addition, the Company is not required to obtain auditor
attestation of its reporting on internal control over financial reporting, has reduced disclosure obligations regarding executive compensation
and is not required to hold non-binding advisory votes on executive compensation. In addition, the JOBS Act provides that an emerging
growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows
an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies.
The Company has elected to take advantage of such extended transition period. The Company cannot predict whether investors will find
the Ordinary Shares to be less attractive as a result of its reliance on these exemptions. If some investors find the Ordinary Shares
to be less attractive as a result, there may be a less active trading market for the Ordinary Shares and the price of the Ordinary Shares
may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will remain an emerging growth company until the earliest of: (i) the end of the fiscal year in which the Company has total annual
gross revenue of $1.07 billion; (ii) the last day of the Company&#8217;s fiscal year following the fifth anniversary of the date on which
Lionheart consummated its initial public offering; (iii) the date on which the Company issues more than $1.0 billion in non-convertible
debt during the preceding three-year period; or (iv) the end of the fiscal year in which the market value of the Ordinary Shares held
by non- affiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
there is no guarantee that the exemptions available to the Company under the JOBS Act will result in significant savings. To the extent
that the Company chooses not to use exemptions from various reporting requirements under the JOBS Act, it will incur additional compliance
costs, which may impact the Company&#8217;s financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Company will need additional capital in the future to meet its financial obligations and to pursue its business objectives. Additional
capital may not be available on favorable terms, or at all, which could compromise the Company&#8217;s ability to meet its financial
obligations and grow its business.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will need to raise additional capital to fund operations in the future, pay substantial existing liabilities and obligations,
and possibly finance future growth of acquisitions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company seeks to raise additional capital in order to meet various objectives, including developing existing or future technologies
and solutions, refinancing or repaying indebtedness or other liabilities or obligations, increasing working capital, acquiring new clients,
expanding geographically and responding to competitive pressures, capital may not be available on favorable terms or may not be available
at all, which could have a material adverse effect on the continued development or growth of the Company. Lack of sufficient capital
resources could significantly limit the Company&#8217;s ability to take advantage of business and strategic opportunities. Any additional
capital raised through the sale of equity or debt securities with an equity component would dilute stock ownership. If adequate additional
funds are not available, the Company may be required to delay, reduce the scope of, or eliminate material part of its business strategy,
including acquiring potential new clients or the continued development of new or existing technologies or solutions and geographic expansion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that we will be able to comply with the continued listing standards of Nasdaq. If we are not able to comply with
the applicable continued listing requirements or standards of the Nasdaq Capital Markets, Nasdaq could delist our Ordinary Shares and
Public Warrants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Ordinary Shares and Public Warrants are currently listed on the Nasdaq Capital Market, after failing to meet all of the
listing standards of the Nasdaq Global Market. In order to maintain that listing, we must satisfy minimum financial and other continued
listing requirements and standards, including those regarding minimum stockholders&#8217; equity, minimum market value, minimum share
price, and certain corporate governance requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2024, the Company received a deficiency letter from the Listing Qualifications Department (the &#8220;Staff&#8221;) of The
Nasdaq Stock Market, LLC (&#8220;Nasdaq&#8221;), notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(a)(2)
(the &#8220;Minimum Bid Price Requirement&#8221;) for continued listing on the Nasdaq Capital Market, as the bid price of the Company&#8217;s
ordinary shares on the Nasdaq Capital Market was below $1.00 for 30 consecutive business days, from December 11, 2023 to January 25,
2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the &#8220;Compliance Period Rule&#8221;), the Company has a period of 180 calendar
days, or until July 24, 2024 (the &#8220;Compliance Date&#8221;), to regain compliance with the Minimum Bid Price Requirement. If, at
any time before the Compliance Date, the closing bid price of the Company&#8217;s ordinary shares is at least $1.00 for a minimum of
ten consecutive business days, the Staff will provide a written confirmation to the Company that it has regained compliance with the
Minimum Bid Price Requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii), if the Ordinary Shares trade below $0.10 per share for ten consecutive
trading days, we could be subject to a Nasdaq delisting notification which could result in the delisting of our Ordinary Shares from
Nasdaq unless we appeal or unless Nasdaq provides a compliance period in which to cure such bid price deficiency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for
additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement,
and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse
stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional
180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq will provide notice that its securities will be subject to delisting. At that time, the Company may appeal the Staff&#8217;s
delisting determination to a Nasdaq Listing Qualifications Panel (the &#8220;Panel&#8221;) pursuant to the procedures set forth in the
applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the
delisting determination by the Staff to the Panel, such appeal would be successful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, or will otherwise
be compliant with other Nasdaq Listing Rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Nasdaq delists the Ordinary Shares and/or the Public Warrants from trading on its exchange for failure to meet the listing standards,
we and our stockholders could face significant material adverse consequences including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited availability of market quotations for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    liquidity for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that the Ordinary Shares is a &#8220;penny stock&#8221; which will require brokers trading in the Ordinary Shares to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited amount of news and analyst coverage; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the
sale of certain securities, which are referred to as &#8220;covered securities.&#8221; To the extent the Ordinary Shares and Public Warrants
are listed on Nasdaq, they are covered securities. Although the states are preempted from regulating the sale of our securities, the
federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent
activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed
on Nasdaq, our securities would not be covered securities and we would be subject to regulation in each state in which we offer our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
delisting from Nasdaq, our Ordinary Shares may be traded, if at all in the over-the-counter inter-dealer quotation system, more commonly
known as the OTC. OTC transactions involve risks in addition to those associated with transactions in securities traded on securities
exchanges such as Nasdaq. Many OTC stocks trade less frequently and in smaller volumes than exchange-listed Stocks. Accordingly, our
stock would be less liquid than it would be otherwise. Also, the values of OTC stocks are often more volatile than exchange-listed stocks.
Additionally, institutional investors are often prohibited from investing in OTC stocks, and it might be more challenging to raise capital
when needed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if our Ordinary Shares are delisted, your ability to transfer or sell your Ordinary Shares may be limited and the value of
those securities will be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our Ordinary Shares becomes subject to the penny stock rules, it may be more difficult to sell our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Commission has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are
generally equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges
or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or system). The OTC Bulletin Board does not meet such requirements and if
the price of our Ordinary Shares is less than $5.00 and our Ordinary Shares are no longer listed on a national securities exchange such
as Nasdaq, our stock may be deemed a penny stock. The penny stock rules require a broker-dealer, at least two business days prior to
a transaction in a penny stock not otherwise exempt from those rules, to deliver to the customer a standardized risk disclosure document
containing specified information and to obtain from the customer a signed and dated acknowledgment of receipt of that document. In addition,
the penny stock rules require that prior to effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer
must make a special written determination that the penny stock is a suitable investment for the purchaser and receive: (i) the purchaser&#8217;s
written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks;
and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the
trading activity in the secondary market for our Ordinary Shares, and therefore shareholders may have difficulty selling their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
issuances of debt securities and equity securities may adversely affect us, including the market price of our Ordinary Shares and may
be dilutive to existing shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that significant additional capital will be needed in the future to continue our planned research, development and business operations.
In the future, we may incur debt or issue equity ranking senior to our Ordinary Shares. Those securities will generally have priority
upon liquidation. Such securities also may be governed by an indenture or other instrument containing covenants restricting our operating
flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges
more favorable than those of Ordinary Shares. Because our decision to issue debt or equity in the future will depend on market conditions
and other factors beyond our control, we cannot predict or estimate the amount, timing, nature or success of our future capital raising
efforts. As a result, recent and future capital raising efforts may reduce the market price of Ordinary Shares and be dilutive to existing
shareholders. In addition, our ability to raise additional capital through the sale of equity or convertible debt securities could be
significantly impacted by the resale of Ordinary Shares by selling shareholders pursuant to one or more prospectuses, which could result
in a significant decline in the trading price of Ordinary Shares and potentially hinder our ability to raise capital at terms that are
acceptable to us or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
JOBS Act permits &#8220;emerging growth companies&#8221; like the Company to take advantage of certain exemptions from various reporting
requirements applicable to other public companies that are not emerging growth companies, which may make our Ordinary Shares less attractive
to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently qualifies as an &#8220;emerging growth company&#8221; as defined in Section 2(a)(19) of the Securities Act, as modified
by the Jumpstart Its Business Startups Act of 2012, which is referred to as the &#8220;JOBS Act.&#8221; As such, the Company takes advantage
of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies
for as long as it continues to be an emerging growth company, including the exemption from the auditor attestation requirements with
respect to internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act. As a result, Company shareholders may
not have access to certain information they deem important.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company cannot predict if investors will find Ordinary Shares less attractive because it relies on these exemptions. If some investors
find Ordinary Shares less attractive as a result, there may be a less active trading market and share price for Ordinary Shares may be
more volatile. The Company may incur increased legal, accounting and compliance costs associated with Section 404 of the Sarbanes-Oxley
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is  less publicly available information concerning the Company than there is for issuers that are not foreign private issuers
because the Company is considered a foreign private issuer and is exempt from a number of rules under the Exchange Act, and
is permitted to file less information with the SEC than issuers that are not foreign private issuers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is considered a &#8220;foreign private issuer&#8221; under the Exchange Act. A foreign private issuer under the Exchange Act
is exempt from certain rules under the Exchange Act, and is not required to file periodic reports and financial statements with the SEC
as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private issuers,
or to comply with Regulation FD, which restricts the selective disclosure of material non-public information. The Company is exempt from
certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange Act. SMX currently
prepares its financial statements in accordance with IFRS. The Company will not be required to file financial statements prepared in
accordance with or reconciled to U.S. GAAP so long as its financial statements are prepared in accordance with IFRS as issued by the
International Accounting Standards Board. The Company is not required to comply with Regulation FD, which imposes restrictions on the
selective disclosure of material information to shareholders. The members of the Company&#8217;s board of directors, officers and principal
shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act
with respect to their purchases and sales of Company securities. Accordingly, there will likely be less publicly available information
concerning the Company than there is for companies whose securities are registered under the Exchange Act but are not foreign private
issuers, and such information may not be provided as promptly as it is provided by such companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, certain information may be provided by the Company in accordance with Irish law, which may differ in substance or timing from
such disclosure requirements under the Exchange Act. As a foreign private issuer, under Nasdaq rules the Company is subject to less stringent
corporate governance requirements. Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer to follow its home
country practice in lieu of the listing requirements of Nasdaq, including, for example, certain internal controls as well as board, committee
and director independence requirements. The Company intends from time to time to follow Irish corporate governance practices in lieu
of Nasdaq corporate governance rules and (a) followed Irish practices to amend its 2022 Incentive Equity Plan to increase
the number of authorized shares under such plan without shareholder approval and (b) follows home country practice in lieu of the requirements
under Nasdaq Rule 5635(d) to seek shareholder approval in connection with certain transactions involving the sale, issuance and potential
issuance of its Ordinary Shares (or securities convertible into or exercisable for its Ordinary Shares) at a price less than certain
referenced prices, if such shares equal 20% or more of the Company&#8217;s Ordinary Shares or voting power outstanding before the issuance,
each as permitted under Irish law, and we cannot assure you that we will not avail ourselves of other such exceptions in the future.
If the Company determines to follow Irish corporate governance practices in lieu of Nasdaq corporate governance standards, the Company
will disclose each Nasdaq rule that it does not intend to follow and describe the Irish practice that the Company will follow in lieu
thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses. This
would subject the Company to GAAP reporting requirements which may be difficult for it to comply with.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a &#8220;foreign private issuer,&#8221; the Company would not be required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act and related rules and regulations. Under those rules, the determination of foreign private issuer status
is made annually on the last business day of an issuer&#8217;s most recently completed second fiscal quarter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, the Company could lose its foreign private issuer status if a majority of its Ordinary Shares are held by residents in the
United States and it fails to meet any one of the additional &#8220;business contacts&#8221; requirements. Although the Company intends
to follow certain practices that are consistent with U.S. regulatory provisions applicable to U.S. companies, the Company&#8217;s loss
of foreign private issuer status would make such provisions mandatory. The regulatory and compliance costs to the Company under U.S.
securities laws if it is deemed a U.S. domestic issuer may be significantly higher. If the Company is not a foreign private issuer, the
Company will be required to file periodic reports and prospectuses on U.S. domestic issuer forms with the SEC, which are more detailed
and extensive than the forms available to a foreign private issuer. For example, the Company would become subject to the Regulation FD,
aimed at preventing issuers from making selective disclosures of material information. The Company also may be required to modify certain
of its policies to comply with good governance practices associated with U.S. domestic issuers. Such conversion and modifications will
involve additional costs. In addition, the Company may lose its ability to rely upon exemptions from certain corporate governance requirements
of Nasdaq that are available to foreign private issuers. For example, Nasdaq&#8217;s corporate governance rules require listed companies
to have, among other things, a majority of independent board members and independent director oversight of executive compensation, nomination
of directors, and corporate governance matters. As a foreign private issuer, the Company would be permitted to follow home country practice
in lieu of the above requirements. As long as the Company relies on the foreign private issuer exemption to certain of Nasdaq&#8217;s
corporate governance standards, a majority of the directors on its board of directors are not required to be independent directors, its
compensation committee is not required to be comprised entirely of independent directors, and it will not be required to have a nominating
committee. Also, the Company would be required to change its basis of accounting from IFRS as issued by the IASB to GAAP, and would have to obtain shareholder approval for certain issuances of
its Ordinary Shares or equivalents, each of which may be
difficult and costly for it to comply with. If the Company loses its foreign private issuer status and fails to comply with U.S. securities
laws applicable to U.S. domestic issuers, the Company may have to de-list from Nasdaq and could be subject to investigation by the SEC,
Nasdaq and other regulators, among other materially adverse consequences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
sale of currently-restricted Ordinary Shares acquired by the Company&#8217;s stockholders, or the perception that such sales may occur,
could cause the price of our Ordinary Shares to fall.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on a number of factors, including market liquidity, sales of currently-restricted Ordinary Shares held by our stockholders may cause
the trading price of our Ordinary Shares to fall. The stockholders may resell all, some, or none of those shares at its discretion
upon registration or an exemption from registration. Therefore, sales by the stockholders could result in substantial dilution to
the interests of other holders of our Ordinary Shares. Additionally, the sale of a substantial number of Ordinary Shares, or the
anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a
desirable time and price. The resale of Ordinary Shares by stockholders in the public market or otherwise or the perception that
such sales could occur, could also harm the prevailing market price of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_016"></span>ITEM
4. INFORMATION OF THE COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Na_017"></span><span style="font-size: 10pt"><b>A.
History and Development of the Company</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legal name of the Company is SMX (Security Matters) Public Limited Company (f/k/a Empatan Public Limited Company). The Company was formed
on July 1, 2022 as a public limited company under the name Empatan Public Limited Company, incorporated in Ireland. The Company changed
its name to SMX (Security Matters) Public Limited Company on February 17, 2023. Its affairs are governed by its Amended and Restated
Memorandum and Articles of Association, the Irish Companies Act of 2014 (the &#8220;ICA&#8221;), and the laws of Ireland. The Company&#8217;s
principal executive office is located at Mespil Business Centre, Mespil House, Sussex Road, Dublin 4, Ireland, D04 T4A6. The Company&#8217;s
telephone number is +353 1 920 1000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was newly incorporated for the purposes of becoming a holding company following the Business Combination, described further below. Through the consummation
of the Business Combination, the Company did not conduct any material activities other than those incident to its formation and the Business
Combination and only had nominal assets consisting of cash and its interest in Merger Sub.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to certain of the informational filing requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;). Since the Company is a &#8220;foreign private issuer,&#8221; it is exempt from the rules and regulations under the Exchange
Act prescribing the furnishing and content of proxy statements, and the officers, directors and principal shareholders of the Company
are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions contained in Section 16 of the Exchange Act with
respect to their purchase and sale of Parent Shares. In addition, the Company is not required to file reports and financial statements
with the SEC as frequently or as promptly as U.S. public companies whose securities are registered under the Exchange Act. However, the
Company is required to file with the SEC an Annual Report on Form 20-F containing financial statements audited by an independent accounting
firm. The SEC maintains a website at <i>http://www.sec.gov</i> that contains reports and other information that the Company files with
or furnishes electronically to the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
website address of the Company is https://smx.tech. The information contained on the website does not form a part of, and is not incorporated
by reference into, this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 55.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">SMX
Israel</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel was incorporated in 2014 to provide brand protection and supply chain integrity solutions to businesses. It provides these solutions
through the commercialization of the initial technology of tracking and tracing materials by observing and identifying markers (the &#8220;Source
IP&#8221;). SMX Israel&#8217;s Source IP was initiated from the Soreq Nuclear Research Center, an Israeli government research and development
institute for nuclear and photonic technologies under the Israeli Atomic Energy Commission (&#8220;Soreq&#8221;). In January 2015, SMX
Israel entered into the Isorad License Agreement with Isorad Ltd. (an IP holding company of Soreq) to license the Source IP and develop
and commercialize the technology (the &#8220;Isorad License Agreement&#8221;). Under the Isorad License Agreement, as amended, the Source
IP can be utilized in almost any industry and with any product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2018, SMX Israel merged into Security Matters Limited, an Australian company, to effect a listing on the Australian Securities Exchange
under the symbol &#8220;ASX: SMX.&#8221; Security Matters Limited (&#8220;SMX&#8221;) was incorporated in May 2018 under Australian law.
SMX&#8217;s registered address is Mespil Business Center, Mespil House, Sessex Road, Dublin 4, Ireland, D04 T4A6. SMX has four wholly
owned subsidiaries: Security Matters Ltd., an Israeli company, Security Matters France, a French company, Security Matters Canada Ltd.,
a Canadian company, and SMX Beverages Pty Ltd., an Australian company. It also holds 50% of Yahaloma Technologies Inc., a Canadian company
and 44.4% of trueGold Consortium Pty Ltd., an Australian company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Business
Combination</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023 (the &#8220;Closing Date&#8221;), the Company consummated its previously announced business combination pursuant to
the BCA and its previously announced SID. Beginning on the day immediately prior to the Closing Date and finishing on the day
immediately after the Closing Date, the following transactions occurred pursuant to the terms of the Business Combination Agreement
(the &#8220;Business Combination&#8221;):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    the SID, Security Matters Limited proposed a scheme of arrangement under Part 5.1 of the Corporations Act (&#8220;Scheme&#8221;)
    and Capital Reduction which resulted in all shares in Security Matters Limited being cancelled in return for the issuance of Ordinary
    Shares, with the Company being issued one share in Security Matters Limited (&#8220;Security Matters Shares&#8221;) (this resulted
    in Security Matters Limited becoming a wholly owned subsidiary of the Company);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    the SID, Security Matters Limited proposed an option scheme of arrangement under Part 5.1 of the Corporations Act (&#8220;Option
    Scheme&#8221;), which resulted in the Security Matters Limited options held by participants in the Option Scheme being subject to
    a cashless exercise based on a Black-Scholes valuation, in exchange for Security Matters Shares. Under the Scheme those shares were
    cancelled and the participants received Ordinary Shares on the basis of the Scheme consideration;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    Matters Limited shareholders received consideration under the Scheme of 1 Ordinary Share per 10.3624 Security Matters Shares having
    an implied value of $10.00 per Ordinary Share and the Company became the holder of all of the issued shares in Security Matters Limited
    and Lionheart, with Security Matters Limited being delisted from the Australian Stock Exchange;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
    Lionheart stockholders received Ordinary Shares in exchange for their existing Lionheart shares and existing Lionheart warrant holders
    had their warrants automatically adjusted to become exercisable in respect of Ordinary Shares instead of Lionheart shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than in connection with the Business Combination, a 1:22 reverse stock split effected in 2023 as further described in our
financial statements included in this Annual Report, and with respect to the trueGold Investment Agreement described below, since our incorporation, there have been no material changes to our share capital,
mergers, amalgamations or consolidations of the Company or any of our significant subsidiaries, no acquisitions or dispositions of material
assets other than in the ordinary course of business, no material changes in the mode of conducting our business, no material changes
in the types of products produced or services rendered and no name changes. There have been no bankruptcy, receivership or similar proceedings
with respect to the Company or its significant subsidiaries. There have been no public takeover offers by third parties for our shares
nor any public takeover offers by us for the shares of another company which have occurred during the last or current financial years.&#8239;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">true-Gold
Investment Agreement</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the &#8220;True Gold Shares&#8221;) such that Security Matters PTY&#8217;s holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_018"></span>B.
Business Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Vision</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company envisions itself as the next generation solution provider of brand protection, authentication and track and trace technology
for the anti-counterfeit market. Its vision is to build confidence in the era of the digital economy, enabling parties to maintain trust
in physical assets and processes. Its transformative solution aims at building on the principles of The United Nations&#8217; Sustainability
Development Goals, particularly Goal 12: &#8220;Ensure sustainable consumption and production patterns&#8221; that can create value for
participants in the circular economy. As an increasing number of industries and sectors are committing to using recycled material and
realizing the broader strategic vision of net zero carbon emissions, we believe our solution is the next generation for sustainability
and the circular economy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Overview</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. Each marker is comprised of a combination of marker codes such that each marker is designed to be unique and unable to
be duplicated. The marker system is coupled with an innovative patented reader that responds to signals from the marker and, together
with a patented algorithm, captures the details of the product retrieved and stored on a blockchain digital ledger. Each marker can be
stored, either locally on the reader and on private servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Business
Model</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s business model targets leading brands and manufacturers (as opposed to directly targeting consumers) in order to create
a new market standard for circular economy solutions, brand authentication and supply chain integrity. The Company offers both business-to-business
sales and &#8220;white label&#8221; solutions, depending on the needs of customers and the ultimate end use based on either a fixed fee
or volume-based revenue model (or both).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may work directly with the manufacturer of the products or through the manufacturer&#8217;s raw material supplier so that the
manufacturer is not required to change (or is required to make no more than minimal changes to) its manufacturing process in order to
implement Security Matters PTY technology in the production process. Gaining the trust of raw material producers is the first stage,
which in turn allows for credibility and trust when supplying solutions to brand owners, manufacturers and suppliers, which is a key
step for its success.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Product
and Applications</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides a solution comprised of three components: (1) a physical or chemical marker system coupled with (2) a reader and connected
to (3) a blockchain digital platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markers</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markers
are embedded sub-molecular particles applied to a solid, liquid or gas. The Company uses various building blocks, comprised of a variety
of molecules, to serve as markers for materials and products. For each project, its team selects a combination of molecules based on
the specification of the customer and marked material (for example, the marked medium, the production process, the end use of the product
and regulatory requirements, among others). The Company&#8217;s innovative reader can identify the marker and identify a response at
a sub molecular building block level, designed to make the marker identification more accurate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability to more accurately identify the concentration level of a marker allows Security Matters PTY to use numerous markings from a variety
of different molecules. This enables it to not only identify the marker, but also identify the concentration within a product within
a pre-defined range and &#8220;read&#8221; whether the marked material was diluted (authenticating not only the marked goods but also
identifying the quantity).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the specifications of the marked product, Security Matters PTY can mark materials based on several techniques, allowing its solution
to be implemented across materials and processes. Markers can carry information denoting each origins of manufacture, product provenance,
date of production and many other types of data, depending on customer needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company can produce either permanent or removable markers that can be applied either topically or internally to material in any state
of matter (solid, liquid or gas) to form an &#8220;Intelligence on Things,&#8221; or &#8220;IOT2&#8221; marking system. The IOT2 concept
involves marking products during or after the manufacturing process by inserting or applying materials to the products and encoding information
through this process, namely by the treatment of materials or affixing and embedding product authentication security devices. The IOT2
concept allows for materials in a wide variety of products to be protected against counterfeiting, tampering, and diversion, and to help
ensure the integrity of genuine products and manage the supply chain and logistics processes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
marker supports invisible, indelible, and non-damaging tracking of distinctive molecules designed to ensure uniqueness and prevent duplication
or counterfeiting. The marker is designed to not in any way affect the properties of the material it is applied to&#8212;it simply becomes
a part of that material. The molecules are designed to be inert, inactive, and invisible to the human eye.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readers</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markers
are embedded in the material and can only be read by designated readers. A reader scans for the existence of markers. If the reading
satisfies a pre-determined condition set by Security Matters PTY (which can be programmed), than the reader can identify the marked product
and convey information about such product to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently utilizes an x-ray wave reader that is modified according to its specifications to allow it to scan its proprietary
markers. The reader and Security Matters PTY&#8217;s algorithm are designed to make its detection method unique and prevent duplication
or interference with its markers. The reader is available as hand-held device or industrial apparatus for large-scale applications, with
the ability to read the embedded material data from a physical or chemical marker without requiring lengthy and expensive laboratory
testing for confirmation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platform</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blockchain
technology is a ledger of records, which are linked and designed to be secured using cryptography from third party infrastructure and
Security Matters PTY&#8217;s architecture. The Company can record a marker manifestation on the blockchain and store this information
in cloud computing data storage. It has developed an algorithm designed to securely connect its reader to an existing platform (licensed
from a SaaS provider) and record changing ownership and other information to the blockchain. Once Security Matters PTY&#8217;s blockchain
solution is implemented, a marked good or material is scanned in order to identify the marker, the results can be verified on the blockchain
in order to confirm the data embedded in it, such as the identity of the producer, date of production, supplier and past owners. During
the same scan, the reader can record to the blockchain a change of location or ownership of the marked product or material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IOT2 concept mentioned above also refers to the retrieving, analyzing and processing of encoded information embedded on products and
product components and uploading such information to a cloud computing system or to a distributed blockchain system, creating a digital
twin to a physical product for the purpose of product authentication, brand protection, tracking and tracing products and product components,
supply chain management, and logistical processes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applications</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s solution offers the following applications across industries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process
Tracing</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process
tracing involves the upstream marking of raw material and blockchain-backed scanning throughout processing stages to allow for full traceability
of raw material across its life cycle. Manufacturers are under increasing consumer and regulatory pressure to prove material provenance
in order to be able to certify compliance with environmental, social and governance (&#8220;ESG&#8221;), sourcing practices and carbon
content of finished goods. Through upstream marking of raw material and blockchain-backed scanning throughout the processing stages,
Security Matters PTY&#8217;s technology enables real tracking and tracing of materials, including the source of those materials. Additionally,
Security Matters PTY&#8217;s technology enables manufacturers to know whether any used items are theirs and enables them to pay third
parties to collect their used products, creating a market for collecting used products and selling them to other manufacturers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authentication</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growing
concerns about component tampering along high security or critical infrastructure product supply chains and increasing counterfeit issues
for high value density products are also issues that Security Matters PTY&#8217;s marking and authenticating process is designed to address.
Manufacturers can validate product authenticity to their customers by marking final products or prime components and scanning the marker
at a retail location or as part of the process of recycling their products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustainability
and Circular Economics</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
end-to-end technology solution covers three product lifecycles to enhance the circular economy from raw material to manufacturing/production,
packaging, and end-of-life, enabling it to re-enter the economy for recycling or reuse. By marking upstream raw material and later scanning
recycled content at waste collection points, an advanced sorting of materials is enabled which can increase the value of recycled content
and in turn help to increase global recycling rates and recycled content certification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Business
Strategy</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s roadmap for entry into markets it identifies is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    Leader Adoption. Adoption of the solution by a market leader that provides a &#8220;seal of approval&#8221; that the technology is
    valid for the industry and generates added value.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Becoming
    an Industry Standard. Leverage the market leader&#8217;s position in the market to increase adoption by other companies along the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulator
    Adoption. In the future, Security Matters PTY aims to become the preferred solution by regulators and professional associations in
    each industry.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Research
and Development</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the varied needs of different industries, the Company&#8217;s research and development processes are divided according to industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plastics,
Rubber and Other Materials</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, Security Matters PTY completed a successful trial of marking recycled plastics by studying the impact of gravimetric and volumetric
feeding methods on final Post Consumer Recyclat (&#8220;PCR&#8221;), readings. The compounding master batch and extrusion processes of
these trials were performed on a pilot scale in a fully commercial and industrial facility. The Company&#8217;s team demonstrated its
ability to manage the process remotely, indicating the viability of industrial scale adoption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful trial provides plastic manufacturer and importing companies with a proof of concept, enabling them to more accurately identify
and audit, via an automated transparent reporting system, the polymer type, number of loops and the amount of recycled content despite
the size and color of the plastic. As a result, the Company is positioning itself to be able to offer plastic manufacturing and importing
companies the ability to promote their operations as being sustainable and environmentally friendly. Combined with its ability to digitally
certify the materials, the Company is also positioning itself to offer these companies the ability to avoid human/manual-paper auditing
and use technology/automated auditing, which helps to reduce the potential for human errors and can provide for cost savings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the Company announced that it succeeded for the first time in verifying a marker substance for natural rubber in a tire and
so throughout the entire production process. The dedicated marker technology, which the Company and Continental optimized for use in
natural rubber, is designed to create greater transparency along the entire value chain of tires and technical rubber products from Continental.
Provided with special security features, the use of the marker substances enables the invisible marking of natural rubber with information
on its geographical origin. This means, for example, that responsibly sourced natural rubber and its origin can be verified at every
stage of the supply chain all the way through to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the field test, the marker substance was added to responsibly grown latex during harvesting and withstood not only the intensive preparations
involved in the production of natural rubber but also the tire manufacturing process itself. In the manufactured tire, the data was retrieved
using special, purpose-built software and a reader and correctly interpreted. The appearance and performance of a bicycle tire containing
the invisible marker remained unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects that Continental will use the new marker technology on a larger scale in the future during the process of sourcing its
rubber and also to integrate it in other rubber products. As part of the industrialization of this technology, it is conceivable to link
the markers with blockchain technology. This could provide additional support for tamper-free monitoring of compliance with quality standards
and quality criteria along the complex supply chain of natural rubber.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company&#8217;s marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plastic
Cycle Token</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2023, the Company announced the planned launch of a plastic cycle token, scheduled for release in the third quarter of 2024.
The initiative is being designed to present a reliable, ethical digital credit platform, aiming to capitalize on billions of dollars
in recyclable plastics credits in a newly created market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tradeable plastic cycle token is being designed to enable companies to transition towards sustainable practices, encouraging entities
within and outside the plastic ecosystem, including oil producers and waste management firms, to increase recycled content utilization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
initiative is also expected to position the SMX Plastic Cycle Token as a next-generation alternative to carbon credits, creating a new
paradigm in the Impact ESG investment landscape. Each token is being designed to represent a quantifiable amount of recycled plastic
using SMX&#8217;s technology to physically mark the plastics, potentially offering a tangible impact on environmental circularity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold
and Other Metals</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gold</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY formed a joint initiative with Perth Mint to develop a mine-to-marketplace ethical gold supply chain technology solution.
Since the incorporation of trueGold Consortium Pty Ltd (&#8220;trueGold&#8221;) in June 2020, this research and development project aims
to promote a &#8216;mine to product&#8217; transparency solution dedicated to responsible mining of materials. Security Matters PTY&#8217;s
track &amp; trace technology provides information on the origin of the materials and how they move across production and distribution
chains towards recycling and back to refining.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2020, Security Matters PTY signed a shareholders&#8217; agreement with W.A. Mint Pty Ltd. (&#8220;Perth Mint&#8221;) and trueGold.
The shareholders&#8217; agreement and the ancillary agreements discuss the establishment of a new entity&#8212;trueGold&#8212;by Security
Matters PTY and Perth Mint. Security Matters PTY granted to trueGold, subject to the terms of the license agreement, an exclusive, worldwide,
perpetual license to use Security Matters PTY&#8217;s technology for the purpose of commercializing it within the industry comprising
gold as a precious metal (as elaborated below). Security Matters PTY owns any development of its intellectual property and, while trueGold
owns all generated data it creates, trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free
license to use the generated data, subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement
technology or Security Matters PTY&#8217;s technology. The parties agreed that neither Perth Mint or Security Matters PTY are required
to provide any funding to trueGold and that any investment by any of them in trueGold from time to time will be by way of in-kind contributions.
Third party equity investors will contribute the working capital will fund R&amp;D, development capital and other expenses in accordance
with the business plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if SMX does not notify within 30 days that it wishes to purchase, then to all other shareholders
(including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor and the
directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair market
price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC Rules
for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX&#8217;s CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the &#8220;True Gold Shares&#8221;) such that Security Matters PTY&#8217;s holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TrueSilver</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 7, 2023, we announced that we are in the process of creating a new subsidiary, TrueSilver, and that we have entered into a 120 day
exclusive agreement with Sunshine Minting Inc. (&#8220;Sunshine&#8221;), to create a path to full transparency and traceability for silver
products from mine site to final products and recycling and the creation of an industry standard. During the 120-day exclusivity period,
Sunshine shall evaluate our technology for its use, with possible further collaborations thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, we transferred the ownership of our wholly owned granddaughter company &#8220;Security Matters Canada Ltd.&#8221; from ownership
by our subsidiary Security Matters PTY to direct ownership by the Company and renamed it &#8220;TrueSilver SMX Platform Ltd.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 15, 2024, the Company announced the successful completion of proof of concept for ethical sourcing and authentication of silver
in cooperation with Sunshine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has now successfully completed the marking of 2.2 tons of silver within Sunshine&#8217;s operations. The program covered the
marking of the silver raw material through continuous manufacturing processes to final products including recycling loops.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology was added at the melting stage and the marked silver material was processed into blank (from casting, extrusion,
rolling, annealing, blank cutting &amp; recycling), and the quality of the marked intermediate material and final products was evaluated
(from billet to blank and recycled blank after several cycles).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results demonstrated 100% success rates on all marked products all along the production process (from billet to finished product) ensuring
the durability and irrefutable proof of quality and Brand authentication of the silver for credible ESG reporting for stakeholders, customers,
auditors, and regulators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Ferrous
Metals</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 29, 2022, Security Matters PTY signed a products distribution and SAAS reseller agreement with Sumitomo Corporation, a Japanese
corporation. Under such agreement, Security Matters PTY appointed Sumitomo to act as Security Matters PTY&#8217;s exclusive, worldwide
distributor to market and sell markers, readers and Security Matters PTY services to customers for application in the Non-Ferrous Metals
Market (as defined below) only, subject to the customer entering into with Security Matters PTY its standard product license agreement.
The &#8220;Non-Ferrous Metals Market&#8221; is defined as all supply chain market segments of the industry for aluminum, copper, lead,
nickel, zinc, molybdenum, cobalt, lithium and tin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price at which Security Matters PTY shall sell products to Sumitomo and the license fee at which Security Matters PTY shall license Security
Matters PTY products and Security Matters PTY service to Sumitomo shall be a discount of the invoices issued to the customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the agreement shall remain in effect for an initial term of five years from the effective date of first commercial sale by Security Matters
PTY to Sumitomo of any products. The companies have agreed that over the coming years there is a target to reach $35 million in sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alcoholic
Beverages</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, Security Matters PTY acquired all the holdings SMX Beverages Pty Ltd, a joint venture incorporated in February 2020 for
the promotion of solutions in the alcoholic beverage industries including in relation to the prevention of counterfeit alcoholic beverages,
circular economy concepts and packaging and supply chain within those industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diamonds
and Precious Stones</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 30, 2019, Security Matters PTY signed an agreement with Trifecta Industries Inc. (&#8220;Trifecta&#8221;) for the commercialization
of Security Matters PTY&#8217;s trace technology in the diamonds and precious stone industry. Under the terms of the agreement, Security
Matters PTY and Trifecta established a new entity&#8212;Yahaloma Technologies Inc., which is equally held by Security Matters PTY and
Trifecta.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
parties covenanted not to pursue the use of Security Matters PTY&#8217;s technology for diamonds and precious stones, or any other venture
related to the testing of the origin of diamonds or precious stone, other than through the Yahaloma. Additionally, in agreement with
Isorad, all rights in and to any intellectual property related to the diamonds and precious stones industry that is developed by or for
Yahaloma is jointly owned in equal parts by the Security Matters PTY, Yahaloma and Soreq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY continues to develop the technology and will supply Yahaloma technical services. Security Matters PTY bears the cost of such
R&amp;D services but the agreed hourly costs of Security Matters PTY&#8217;s staff is recorded as a shareholders loan of Security Matters
PTY to Yahaloma, once the first USD 250,000 to be paid by Trifecta are exhausted (which is yet to happen). Trifecta supplies Yahaloma
diamonds and other raw materials, which remain in the ownership of Trifecta. If Security Matters PTY causes damage to such diamonds during
the R&amp;D process, this will be reported the Trifecta and the damage recorded as a shareholders loan of Trifecta to Yahaloma. Trifecta
will supply Yahaloma services of business development. Trifecta bears the cost of such services but the agreed hourly costs of Trifecta&#8217;s
staff is recorded as a shareholders loan of Trifecta to Yahaloma. Management of Yahaloma is agreed to be jointly, with certain special
resolutions requiring agreement of both parties. Actual day-to-day management is in Canada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the shareholders loan extended by man-hours as stipulated above, the parties covenanted to extend up to USD 1 million to
Yahaloma (USD 350,000 by Security Matters PTY and USD 650,000 by Trifecta, with USD 250,000 extended by Trifecta registered as capital
and all other funds as shareholders loans). Funds were agreed to be injected upon reaching certain milestones. The Security Matters PTY
loan of USD 350,000 are to be injected only upon reaching future milestones and only if such funds will be required, which stage has
not yet arrived. Such Security Matters PTY loan will bear an interest rate of 5% per annum. Upon Yahaloma being able to repay the shareholders
loans, first a sum of USD 250,000 will be repaid to Trifecta and then all other shareholders loans will be repaid pro-rata. Only after
repayment of all shareholders loans will Yahaloma distribute profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
party may not transfer its shares to others without the prior approval of the other party other than a transfer to an affiliate (defined
as an entity directly or indirectly controlled by a party or directly or indirectly controls such party or is directly or indirectly
controlled by a person which also, directly or indirectly, controls such person) done after 30 days&#8217; notice to the other party,
and after the affiliate agrees to adopt the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yahaloma
agreed to bear the payments to Soreq related thereto (as described in &#8220;Gold and Other Metals&#8221; above).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronics</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has joined an alliance formed by six founding partners, among them the World Business Council for Sustainable Development,
to set a shared vision for a circular economy for electronics, called the Circular Electronics Partnership. This group of global companies
has been brought together to reduce e-waste and to commit to a roadmap for a circular economy for electronics by 2030.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fashion</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, Security Matters PTY announced that it had launched a Fashion Sustainability Competence Centre to enable fashion brands
globally, to transition successfully to a sustainable circular economy by being able to identify the origination of their raw materials
and hence, recycle their own unsold and/or end-of-life merchandise (garments, footwear and accessories including sunglasses) back into
new high-quality materials and new fashion merchandise Security Matters PTY&#8217;s technology is applicable across a range of materials
including leather, silk, cotton, wool, coated canvas, vegan leather, polyesters, cashmere, metals (e.g., gold &amp; metallic parts) and
plastics; and its applications encompass finished leather goods, shoes, garments, and accessories. Security Matters PTY is also collaborating
with several luxury fashion conglomerates on R&amp;D projects to trace the origin of raw materials used in their supply chain and is
in commercial negotiations regarding the implementation of its solution with partners in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, we changed the name of the wholly owned subsidiary from &#8220;SMX France&#8221; to &#8220;SMX Fashion and Luxury&#8221; in
anticipation for such company to be used for the fields of fashion and luxury.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
and Sales</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to concentrate its market penetration efforts into the U.S. market, including recruitment of sales and marketing personnel,
either located in the U.S. or with U.S. orientation, participation in various professional expos, conventions and exhibitions and entering
into agreements or arrangements with distributors in the U.S. markets and commencing collaborative relationships with commercial entities
for the development of new customized products. Moreover, the Company intends to continue to invest significant resources in research
and development in order to improve and build on its array of existing solutions and strive to develop new innovative products in sync
with new market technological developments. The Company plans to further advance its innovative technology and commercialization efforts
by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">engaging
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increasing
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s pricing is based on the perceived value proposition of its solution for its customers. The pricing model is expected
to be comprised of three components:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">set-up
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">marker
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing
may also include an annual license fee, payment of royalties, pay-per-read, or other models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Target
Industries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fashion</span></span></p>

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the fashion industry, the Company&#8217;s technology enables authentication from raw materials to retail stores and beyond:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 350px; width: 620px"/></span></p>

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technology targets the luxury fashion industry by enabling high-end brands to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">track
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Electronics</span></span></p>

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the electronics industry, the Company&#8217;s technology enables end-to-end traceability and authentication from raw material to point
of use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_002.jpg" alt="" style="height: 317px; width: 620px"/></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Gold
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 371px; width: 620px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
technology enables gold refineries, mining companies, and bullion banks to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Plastics,
Rubber and Other Materials</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the challenges around mechanical recycling, chemical recycling is emerging as a promising solution to help tackle the global challenge
associated with single use plastic waste. An embedded chemical marker allows for better tracking, monitoring and sorting of post-consumer
plastic with the Circular Value Chain Approach. The Company&#8217;s technology is applicable throughout the life cycle of the material
or product, from raw material to production to recycling. Its technology enables plastic footprint transparency and traceability along
the supply chain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_004.jpg" alt="" style="height: 327px; width: 620px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
digital twin technology can address a key challenge of the first step to identify, track and trace commodities produced in emerging countries
for use in the developed countries, such as rubber or food commodities (e.g., cocoa, soy, and palm oil). The creation of a digital twin
for each physical good enables participants in the value chain to come together and form the global ledger for the goods. As a number
of industries and sectors are increasing their commitments to recycling, many companies are realizing the need for sustainability and
circular economies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Competition</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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with its various products and designs, the Company believes it possesses a unique combination of knowledge and features. It has established
an innovative, cross- segment technology, developed over several years by an experienced and dedicated team of scientists, which it believes
create a barrier to entry to its competitors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s product is currently undergoing pilot projects with customers with strong international presence. The customizable nature
of its technology allows SMX to embed the technology in multiple products, from silk to rubber to diamonds to gold to plastics, across
multiple segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is constantly striving to improve its competitive status in the market by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entering
    into agreements or arrangements with large and high-profile customers in the industry, which it believes enhances its status and
    reputation in multiple markets and provides opportunities to enter into new agreements or arrangements with new customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entering
    into agreements or arrangements with strategic partners in order to strengthen its position to become the new industry standard;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Providing
    high level development and support services to customers, to promote customer retention, and encourage its customers to rely on SMX
    to use its technologies for future projects.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Government
Royalty Obligations and Regulations</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 24.45pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
R&amp;D Law</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Government of Israel encourages research and development projects oriented towards products for export or projects which will otherwise
benefit the Israeli economy. This is conducted by the Israel Innovation Authority (IIA), which replaced the former Office of the Chief
Scientist (OCS).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Israeli laws with respect to research and development, which is referred to as R&amp;D Law, a royalty of between 3% to 5% applies to
the net sales of products developed from a project funded by the IIA, beginning with the commencement of sales of products developed
with grant funds and ending when a dollar-linked amount equal to 100% of the grant plus interest at LIBOR has been repaid. The terms
of the R&amp;D Law also place restrictions on the location of the manufacturing of products developed with government grants, which,
in general, must be performed in Israel, and on the transfer to third parties of technologies developed through projects in which the
government participates. Security Matters PTY&#8217;s research and development team will remain in Israel and all funds previously received
by way of a grant from IIA have been invested in Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IIA has published a directive incorporating most of the former provisions, including those with respect to transfer of manufacturing
rights, transfer of know-how and others. These provisions include limitations and requirements for payment with respect to outsourcing
or transferring development or manufacturing activities with respect to any product or technology outside of Israel, and change in control
in companies which received government funding from the OCS or IIA, which may impair ability to sell technology assets outside of Israel
or to outsource, transfer develop or manufacture with respect to any product or technology that received government funding under the
R&amp;D Law outside of Israel, or consummate a change in control in the Company, all without prior approval of the IIA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2017, the IIA published the Rules for Granting Authorization for Use of Know-How Outside of Israel, or the Licensing Rules. The Licensing
Rules enable the approval of licensing arrangements and other arrangements for granting of an authorization to an entity outside of Israel
to use know-how developed under research and development programs funded by the IIA. Subject to payment of a &#8220;License Fee&#8221;
to the IIA, at a rate that will be determined by the IIA in accordance with the Licensing Rules, the IIA may now approve arrangements
for the license of know-how outside of Israel. This allows companies that have received IIA support to commercialize know-how in a manner
which was not previously available. In addition, the IIA has recently published a directive incorporating most of the former provisions,
including those with respect to transfer of manufacturing rights, transfer of know-how and others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY had one approved project with the IIA (project number 55715, approved on November 23, 2015) of a 40% grant out of a project
of up to approximately $400,000 under which it received $196,000 in prior years. Security Matters PTY passed a final review by the IIA
and no additional funding is expected to be received under the project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY is obligated to pay 3% of our relevant revenues for the first three years, and 4% of the relevant revenues for further years,
until repayment of the entire grant, being $196,000. To date we paid about $1,000 out of such amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved
Enterprise</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Israeli Encouragement of Capital Investments Law, 1959, is intended to encourage investment in industry in Israel in national priority
areas, to promote economic initiatives while giving preference to advanced and innovative industries, and to strengthen development areas.
Based on the Investment Law, the Investment Center may, on application, grant the status of &#8220;Approved Enterprise&#8221; for Capital
Investments in industry and tourism. Certificates of approval are issued and such approval entitles the project to receive substantial
support from the State. The support may be in the form of reduced taxation, investment grants or other benefits specifically designed
to encourage capital investment in Israel. Such State support is conditional on certain restrictions on the activities of a supported
company, which restrictions may not easily be alleviated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2016, Security Matters PTY received approval as an Approved Enterprise (File 24638, Plan 429, Motion 120941) for the building
of a factory for the marking of materials with an investment of ILS 3,700,000, provided that at least 24% of the investment will be financed
by the issuance of new shares. Due to changes in our activity plans, we did not pursue such project and did not take any funds under
such Approved Enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Isorad
License Agreement</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Isorad License Agreement (as amended), Security Matters PTY received from Isorad an exclusive, worldwide, royalty-bearing license,
to make use of (including, without limitation, to develop, manufacture, use, market, offer for sale, sell, export and import in the field
of marking methods) US patent number 8158432 B2 and the technology derived from it can be utilized in almost any industry and with any
product. Additionally, any uses for the Israeli Security Forces and/or its purposes will be conducted via us at a &#8220;cost plus&#8221;
price to be agreed. While Isorad and Soreq reserve the right to freely continue to research and develop the technology, Security Matters
PTY has a right of first offer to any newly developed technology. If the Source IP is developed further by Soreq and Soreq wishes to
commercialize the new technology, then Soreq must offer the right to commercialize the new technology to Security Matters PTY in the
first instance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY and its affiliate are to pay Isorad royalties for 25 years as of January 1, 2020 in the amount of 2.2% of all gross sales
by the Company, our affiliates or sublicensees and after 25 years the license becomes royalty-free. Gross sales are defined under the
Isorad License Agreement to include the total amount invoiced or received by Security Matters PTY and/or its affiliates, including, without
limitation, for sale of products and provision of services. If Security Matters PTY charges a fee for sublicensing or an option for a
sublicense, for which it does not pay the 2.2% royalty described above, such income will be subject to royalty payment of 15% of the
amounts received. The royalties for revenues from sub-licensing the technology are payable as of January 1, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of the next M&amp;A event (as such event is defined in such agreement to include mergers, sale of all or substantially
all the assets of ours and similar event) Security Matters PTY is to pay a cash amount equal to 1.5% of the Exit Consideration (as such
term is defined in such agreement). Additionally, Isorad was issued 864,000 options to purchase shares of Security Matters PTY and is
entitled to receive 1% of any amount actually received against equity or other funding convertible into equity at the closing of the
transaction and any amount actually received against equity or other funding during a period of 13 months thereafter (to be paid after
reaching an aggregated received amount of $27 million, or at the end of such 13 months, the earlier thereof). This will not apply to
any future offer of shares, merger or sale of assets thereafter. As of December 31, 2023, based on the funds the Company actually received,
the Company recognized a technology license intellectual property at the amount of $123 against a liability that reflects the due amount.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Isorad Agreement, Isorad can only refuse to approve a sublicense based on governmental defense, security, governmental policy, political
and other official State of Israel policy considerations. A sublicensee cannot further grant, directly or indirectly, to any third party
any sublicense or rights to the technology and cannot further assign the sublicense agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically
as to Yahaloma, the royalty rate on gross sales of Yahaloma, to be paid by Yahaloma, are 4.2% (and not 2.2% that applies solely to Security
Matters PTY, its other affiliates and to other sublicensees). Upon the occurrence of an M&amp;A event (as such event is defined in such
agreement to include mergers, sale of all or substantially all the assets of Yahaloma and similar event), Isorad is entitled to a fee
equal to 1% of the total consideration paid to, received by, or distributed to, Yahaloma and/or its shareholders and/or its affiliates
in connection with the event, including, without limitation, all cash, securities or other property which is received by Yahaloma and/or
its shareholders in connection with such event of two such events (i.e. twice) at its choice.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Isorad License Agreement will continue in full force and effect until terminated pursuant to its terms. If either party does not remedy
a material breach of its obligations within 180 days of notice of the material breach, the non-defaulting party may terminate the Isorad
License Agreement immediately. Isorad may terminate the agreement by providing 30 days prior written notice if the royalties payable
to Isorad are $nil in any semi-annual report and we have breached other certain obligations (such as a failure to maintain a patent or
patent application in the previous semi-annual review period).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has provided broad indemnities to Isorad and Soreq and their related parties under the terms of the Isorad License Agreement.
The Isorad License Agreement is governed by the laws of Israel.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety
Certifications and Permits</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY is in compliance with the requirements of the ISO 9001:2015 standard for quality management and quality assurance. The ISO
organization promotes worldwide proprietary, industrial and commercial standards. Security Matters PTY is examined annually to verify
that we comply with the ISO standards of excellence, safety, quality, process management and risks management, and currently holds an
ISO certificate as of the date of this Annual Report on Form 20-F.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the provisions of the Israeli Non Ionizing Radiation Law, and the Work Safety regulations (regarding employment safety and health of
those working with non-ionizing radiation), the Company is required to hold a valid license for operations involving non ionizing radiation
as well as employ a safety expert with qualifications as defined by the law. As of May 8, 2022, Security Matters PTY has a valid license
for operations involving non ionizing radiation and employs a safety expert as required by law. Additionally, the import and use of its
readers may be subject to a license requirement in certain jurisdictions, which requirement may change from one jurisdiction to another.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Proceedings</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may become involved in legal proceedings or may be subject to claims arising in the ordinary course of our
business. Although the results of these proceedings and claims cannot be predicted with certainty, the Company currently believes that
the final outcome of these ordinary course matters will not have a material adverse effect on our business, operating results, financial
condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs,
diversion of management resources and other factors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_001"></span>C.
Organizational Structure</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has six wholly owned subsidiaries: Lionheart, Security Matters PTY, SMX Circular Economy Platform PTE, Ltd. (Singapore), TrueSilver
SMX Platform Ltd. (Canada) (&#8220;TrueSilver&#8221;), SMX Fashion and Luxury (France) and SMX (Security Matters) Ireland Limited (Ireland).
Security Matters PTY has two wholly-owned subsidiaries: Security Matters Ltd. (Israel) and SMX Beverages Pty Ltd. (Australia), along
with being the record holder of 50% of Yahaloma Technologies Inc. (Canada) (&#8220;Yahaloma&#8221;) and 51.9% of trueGold Consortium
Pty Ltd. (Australia).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_002"></span>D.
Property, Plants and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s main business activities are conducted at SMX Israel&#8217;s headquarters in central Israel. It leases 363 square meters
of office space at this location under a lease until May 31, 2027, with an option to extend the lease with an additional rental fee of
10% for an additional five years. The Company also leases an additional adjacent building of 146 square meters where it conducts research
and development activities. The lessor (who represented that he is not aware of any such impending circumstances) has the right to shorten
the lease with 90 days-notice if it is demanded by a government entity to evacuate the premises, to change the agreement or to pay fines
due to the agreement. The Company believes that its current facilities are suitable and sufficient to meet its anticipated needs for
the foreseeable future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_003"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_004"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read the following discussion and analysis of our audited financial condition and results of operations together with our consolidated
financial statements appearing elsewhere in this Annual Report on Form 20-F. This Annual Report on Form 20-F contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the
Exchange Act, including, without limitation, statements regarding our expectations, beliefs, intentions or future strategies that are
signified by the words &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;believe,&#8221; or similar language.
All forward-looking statements included in this Annual Report on Form 20-F are based on information available to us on the date hereof,
and we assume no obligation to update any such forward-looking statements. In evaluating our business, you should carefully consider
the information provided under &#8220;Item 3.D. Risk Factors.&#8221; Actual results could differ materially from those projected in the
forward-looking statements. The terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221; as used herein refer
to SMX (Security Matters) Public Limited Company and its consolidated subsidiaries unless otherwise stated or indicated by context.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
amounts discussed are in U.S. dollars, unless otherwise indicated.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company integrates chemistry, physics, and computer science to give materials memory and create a culture of transparency and trust across
multiple industries. The Company&#8217;s nearly 100 patents support unique marking, measuring, and tracking technologies allowing clients
to seamlessly deploy transparency at all levels of development and provide stakeholders with a complete provenance of material composition
and history, from virgin material to recycled, to address manufacturing challenges and ESG goals while maintaining sustainable growth.
As a result, the Company&#8217;s technologies are designed and developed to help companies address ESG commitments and transition more
successfully to a low-carbon economy.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they would be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. One reader can detect embedded data in various materials, from metals to fabrics to food and plastics, with all data logged
onto the same digital platform. This versatility across materials sets the SMX tech apart from competitors. Each marker is comprised
of a combination of marker codes such that each marker is designed to be unique and unable to be duplicated. The marker system is coupled
with an innovative patented reader that responds to signals from the marker and, together with a patented algorithm, captures the details
of the product retrieved and stored on a blockchain digital ledger. Each marker can be stored, either locally on the reader and on private
servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
potential of the SMX technology application extends beyond merely tracing raw materials from origination to finished product for recycling
and reuse. It serves as a cornerstone for broader innovative markets, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, SMX unveiled plans for the launch of the world&#8217;s first plastic cycle token. In response to the global plastic recycling
rate of just 9% and an estimated market valued at over $40 billion, this initiative aims to establish a reliable, ethical digital credit
platform, tapping into the vast potential of recyclable plastics credits in a new market. Collaborating with a range of partners and
sponsors, each offering unique skills and expertise, SMX aims to create the Plastic Cycle Token, facilitating companies&#8217; transition
to sustainable practices. This token is poised to serve as a next-generation alternative to carbon credits, aligned with the European
Union&#8217;s efforts to improve recycling rates. Leveraging its technology, which enables physical traceability of recycled materials,
SMX seeks to incentivize genuine plastic recycling, promoting environmental circularity and supporting impactful ESG investments.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
was followed by another SMX announcement in January 2024, for a $5 million contract with R&amp;I Trading of New York, deploying cutting-edge
technology to enhance supply chain transparency for a NATO member state, with plans to expand to additional NATO members. This partnership
aims to establish new standards in brand protection, authentication, and ethical sourcing, particularly in the FMCG sector. Through this
initiative, SMX is committed to promoting transparency and security in global supply chains, reflecting its dedication to ethical business
practices and technological innovation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel was incorporated in 2014 to provide brand protection and supply chain integrity solutions to businesses. It provides these solutions
through the commercialization of the initial technology of tracking and tracing materials by observing and identifying markers (the &#8220;Source
IP&#8221;). SMX Source IP was initiated from the Soreq Nuclear Research Center, an Israeli government research and development institute
for nuclear and photonic technologies under the Israeli Atomic Energy Commission (&#8220;Soreq&#8221;). In January 2015, SMX Israel entered
into the Isorad License Agreement with Isorad Ltd. (an IP holding company of Soreq) to license the Source IP and develop and commercialize
the technology (the &#8220;Isorad License Agreement&#8221;). Under the Isorad License Agreement, as amended, the Source IP can be utilized
in almost any industry and with any product.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel merged into Security Matters PTY, an Australian company, to effect a listing on the Australian Securities Exchange under the symbol
&#8220;ASX: SMX.&#8221; At that time, Security Matters PTY had three wholly-owned subsidiaries: Security Matters Ltd. (Israel), SMX Fashion
and Luxury (France), and SMX Beverages Pty Ltd. (Australia). It was also the record holder of 50% of Yahaloma Technologies Inc., a Canadian
company and, as of October 3, 2023, 51.9% of trueGold Consortium Pty Ltd., an Australian company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023 (the &#8220;Closing Date&#8221;), the Company consummated its previously announced business combination pursuant to the
BCA and its previously announced SID. Beginning on the day immediately prior to the Closing Date and finishing on the day immediately
after the Closing Date, the following transactions occurred pursuant to the terms of the BCA:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    Matters PTY proposed a scheme of arrangement under Part 5.1 of the Corporations Act (&#8220;Scheme&#8221;) and Capital Reduction
    which resulted in all shares in Security Matters Limited being cancelled in return for the issuance of the Company&#8217;s Ordinary
    Shares, with the Company being issued one share in Security Matters PTY (&#8220;Security Matters Shares&#8221;) (this resulted in
    Security Matters PTY becoming a wholly owned subsidiary of the Company);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    Matters PTY proposed an option scheme of arrangement under Part 5.1 of the Corporations Act (&#8220;Option Scheme&#8221;), which
    resulted in the Security Matters PTY options held by participants in the Option Scheme being subject to a cashless exercise based
    on a Black-Scholes valuation, in exchange for Security Matters Shares. Under the Scheme those shares were cancelled and the participants
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    Matters PTY shareholders received consideration under the Scheme of 1 Ordinary Share per 10.3624 Security Matters Shares having an
    implied value of $10.00 per Ordinary Share and the Company became the holder of all of the issued shares in Security Matters PTY
    and Lionheart, with Security Matters PTY being delisted from the Australian Stock Exchange;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger
    Sub merged with and into Lionheart, with Lionheart surviving the merger as a wholly owned subsidiary of the Company; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
    Lionheart stockholders received Ordinary Shares in exchange for their existing Lionheart shares and existing Lionheart warrant holders
    had their warrants automatically adjusted to become exercisable in respect of Ordinary Shares instead of Lionheart shares; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Business Combination, the Company owns the entire share capital of Security Matters PTY. Accordingly, for financial reporting
purposes, Security Matters PTY (the legal subsidiary) is the accounting acquirer and the Company (the legal parent) is the accounting
acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under the name of the Company,
but they are a continuance of the financial statements of Security Matters PTY and reflect the fair values of the assets and liabilities
of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security Matters PTY at fair value
based on the quoted opening share price of the Company in its first trading day following the closing of the Business Combination, and
a recapitalization of its equity. This deemed issuance of shares is in fact both an equity transaction under IAS 32 (receiving the net
assets of the Company) and an equity-settled share-based payment transaction under IFRS 2 (receiving the listing status of the Company).
The difference between the fair value of the shares deemed to have been issued by Security Matters PTY and the fair value of the Company&#8217;s
identifiable net assets represent a payment for the service of obtaining a stock exchange listing for its shares and it is therefore
expensed immediately to profit or loss at the closing date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_005"></span>A.
Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Key
Factors Affecting Operating Results</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that its performance and future success depend on several factors that present significant opportunities for us but
also pose risks and challenges, including those discussed below and in the section of this Annual Report on Form 20-F titled &#8220;Risk Factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Commercial
Agreements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they can be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the fact that we aim our sales efforts at large multi-national market-leading conglomerates, our sale cycle is of several quarters
and there is a risk associated with it that at any time, due to force majeure, or events like CoV 19, regional wars, global tension,
global supply chain challenges and climate change, that are beyond our control, the sale cycle will be broken and all efforts will be
lost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has received interest in its technology from several international market-makers conglomerates as well as parties interested
in making such technology a market standard, which will greatly assist the creation of future income. Any delays in the successful completion
of projects or the creation of a market standard, as well as the materialization of any of the risks described in the section entitled
&#8220;Risk Factors&#8221; above may impact the ability to generate revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Components
of Operating Results</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of operations presented below should be reviewed in conjunction with the consolidated financial statements and notes included
elsewhere in this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we haven&#8217;t seen substantial revenue from our technology sales. This is partly because our focus has been on creating a seamless
onboarding process for multinational clients, establishing a solid foundation to become an industry standard, and ensuring readiness
for a full and rapid deployment as a global commercial service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s current operating expenses consist of the following components: research and development expenses, general and administrative
expenses and selling and marketing expenses. The Company is working to maintain discipline on expenses over time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and Development Expenses, Net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s research and development expenses consist primarily of wage and salary related expenses, subcontractors and consultants,
depreciation and amortization of equipment, research expenses and share-based compensation expenses. The Company expects that its research
and development expenses will increase as the Company continues to develop its products and recruit additional research and development
employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is engaged in Proof of Concept (POC) agreements according to which it receives funds for financing research and development expenses
from prospective customers. Those funds are reimbursements for expenses and therefore are offset against the related R&amp;D expenses
in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and Administrative Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses consist primarily of professional services fees, wages and salary related expenses, share-based compensation,
facility-related costs and other general and administrative expenses. In the year ended December 31, 2023, general and administrative
expenses also include the costs that are related to the Business Combination and thereafter the cost related to being a public NASDAQ
company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Selling
and Marketing Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
and marketing expenses consist primarily of wages and salary related expenses, digital advertising and marketing expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Finance
Income and Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
expenses, net consists primarily of revaluation of financial liabilities and warrants at fair value, interest on borrowings, inducement
expenses, exchange rate difference, and fees and commissions to banks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
from Remeasurement of investment in associated company</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
from remeasurement of investment in associated company arises due to the agreement the Company signed with true-Gold Consortium Pty Ltd.&#8217;s
(&#8220;true-Gold&#8221;) on October 3, 2023 to acquire an additional 7.5% which increased the Company&#8217;s holdings to 51.9% in true-Gold
and resulted in the Company gaining control over true-Gold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements are prepared in US Dollars, which is the functional and presentation currency of the Company. Security
Matters (SMX) PLC functional currency is US Dollar. The functional currency of Lionheart III Corp is US Dollar. The functional currency
of SMX Fashion and Luxury is EURO. The functional currency of True Silver SMX Platform is Canadian Dollars. The functional currency of
SMX (Security Matters) Ireland Limited is US Dollar. The functional currency of SMX Circular Economy Platform PTE, Ltd. is Singapore
Dollar. Security Matters Pty Ltd.&#8217;s functional currency is Australian Dollars. The functional currency of Security Matters Ltd.
(Israel) is New Israeli Shekels. The functional currency of Security Matters Canada Ltd. is Canadian Dollars. The functional currency
of SMX Beverages Pty Ltd. is Australian Dollar. The functional currency of true-Gold Consortium PYT LTD. is Australian Dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
and balances in foreign currencies are converted into US Dollars in accordance with the principles set forth by International Accounting
Standard (IAS) 21 (&#8220;The Effects of Changes in Foreign Exchange Rates&#8221;). Accordingly, transactions and balances have been
converted as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    and liabilities - at the rate of exchange applicable at the reporting date;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expense
    items - at annual average rate at the statements of financial position date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    capital, capital reserve and other capital movement items were at rate of exchange as of the date of recognition of those items.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit was based on the opening balance for the beginning of the reporting period in addition to the movements mentioned above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    gains and losses from the aforementioned conversion are recorded in exchange losses arising on translation of foreign operations
    in the consolidated statement of comprehensive loss.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of the Years Ended December 31, 2023, December 31, 2022, and December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our historical results of operations for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Year
    Ended <br/> December 31,</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b>U.S.
    dollars in thousands (except of per share data)</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2023</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2022</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Research
    and development expenses</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,711</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,039</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Selling
    and marketing expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">661</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">569</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">453</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,567</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,723</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,482</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Listing
    cost</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,802</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Operating
    Loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,741</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,190</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,974</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Finance
    expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,891</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,128</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">101</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Finance
    income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,580</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">237</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Gain
    from remeasurement of investment in associated company</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,164</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Share
    of net profit (loss) of associate companies</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(101</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">106</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">101</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Loss
    before income tax</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(20,989</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,184</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,939</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    Loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(20,989</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,184</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,939</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    loss attributable to:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Equity
    holders of the Company</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(20,914</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,184</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,939</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Non-
    controlling interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Restated as a result of the Business Combination and after giving effect to the reverse stock split</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and Development Expenses, Net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s research and development expenses for the year ended December 31, 2023, amounted to $2,711 thousand, representing an
increase of $813 thousand, or 42.8%, compared to $1,898 thousand for the year ended December 31, 2022. The major changes in research
and development expenses were an increase of $320 thousand in Share based compensation expenses and reimbursement from proof of concept
projects that decreased by $568 thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s research and development expenses for the year ended December 31, 2022, amounted to $1,898 thousand, representing a decrease
of $141 thousand, or 7%, compared to $2,039 thousand for the year ended December 31, 2021. The major changes in research and development
expenses were an increase of $371 thousand in salaries and related expenses that were offset against the reimbursement from paid pilots
and proof of concept projects that increased in $335 thousand and Subcontractors and consultants&#8217; expenses that decreased in $257
thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and Administrative Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s general and administrative expenses amounted to $16,567 thousand for the year ended December 31, 2023, a net
increase of $13,844 thousand, or 508.4%, compared to $2,723 for the year ended December 31, 2022. The net increase was primarily
attributable to an increase of $7,278 thousand in Business Combination cost, an increase of $5,128 in public company expenses, an
increase of $1,085 in Share based compensation, an increase of $413 in Wages and salaries related reflecting an increase in payroll
expenses and in the number of employees and an increase of $388 thousand in travel expenses, due to returning to full operation
after the COVID-19 pandemic which is offset by decrease of $438 thousand in Professional services expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s general and administrative expenses totaled $2,723 thousand for the year ended December 31, 2022, a net increase of $241
thousand, or 10%, compared to $2,482 for the year ended December 31, 2021. The net increase was primarily attributable to an increase
of $183 thousand in wages and salaries related expenses reflecting an increase in the number of employees and an increase of $223 thousand
in travel expenses offset by decrease of $194 thousand in share-based compensation expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Selling
and Marketing Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s selling and marketing expenses totaled $661 thousand for the year ended December 31, 2023, an increase of $92 thousand,
or 16.1%, compared to $569 thousand for the year ended December 31, 2022, and was primarily due to an increase of $176 thousand in wages
and salaries related due to hiring new professional senior selling and marketing team. This was offset by a decrease in marketing expenses
and consulting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s selling and marketing expenses totaled $569 thousand for the year ended December 31, 2022, an increase of $116 thousand,
or 26%, compared to $453 thousand for the year ended December 31, 2021, and was primarily due to an increase in digital advertising cost
associated with our marketing efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Listing
Cost</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s listing cost for the year ended December 31, 2023, amounted to $16,802 thousand, which consisted of $11,599 thousand
representing deemed issuance of shares at fair value at the closing of the Business Combination and $5,203 thousand, which represents
the fair value of the Company&#8217;s identifiable net assets which represents a payment for the service of obtaining a stock exchange
listing for its shares and it is therefore recorded to the consolidated statement of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Finance
Income and Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s finance income for the year ended December 31, 2023, totaled $1,580 thousand, an increase of $1,552 thousand, or
5,543%, compared to $28 thousand for the year ended December 31, 2022. The increase is due to $927 thousand revaluation of public
warrants financial liabilities at fair value and $377 thousand revaluation of convertible note. The Company&#8217;s finance expenses
for the year ended December 31, 2023, amounted to $7,891 thousand, an increase of $6,763 thousand, or 599.6%, compared to $1,128
thousand for the year ended December 31, 2022. The increase mainly attributed to a $3,704 thousand revaluation of the bridge loans
and convertible notes, $2,005 thousand due to warrants revaluation, $1,000 thousand due to interest on borrowings, and $250 thousand
from inducement expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s finance <span style="background-color: white">income</span> for the year ended December 31, <span style="background-color: white">2022</span>,
<span style="background-color: white">totaled</span> $<span style="background-color: white">28</span> thousand, <span style="background-color: white">a
decrease</span> of $<span style="background-color: white">209</span> thousand, or <span style="background-color: white">88</span>%, compared
to $237 thousand for the year ended December 31, 2021. The Company&#8217;s finance expenses totaled $1,128 thousand for the year ended
December 31, 2022, an increase of $1,027 thousand or 1,017%, compared to $101 thousand for the year ended December 31, 2021. The increase
is mainly attributed to a revaluation of the bridge loans and redeemable warrants at fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
from Remeasurement of Investment in Associated Company</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
from remeasurement of investment in associated company amounted to $22,164 thousand and reflects the remeasurement of the investment
in true-Gold at fair value following the Company obtaining control over true-Gold, since before the transaction&#8217;s completion the
Company held 44.4% of the shares of true-Gold which were treated as a joint venture investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
of Net Profit/Loss of Associated Companies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of net loss of associated companies consists of equity loss from associated joint venture activity for the year ended on December 31,
2023 at the amount of $101 thousand and share of net profit of associated companies consists of equity profit from associated joint venture
activity for the year ended on December 31, 2022 at the amount of $106 thousand. As of December 31, 2023 and December 31, 2022, the carrying
amount of the investment in associated companies is $115 thousand and $221 thousand, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Shares
of net profit of associated companies consists of equity profit from associated joint venture activity for the year ended on December
31, 2022 at the amount of $106 thousand and share of net loss of associated companies consists of equity loss from associated joint venture
activity for the year ended on December 31, 2021 at the amount of $101 thousand. As of December 31, 2022 and December 31, 2021, the carrying
amount of the investment in associated companies is $221 thousand and $147 thousand, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company estimated carry forward tax losses of approximately $45,095 thousand (December 31, 2022: $24,106 thousand)
which may be carried forward and offset against taxable income for an indefinite period in the future. The Company and its subsidiaries
did not recognize deferred tax assets relating to carry forward losses in the financial statements because their utilization in the foreseeable
future is not probable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, the Company estimated carry forward tax losses of approximately $24,106 thousand (December 31, 2021: $17,659 thousand)
which may be carried forward and offset against taxable income for an indefinite period in the future. The Company and its subsidiaries
did not recognize deferred tax assets relating to carry forward losses in the financial statements because their utilization in the foreseeable
future is not probable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, our operating loss for year ended December 31, 2023 was $36,741 thousand compared to an operating loss of
$5,190 thousand for year ended December 31, 2022, an increase of $31,551 thousand, or 608%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating loss for year ended December 31, 2022 was $5,190 thousand compared to an operating loss of $4,974 thousand for year ended December
31, 2021, an increase of $216 thousand, or 4.3%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss Attributable to Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, our net loss for the year ended December 31, 2023 was $20,989 thousand, compared to $6,184 thousand for the
year ended December 31, 2022, an increase of $14,805 thousand, or 240%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the forgoing, our net loss for the year ended December 31, 2022 was $6,184 thousand, compared to $4,939 thousand for the
year ended December 31, 2021, an increase of $1,245 thousand, or 25%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_006"></span>B.
Liquidity and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception through December 31, 2023 and thereafter, the Company has funded its operations principally through the issuance of Ordinary
Shares, warrants, convertible notes, loans from investors and related parties and reimbursement from prospected customers for paid pilots
and proof-of-concept projects. As of December 31, 2023, the Company had $168 thousand in cash and cash equivalents. In addition, during
February 2024, the Company raised gross proceeds of approximately $3,307 thousand, before deducting fees and other offering expenses
payable by the Company, from the issuance of share, prefunded warrants and convertible security, and during April 2024, the Company raised
gross proceeds of approximately $2,000 thousand before deducting fees and after offering expenses payable by the Company, from the issuance
of a promissory note and warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents our cash flows for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    <br/> Year Ended <br/> December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">U.S.
    dollars in thousands</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in operating activities</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,479</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,223</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,908</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,036</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,127</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,765</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by financing activities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,954</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,846</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,118</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    increase (decrease) in cash and cash equivalents</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,561</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,504</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">445</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was $12,479 thousand during the year ended December 31, 2023, compared to net cash used in operating
activities of $5,223 thousand during the year ended December 31, 2022. The increase is mainly attributed to the net loss for the period
which amounted to $20,914 thousand and adjusted as non-cash, remeasurement of investment in associated company at the amount of $22,164
thousand due to the acquisition of additional 7.5% in true-Gold, Business Combination listing costs at the amount of $16,802 thousand,
financial expenses due to bridge loans at the amount of $3,800 thousand and stock-based compensation expenses at the amount of $3,269
thousand. Net cash used in operating activities amounted to $3,908 thousand during the year ended December 31, 2021. The increase was
primarily used for payment of salaries and related expenses, travel expenses, research and development, subcontractors, consultants and
materials. In addition, the increase in cash used in operating activities derived from a material increase in prepaid expenses related
to the BCA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was $1,036 thousand during the year ended December 31, 2023, consisted of capitalized development costs
in the amount of $976 thousand and $60 thousand used for purchasing property, plant and equipment. Net cash used in investing activities
was $1,127 thousand during the year ended December 31, 2022, consisted of capitalized development costs in the amounts of $975 thousand
and $152 thousand, which were used for purchasing property and equipment. <span style="background-color: white">Net cash used in investing
activities was $1,765 thousand during the year ended December 31, 2021, and consisted of cost of capitalized development expenses in
the amounts of $1,468 thousand and $297 thousand, which were used for purchasing property and equipment.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was $11,954 thousand during the year ended December 31, 2023, consisted mainly of $2,679 thousand
in advance payment for equity, $2,356 thousand in net proceeds from issuance of promissory note $2,919 thousand for net proceeds from
issuance of shares in the Business Combination net , an aggregate of $2,630 thousand net proceeds from the issuance of shares and warrants,
$642 thousand in exercise of warrants, $550 thousand in proceeds from issuance of bridge loans and warrants and $250 thousand in proceeds
from the issuance of a convertible note. Net cash provided by financing activities was $3,846 thousand during the year ended December
31, 2022, consisted mainly of $3,310 thousand in proceeds from issuance of bridge loans and warrants and $581 thousand of proceeds from
issuance of convertible notes and $182 thousand net issuance of shares, which was partially offset by payment of $172 thousand for loan
repayment to related parties. <span style="background-color: white">Net cash provided by financing activities was $6,118 thousand during
the year ended December 31, 2021, consisted mainly of $5,892 thousand in proceeds from net issuance of shares and warrants and $395 thousand
of net proceeds from the exercise of warrants, which was partially offset by payment of $98 thousand for lease liabilities and loan repayment
to related parties of $103 thousand.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Current
Outlook</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has incurred and continues to incur losses and continues to generate negative cash flows from operations since inception in 2015.
Since the Company&#8217;s inception, it has not generated significant revenue from the sale of technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and December 31, 2022, the Company had $168 thousand and $1,398 thousand, respectively, in cash and cash equivalents,
which the Company has been using and continues to use for working capital and general corporate purposes since those dates. Since December
31, 2023, the Company has raised an additional approximately $5,557 thousand in funding from various investors. The Company expects that
its existing cash and cash equivalents, along with amounts it may draw down under the Alpha SPA referred to below (during April 2024,
the Company terminated its then-existing $25 million SEPA with Yorkville and entered into a similar agreement for $30 million with Alpha),
and receivables from clients once paid, will be sufficient to fund its operations for the foreseeable future but perhaps at a delayed
or reduced scope. In addition, the Company has outstanding approximately $13,000 thousand in existing payables and other liabilities
related to expenses of the Business Combination. The Company expects to fund the payment of such amounts out of the Alpha SPA, referred
to below, ongoing activities of the Company and possibly other capital raisings in 2024. Further, the Company&#8217;s operating plans
may change as a result of many factors that may currently be unknown to it, and it may need to seek additional funds sooner than planned.
The Company&#8217;s future capital requirements will depend on several factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial
    scaling and initial deployment of the technology, along with the progress and costs of our research and development activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of filing, prosecuting, enforcing and defending patent claims and other intellectual property rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities
    internally; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    magnitude of our general and administrative expenses.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
and until the Company starts to generate significant recurring revenues and profit, the Company expects to satisfy its future cash needs
through capital raising and shareholders&#8217; financial support. The Company cannot be certain that additional funding will be available
when needed, on acceptable terms, if at all. The Company&#8217;s outstanding warrants are generally either out of money or have nominal
exercise prices; accordingly, the Company does not expect to raise any material additional funds from the exercise of outstanding warrants
in at least the short-term. If funds are not available, the Company may be required to delay or reduce the scope of research or development
plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
can give no assurances that we will be able to secure additional sources of funds to support our operations on acceptable terms, or
at all, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. If we raise
additional funds by issuing equity or convertible debt securities, including pursuant to the Alpha SPA, it could result in dilution
to our existing stockholders or increased fixed payment obligations. In addition, as a condition to providing additional funds to
us, future investors may demand, and may be granted, rights superior to those of existing stockholders. If we incur additional
indebtedness, we could become subject to covenants that would restrict our operations and potentially impair our competitiveness,
such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual
property rights and other operating restrictions that could adversely impact our ability to conduct our business. Additionally, any
future collaborations we enter into with third parties may provide capital in the near term but may not be on terms that are
favorable to us. Any of the foregoing could significantly harm our business, financial condition and results of operations. If we
are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may be required to reduce the scope of
the commercialization of our planned products or delay, scale back or discontinue the development of one or more of our product
candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also need to take certain other actions to allow us to maintain our projected cash and projected financial position, including but
not limited to additional reductions in general and administrative costs, sales and marketing costs, and other discretionary costs. Although
we believe such plans, if executed and coupled with the above-described sources of liquidity, should provide us with financing to meet
our needs, successful completion of such plans is dependent on factors outside of our control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that we will continue to incur net losses into the foreseeable future as we continue our development of our product candidates
and expand our corporate infrastructure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Obligations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reciprocal
Standby Equity Purchase Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, we entered into a SEPA with Yorkville, whereby we have the right, but not the obligation, to sell to Yorkville up to $25.0
million of our Ordinary Shares at our request, subject to the terms therein. We have received as loans Pre-Paid Advances of $3.5 million,
all of which as of April 29, 2024, have been converted into our Ordinary Shares or repaid in cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2024, the Company exercised its right of termination under the SEPA and sent to Yorkville a termination notice, which became
effective on or about April 19, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Alpha
Stock Purchase Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2024, the Company entered into a Stock Purchase Agreement (the &#8220;SPA&#8221;) with Generating Alpha Ltd. (&#8220;Alpha&#8221;),
pursuant to which Alpha has committed to purchase from us up to $30,000,000 of our ordinary shares, subject to the terms and conditions
specified in the SPA. The Company entering into the SPA was a condition of the Company&#8217;s previously announced note and warrant
transaction with Alpha from April 11, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions of the SPA, the Company has the right from time to time at its discretion, any time after the three month
anniversary of the shares underlying the SPA being registered for resale pursuant to the Registration Rights Agreement referred to below,
to direct Alpha to purchase a specified amount of our ordinary shares (each such sale, a &#8220;Put&#8221;) by delivering written notice
to Alpha (each, a &#8220;Put Notice&#8221;). There is a $20,000 mandatory minimum amount for any Put and it may not exceed $500,000,
subject to a volume threshold equal to the quotient of (a) the number of ordinary shares requested by the Company in a Put Notice divided
by (b) 0.30. The ordinary shares will be purchased at a price equal to : (a) 95% of the lowest daily traded price of the Company&#8217;s
ordinary shares during the five trading day valuation period (provided that it shall not be less than a Company-specified minimum acceptable
price) (&#8220;Market Price&#8221;), if the market price of the ordinary shares is over $1.00; (b) 90% of the Market Price, if the market
price of the ordinary shares is between $0.80 and $1.00: (c) 85% of the Market Price, if the market price of the ordinary shares is between
$0.60 and $0.80; (d) 80% of the Market Price, if the market price of the ordinary shares is between $0.40 and $0.60; (e) 75% of the Market
Price, if the market price of the ordinary shares is between $0.20 and $0.40; and (f) 50% of the Market Price, if the market price of
the ordinary shares is below $0.20.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will control the timing and amount of any sales of ordinary shares to Alpha. Actual sales of our ordinary shares to Alpha as
a Put under the SPA will depend on a variety of factors to be determined by the Company from time to time, which may include, among other
things, market conditions, the trading price of the Company&#8217;s ordinary shares and determinations by the Company as to the appropriate
sources of funding for its business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations of Alpha to accept any Put pursuant to a Put Notice is subject to customary conditions, including that Alpha is not required
to purchase any ordinary shares pursuant to a Put if it would result in Alpha beneficially owning in excess of 4.99% of the Company&#8217;s
ordinary shares, and that the ordinary shares subject to the Put be registered for resale. The Company agreed to pay a commitment fee
to Alpha equal to 1.5% of the commitment amount, payable in shares, or 2,725,621 ordinary shares and which shall be subject to a three
month lock-up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds under the SPA to the Company will depend on the frequency and prices at which the Company sells ordinary shares to Alpha.
The Company expects that any proceeds received by it from such sales to Alpha will be used for working capital and general corporate
purposes; provided, however, that in the event the Company owes any indebtedness to Alpha, 50% of any such proceeds shall be applied
to repayment of such indebtedness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA will automatically terminate on the earliest to occur of (a) the first day of the month next following the 36-month anniversary of
the date of the SPA or (ii) the date on which Alpha shall have made payment of Puts pursuant to the SPA for ordinary shares equal to
$30,000,000. The Company has the right to terminate the SPA at no cost or penalty upon five (5) trading days&#8217; prior written notice
to Alpha, provided that there are no outstanding Put Notices for which ordinary shares need to be issued and the Company has paid all
amounts owed to Alpha pursuant to the SPA and any indebtedness the Company otherwise owes to Alpha or its affiliates. The Company and
Alpha may also agree to terminate the SPA by mutual written consent. Neither the Company nor Alpha may assign or transfer its respective
rights and obligations under the SPA, and no provision of the SPA may be modified or waived by the Company or Alpha other than by an
instrument in writing signed by both parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties
and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the
benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. The SPA contains
restrictions on the Company&#8217;s ability to enter into any Variable Rate Transaction (as defined in the SPA), as described in the
SPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company further entered into a Registration Rights Agreement with Alpha, pursuant to which the Company agreed to register for resale
ordinary shares underlying the SPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
Israel is a party to a lease agreement dated January 14, 2020, and amended as of December 24, 2020 (the &#8220;Lease&#8221;). Under the
Lease, it is obligated to pay ILS 253 thousand plus VAT per year. The Lease will expire on May 31, 2027, with an additional option of
5 years, unless terminated by the landlord due to a requirement of a governmental authority to modify or terminate the Lease, pursuant
to the terms of the lease.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Borrowings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 19, 2023, the Company amended the loan agreements dated September 7, 2015, by and between SMX Israel, the Company&#8217;s shareholders
and Kamea Fund. Pursuant to the amendment to the loan agreements, Kamea agreed to convert US$657 thousand of indebtedness under the loan
agreements into 487,281 ordinary shares (post share reverse split) of the Company, as payment in full for such indebtedness; provided
however, that in the event the proceeds received from Kamea with respect to any sales of the shares are not at least equal to the indebtedness
amount, the Company will remain liable to Kamea for the balance of the indebtedness amount. In accordance with management estimation
the FV of this Indebtedness is immaterial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Kibbutz Ketura provides administrative services for SMX Israel for which it was debited $34 thousand and $36 thousand for the year ended
December 31, 2023 and December 31, 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY and the Company borrowed an aggregate of $3,860 thousand from private investors between September 2022 and February 2023,
which loans are due no earlier than May 31, 2024. All of such loans have an interest rate of 10% per annum. Each such lender (except
for one lender which lent an amount of $1,000 thousand which is not entitled to the redeemable warrants), further received 20% redeemable
5-year warrant coverage to subscribe for Ordinary Shares at $11.50 per share, plus 5% 5-year bonus warrant coverage to subscribe for
Ordinary Shares at $11.50 per share and a first priority security interest in the shares of Security Matters PTY&#8217;s interest in
true-Gold Consortium Pty Ltd. In March 2023, the Company signed an addendum to the Bridge Loans agreements which converted $1,350 thousand
into common shares and deferred the remaining cash payments during the first and second quarter of 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2023, the Company issued an aggregate of 4,032,256 Ordinary Shares and warrants to purchase an aggregate of 4,032,256 ordinary
shares, to the lenders, in exchange for the cancellation of an aggregate of (a) approximately $750 thousand in principal owed to the
lenders and (b) $1,450 thousand cash value of Redeemable Warrants. The Company also issued 457,682 Ordinary Shares to a service provider
(the &#8220;Service Provider&#8221;) as payment in full for $260 thousand worth of services previously provided to the Company by the
Service Provider. Such transactions were evidenced by a series of substantially similar Conversion and Exchange Rights Agreements executed
as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2023, the Company borrowed $250 thousand from a private investor, which loan is due December 31, 2024. Such loan has an interest
rate of 15% per annum and is convertible at a conversion price of $10.00 per share, and the holder further received 5% redeemable 5-year
warrant coverage to subscribe for Ordinary Shares at $11.50 per share, plus 5% 5-year bonus warrant coverage to subscribe for Ordinary
Shares at $11.50 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 6, 2023, the Company consummated the transactions pursuant to a Securities Purchase Agreement dated as of September 5,
2023 (the &#8220;September SPA&#8221;) and issued and sold to an institutional investor a promissory note with a fixed conversion
price of $1.6378 and warrants, for gross proceeds to the Company of approximately $2,358 thousand, before deducting fees and other
offering expenses payable by the Company. The note was issued in the principal amount of $4,290 thousand, all of which have been
converted as of April 29, 2024 into an aggregate of 2,619,377 Ordinary Shares. The actual amount loaned by the investor pursuant to
the Note was $2,574 thousand after a 40% original issue discount. The maturity date of the note is the 12-month anniversary of the
effective date and is the date upon which any remaining accrued and unpaid interest and other fees, shall be due and payable.
Interest accrues in the amount of 12% per year and shall be payable on the maturity date or upon acceleration or by prepayment or
otherwise. The investor has the right, at any time, to convert all or any portion of the then outstanding and unpaid principal
amount and interest (including any costs, fees and charges) into Ordinary Shares at a fixed conversion price of $1.6378 per share.
Any such conversion is subject to customary adjustments and limitations set forth in the note, including for fundamental
transactions. As of April 29, 2024, the investor has converted all of the principal of the note into an aggregate of
2,619,377 Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
as part of the transaction, we issued two warrants to the Investor, an &#8220;A&#8221; Warrant and a &#8220;B&#8221; Warrant. The A Warrant
for 3,929,051 Ordinary Shares has an exercise price of $0.0022 per share, subject to customary adjustments, and may be exercised at any
time until the five year anniversary of the A Warrant. As of April 29, 2024, the investor exercised the Warrant A for 3,789,264
Ordinary Shares. The B Warrant for 2,619,367 Ordinary Shares had, pursuant to the September SPA, an exercise price of $1.6378 per share,
subject to customary adjustments, and may be exercised at any time until the five year anniversary of the B Warrant. On April 11, 2024,
as an inducement of the Company for the Investor to enter into transactions pursuant to a Securities Purchase Agreement, whereby the
Company issued and sold to the Investor a promissory note and warrants, for gross proceeds to the Company of approximately US$2.0 million,
before deducting fees and other offering expenses payable by the Company, the Company entered into a Warrant Amendment and Inducement
Letter with the Investor, with respect to the &#8220;B&#8221; warrants. Pursuant to the Warrant Amendment and Inducement Letter, the
Investor exercised for cash the outstanding &#8220;B&#8221; warrants in full at a reduced exercise price of $0.0022 per share, or approximately
$5,762. See Item 8.B. Significant Changes, elsewhere in this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into an Investment Agreement (the &#8220;Investment Agreement&#8221;) with True Gold Consortium
Pty Ltd (&#8220;True Gold&#8221;), of which Security Matters PTY is a shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Investment Agreement, the AUD475,000 of indebtedness as of June 30, 2023 True Gold owes to Security Matters PTY was waived by
Security Matters PTY in exchange for the issuance of additional shares of True Gold (the &#8220;True Gold Shares&#8221;) such that Security
Matters PTY&#8217;s holdings in True Gold shall be increased to 51.9% of the total issued and outstanding shares of True Gold, making
Security Matters PTY the majority owner of True Gold. Additionally, the existing license agreement as between Security Matters PTY and
True Gold was amended to include additional intellectual property of Security Matters PTY to be licensed to True Gold thereunder. Security
Matters PTY shall further supply to True Gold a credit line for research and development work by its employees of up to AUD1,000,000,
free of interest and collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Investment Agreement, True Gold shall have the right, within 12 months of the issuance of the True Gold Shares to Security Matters
PTY, to purchase the True Gold Shares from Security Matters PTY for a purchase price to be decided by an external valuator.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Government
Grants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and December 31, 2022, the Company has a contingent liability of $153 thousand and $135 thousand, respectively,
for government grant it received for the use of research and development activities from Israel Innovation Authority (IIA). The Company
is subject to paying 3% of its relevant revenues for the first three years, and 4% of the relevant revenues for further years, until
repayment of the entire grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Isorad
License Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2015, the Company entered into the Isorad License Agreement with Isorad Ltd. (a company wholly owned by the State of Israel with
rights to exclusively commercialize the Soreq Research Center technology for civilian uses), according to which the Company was granted
technological license in return for future royalties based on 2.2% of gross sales by the Company and its affiliates and after 25 years
the license becomes royalty-free. Upon the occurrence of an M&amp;A event (as such event is defined in the agreement to include mergers,
sale of all or substantially all the assets of ours and similar event), in the first M&amp;A event, the Company is to pay a consideration
equal to 1% of the amount received or transferred and in the second M&amp;A event, a consideration equal to 2% of the amount received
or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2023, the Company signed an amendment to the agreement that determine the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
for the BCA with Lionheart, Isorad was issued 864,000 options to purchase shares of the Company, the options were issued in January 2023
and valued using the Black-Scholes pricing model. The main assumptions which were used are: (1) risk-free rate: 3.42%; (2) expected volatility:
81.92%: (3) expected term: up to 3 years; and (4) expected dividend yield: 0%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of these options was $33 thousand and recognized as a technology license intellectual property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Additionally, Isorad will be entitled to 1% of any amount actually received against equity or other funding convertible into equity at
the closing of the transaction and until 13 months thereafter (to be paid after reaching an aggregated received amount of $27 million,
or at the end of such 13 months, the earlier thereof).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, based on the funds the Company actually received, the Company recognized a technology license intellectual property
at the amount of $123 thousand against a liability that reflects the due amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Exit fee - in the occurrence of the first M&amp;A event (as such event is defined in such agreement to include mergers, sale of all or
substantially all the assets of the Company and similar event) after the closing of the BCA, the Company is to pay a cash amount equal
to 1.5% of the amount received or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
Cooperation Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 25, 2023, the Company entered into a Sales Cooperation Agreement with Data Vault Holdings, Inc., which acts in the area of Web 3.0
technologies, crypto anchors and data software as a service, pursuant to which each party on a non-exclusive basis will effect introductions
of potential clients to the other. Pursuant to the agreement, any transaction between a party and an introduced client shall entitle
the introducing party to a commission on income received in the transaction for 48 months. In addition to entering into the Sales Cooperation
Agreement, the companies intend to collaborate to advance Data Vault&#8217;s Web 3.0 strategies for data visualization, inventory tracking
and laboratory automation, using the Company&#8217;s digital blockchain platform enhanced with a physical marker.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant
Reset Offer</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 8, 2023, the Company consummated an inducement offer letter agreement with certain holders of the Company&#8217;s outstanding
Warrant Bs to purchase Ordinary Shares of the Company. The Warrant Bs were issued on June 27, 2022 and had an exercise price of $5.28
per share (after taking into account the Company&#8217;s 1:22 reverse share split).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the inducement letter, the holders agreed to exercise for cash their Warrant Bs to purchase an aggregate of 606,060 Ordinary Shares
at a reduced exercise price of $1.15 per share in consideration for the Company&#8217;s agreement to issue new warrants to purchase,
in the aggregate, up to 909,090 of the Company&#8217;s Ordinary Shares at an exercise price of either (i) $0.0022 per share in an amount
not to exceed 75% of the new warrant shares, or (ii) $1.15 per share, in the discretion of the warrantholders. The Company received aggregate
gross proceeds, before payment of transaction fees and expenses, of approximately $697,000 from the exercise of the Warrant Bs by the
holders. In January 2024, the holders of such reset warrants exercised 454,544 warrants pursuant to the option described above under
clause (i), and as a result we issued an aggregate of 454,544 ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosures about Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is exposed to market risks in the ordinary course of business. Market risk represents the risk of loss that may impact on our
financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily with respect to
the ILS, AUD, EUR and SGD, which is discussed in detail in the following paragraph.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency
Fluctuations</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating expenses are denominated in ILS, AUD, EURO and SGD, and therefore are currently subject to foreign currency
risk. We have been affected by changes in some of such rates compared to the U.S. dollar, as of December 31,2023, the ILS increased against
the U.S. dollar by approximately 3%, the AUD increased against the U.S. dollar by approximately 0%, the EUR increased against the U.S.
dollar by approximately 4% and the SGD increased against the U.S. dollar by approximately 1%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s policy is not to enter into any currency hedging transactions, and we cannot assure you that we will not be adversely
affected by currency fluctuations in the future.</span></p>

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Risk</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is a risk of financial loss if a counterparty or customer fails to meet its contractual obligations. We closely monitor the activities
of our counterparties and control the access to its intellectual property which enables it to ensure a prompt collection. Our main financial
assets are cash and cash equivalents as well as other receivables and represent the Company&#8217;s maximum exposure to credit risk in
connection with its financial assets. Wherever possible and commercially practical, the Company holds cash with major and sound financial
institutions in Israel and Australia.</span></p>

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Risk</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that we will encounter in meeting our obligations associated with our financial liabilities that are settled by delivering
cash or another financial asset. The Company seeks to minimize that risk by maintaining sufficient cash and other highly liquid current
assets and by having available an adequate amount of committed credit facilities. For more details, please refer to the section titled,
&#8220;Liquidity and Capital Resources&#8221;.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="aj_007"></span>C.
Research and Development, Patents and Licenses, Etc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the varied needs of different industries, the Company&#8217;s research and development processes are divided according to industry.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Plastics,
Rubber and Other Materials</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, Security Matters PTY completed a successful trial of marking recycled plastics by studying the impact of gravimetric and volumetric
feeding methods on final Post Consumer Recyclat (&#8220;PCR&#8221;), readings. The compounding master batch and extrusion processes of
these trials were performed on a pilot scale in a fully commercial and industrial facility. The Company&#8217;s team demonstrated its
ability to manage the process remotely, indicating the viability of industrial scale adoption.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful trial provides plastic manufacturer and importing companies with a proof of concept, enabling them to more accurately identify
and audit, via an automated transparent reporting system, the polymer type, number of loops and the amount of recycled content despite
the size and color of the plastic. As a result, the Company is positioning itself to be able to offer plastic manufacturing and importing
companies the ability to promote their operations as being sustainable and environmentally friendly. Combined with its ability to digitally
certify the materials, the Company is also positioning itself to offer these companies the ability to avoid human/manual-paper auditing
and use technology/automated auditing, which helps to reduce the potential for human errors and can provide for cost savings.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the Company announced that it succeeded for the first time in verifying a marker substance for natural rubber in a tire and
so throughout the entire production process. The dedicated marker technology, which the Company and Continental optimized for use in
natural rubber, is designed to create greater transparency along the entire value chain of tires and technical rubber products from Continental.
Provided with special security features, the use of the marker substances enables the invisible marking of natural rubber with information
on its geographical origin. This means, for example, that responsibly sourced natural rubber and its origin can be verified at every
stage of the supply chain all the way through to the customer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the field test, the marker substance was added to responsibly grown latex during harvesting and withstood not only the intensive preparations
involved in the production of natural rubber but also the tire manufacturing process itself. In the manufactured tire, the data was retrieved
using special, purpose-built software and a reader and correctly interpreted. The appearance and performance of a bicycle tire containing
the invisible marker remained unchanged.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects that Continental will use the new marker technology on a larger scale in the future during the process of sourcing its
rubber and also to integrate it in other rubber products. As part of the industrialization of this technology, it is conceivable to link
the markers with blockchain technology. This could provide additional support for tamper-free monitoring of compliance with quality standards
and quality criteria along the complex supply chain of natural rubber.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company&#8217;s marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Plastic
Cycle Token</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2023, the Company announced the planned launch of a plastic cycle token, scheduled for release in the third quarter of 2024.
The initiative is being designed to present a reliable, ethical digital credit platform, aiming to capitalize on billions of dollars
in recyclable plastics credits in a newly created market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tradeable plastic cycle token is being designed to enable companies to transition towards sustainable practices, encouraging entities
within and outside the plastic ecosystem, including oil producers and waste management firms, to increase recycled content utilization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
initiative is also expected to position the SMX Plastic Cycle Token as a next-generation alternative to carbon credits, creating a new
paradigm in the Impact ESG investment landscape. Each token is being designed to represent a quantifiable amount of recycled plastic
using SMX&#8217;s technology to physically mark the plastics, potentially offering a tangible impact on environmental circularity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gold
and Other Metals</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Gold</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY formed a joint initiative with Perth Mint to develop a mine-to-marketplace ethical gold supply chain technology solution.
Since the incorporation of trueGold Consortium Pty Ltd (&#8220;trueGold&#8221;) in June 2020, this research and development project aims
to promote a &#8216;mine to product&#8217; transparency solution dedicated to responsible mining of materials. Security Matters PTY&#8217;s
track &amp; trace technology provides information on the origin of the materials and how they move across production and distribution
chains towards recycling and back to refining.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2020, Security Matters PTY signed a shareholders&#8217; agreement with W.A. Mint Pty Ltd. (&#8220;Perth Mint&#8221;) and trueGold.
The shareholders&#8217; agreement and the ancillary agreements discuss the establishment of a new entity&#8212;trueGold&#8212;by Security
Matters PTY and Perth Mint. Security Matters PTY granted to trueGold, subject to the terms of the license agreement, an exclusive, worldwide,
perpetual license to use Security Matters PTY&#8217;s technology for the purpose of commercializing it within the industry comprising
gold as a precious metal (as elaborated below). Security Matters PTY owns any development of its intellectual property and, while trueGold
owns all generated data it creates, trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free
license to use the generated data, subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement
technology or Security Matters PTY&#8217;s technology. The parties agreed that neither Perth Mint or Security Matters PTY are required
to provide any funding to trueGold and that any investment by any of them in trueGold from time to time will be by way of in-kind contributions.
Third party equity investors will contribute the working capital will fund R&amp;D, development capital and other expenses in accordance
with the business plan.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if SMX does not notify within 30 days that it wishes to purchase, then to all other shareholders
(including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor and the
directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair market
price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC Rules
for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX&#8217;s CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the &#8220;True Gold Shares&#8221;) such that Security Matters PTY&#8217;s holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TrueSilver</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 7, 2023, we announced that we are in the process of creating a new subsidiary, TrueSilver, and that we have entered into a 120 day
exclusive agreement with Sunshine Minting Inc. (&#8220;Sunshine&#8221;), to create a path to full transparency and traceability for silver
products from mine site to final products and recycling and the creation of an industry standard. During the 120-day exclusivity period,
Sunshine shall evaluate our technology for its use, with possible further collaborations thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, we transferred the ownership of our wholly owned granddaughter company &#8220;Security Matters Canada Ltd.&#8221; from ownership
by our subsidiary Security Matters PTY to direct ownership by the Company and renamed it &#8220;TrueSilver SMX Platform Ltd.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 15, 2024, the Company announced the successful completion of proof of concept for ethical sourcing and authentication of silver
in cooperation with Sunshine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has now successfully completed the marking of 2.2 tons of silver within Sunshine&#8217;s operations. The program covered the
marking of the silver raw material through continuous manufacturing processes to final products including recycling loops.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology was added at the melting stage and the marked silver material was processed into blank (from casting, extrusion,
rolling, annealing, blank cutting &amp; recycling), and the quality of the marked intermediate material and final products was evaluated
(from billet to blank and recycled blank after several cycles).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results demonstrated 100% success rates on all marked products all along the production process (from billet to finished product) ensuring
the durability and irrefutable proof of quality and Brand authentication of the silver for credible ESG reporting for stakeholders, customers,
auditors, and regulators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Non-Ferrous
Metals</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 29, 2022, Security Matters PTY signed a products distribution and SAAS reseller agreement with Sumitomo Corporation, a Japanese
corporation. Under such agreement, Security Matters PTY appointed Sumitomo to act as Security Matters PTY&#8217;s exclusive, worldwide
distributor to market and sell markers, readers and Security Matters PTY services to customers for application in the Non-Ferrous Metals
Market (as defined below) only, subject to the customer entering into with Security Matters PTY its standard product license agreement.
The &#8220;Non-Ferrous Metals Market&#8221; is defined as all supply chain market segments of the industry for aluminum, copper, lead,
nickel, zinc, molybdenum, cobalt, lithium and tin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price at which Security Matters PTY shall sell products to Sumitomo and the license fee at which Security Matters PTY shall license Security
Matters PTY products and Security Matters PTY service to Sumitomo shall be a discount of the invoices issued to the customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the agreement shall remain in effect for an initial term of five years from the effective date of first commercial sale by Security Matters
PTY to Sumitomo of any products. The companies have agreed that over the coming years there is a target to reach $35 million in sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Alcoholic
Beverages</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, Security Matters PTY acquired all the holdings SMX Beverages Pty Ltd, a joint venture incorporated in February 2020 for
the promotion of solutions in the alcoholic beverage industries including in relation to the prevention of counterfeit alcoholic beverages,
circular economy concepts and packaging and supply chain within those industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Diamonds
and Precious Stones</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 30, 2019, Security Matters PTY signed an agreement with Trifecta Industries Inc. (&#8220;Trifecta&#8221;) for the commercialization
of Security Matters PTY&#8217;s trace technology in the diamonds and precious stone industry. Under the terms of the agreement, Security
Matters PTY and Trifecta established a new entity&#8212;Yahaloma Technologies Inc., which is equally held by Security Matters PTY and
Trifecta.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
parties covenanted not to pursue the use of Security Matters PTY&#8217;s technology for diamonds and precious stones, or any other venture
related to the testing of the origin of diamonds or precious stone, other than through the Yahaloma. Additionally, in agreement with
Isorad, all rights in and to any intellectual property related to the diamonds and precious stones industry that is developed by or for
Yahaloma is jointly owned in equal parts by the Security Matters PTY, Yahaloma and Soreq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY continues to develop the technology and will supply Yahaloma technical services. Security Matters PTY bears the cost of such
R&amp;D services but the agreed hourly costs of Security Matters PTY&#8217;s staff is recorded as a shareholders loan of Security Matters
PTY to Yahaloma, once the first USD 250,000 to be paid by Trifecta are exhausted (which is yet to happen). Trifecta supplies Yahaloma
diamonds and other raw materials, which remain in the ownership of Trifecta. If Security Matters PTY causes damage to such diamonds during
the R&amp;D process, this will be reported the Trifecta and the damage recorded as a shareholders loan of Trifecta to Yahaloma. Trifecta
will supply Yahaloma services of business development. Trifecta bears the cost of such services but the agreed hourly costs of Trifecta&#8217;s
staff is recorded as a shareholders loan of Trifecta to Yahaloma. Management of Yahaloma is agreed to be jointly, with certain special
resolutions requiring agreement of both parties. Actual day-to-day management is in Canada.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the shareholders loan extended by man-hours as stipulated above, the parties covenanted to extend up to USD 1 million to
Yahaloma (USD 350,000 by Security Matters PTY and USD 650,000 by Trifecta, with USD 250,000 extended by Trifecta registered as capital
and all other funds as shareholders loans). Funds were agreed to be injected upon reaching certain milestones. The Security Matters PTY
loan of USD 350,000 are to be injected only upon reaching future milestones and only if such funds will be required, which stage has
not yet arrived. Such Security Matters PTY loan will bear an interest rate of 5% per annum. Upon Yahaloma being able to repay the shareholders
loans, first a sum of USD 250,000 will be repaid to Trifecta and then all other shareholders loans will be repaid pro-rata. Only after
repayment of all shareholders loans will Yahaloma distribute profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
party may not transfer its shares to others without the prior approval of the other party other than a transfer to an affiliate (defined
as an entity directly or indirectly controlled by a party or directly or indirectly controls such party or is directly or indirectly
controlled by a person which also, directly or indirectly, controls such person) done after 30 days&#8217; notice to the other party,
and after the affiliate agrees to adopt the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yahaloma
agreed to bear the payments to Soreq related thereto (as described in &#8220;Gold and Other Metals&#8221; above).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Electronics</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Matters PTY has joined an alliance formed by six founding partners, among them the World Business Council for Sustainable Development,
to set a shared vision for a circular economy for electronics, called the Circular Electronics Partnership. This group of global companies
has been brought together to reduce e-waste and to commit to a roadmap for a circular economy for electronics by 2030.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fashion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, Security Matters PTY announced that it had launched a Fashion Sustainability Competence Centre to enable fashion brands
globally, to transition successfully to a sustainable circular economy by being able to identify the origination of their raw materials
and hence, recycle their own unsold and/or end-of-life merchandise (garments, footwear and accessories including sunglasses) back into
new high-quality materials and new fashion merchandise Security Matters PTY&#8217;s technology is applicable across a range of materials
including leather, silk, cotton, wool, coated canvas, vegan leather, polyesters, cashmere, metals (e.g., gold &amp; metallic parts) and
plastics; and its applications encompass finished leather goods, shoes, garments, and accessories. Security Matters PTY is also collaborating
with several luxury fashion conglomerates on R&amp;D projects to trace the origin of raw materials used in their supply chain and is
in commercial negotiations regarding the implementation of its solution with partners in the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, we changed the name of the wholly owned subsidiary from &#8220;SMX France&#8221; to &#8220;SMX Fashion and Luxury&#8221; in
anticipation for such company to be used for the fields of fashion and luxury.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability of Security Matters PTY to develop and maintain proprietary information technology is crucial to our success. Since 2015, Security
Matters PTY technology has been protected by more than 20 patent families and more than 100 patents filed around the world in various
stages with respect to our marking and reading technologies. The table below lists the 20 patent families. Under each patent family,
we note the countries under which such patents have been filed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides a list of Security Matters PTY&#8217;s patents that have passed the international phase (PCT) and may be publicly
disclosed:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent<br/>
    Family</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Countries</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    of<br/>
    Patent<br/>
    Protection</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Status</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US
    App#&#8217;s</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US
    <br/>
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    Date</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authentication
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Published/<br/>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16/083,966</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US20200242865A1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Filed</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oct
    2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US20210325323A1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oct
    2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europe</span></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Korea</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application<br/>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17/594,406</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WO2020212969A1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oct
    2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europe</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israel</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Japan</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Korea</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traceable
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    in Production Value Chains</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17/626,916</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17/626,923</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul
                                            2020</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul
    2020</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US20220251252A1</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US20220259356A1</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aug
                                            2022</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aug
    2022</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCT</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traceable
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    in Production Value Chains</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Abstracts</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 1:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
and method for reading x-ray-fluorescence marking (US10,539,521, granted, expires 13/07/2036; US10969351B2, granted, expires 31/03/2036).
Abstract: Method and systems are presented for authentication of precious stones, according to their natural ID and/or predetermined
markings created in the stones, based on unique characteristic radiation response of the stone to predetermined primary radiation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 2:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authentication
of metallic objects (US16/074,226, granted, expires 25/01/2040). Abstract: The present invention provides an anti-counterfeit marking
technique for verifying authenticity of objects using x-ray fluorescence (XRF) analysis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 3:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
control system and method thereof (US16/083,966, Pending, filed 21/03/2017). Abstract: The present invention relates to an access control
system, an access object and a method for access control. The access control system comprises an access request receiving device being
configured and operable for receiving an access object; the access request receiving device comprising an emitter configured and operable
for irradiating the access object with a radiation having a wavelength in the range of about 10&#8221;12 and 10&#8221;9 m and a detector
configured and operable for detecting a response signal from the irradiated access object; a control circuit being configured and operable
to receive the response signal from the access request receiving device and process the response signal to identify spectral features
indicative of an XRF signature of the access object; wherein the control circuit is adapted to generate an unlocking signal for switching
a module device between a locked state and an unlocked state upon identification of the XRF signature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 4:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
method and a system for XRF marking and reading XRF marks of electronic systems (US10,607,049, granted, expires 04/042037, US16/834,732,
granted, expires 04/12/2037). Abstract: Methods and systems for verifying compatibility of components (e.g. parts or devices) of an electronic
system are disclosed. In certain embodiments the method includes: irradiating a first and second components presumably associated with
the electronic system, with XRF exciting radiation, and detecting one or more XRF response signals indicative of a first and a second
XRF signatures, emitted from the first and second components in response to the irradiation. Then the first and second XRF signatures
are processed to determine whether they are associated with respectively a first and second XRF marking compositions on the first and
second components, and the compatibility of the first and second components to the electronic system is determined/verified based on
the correspondence between the first and a second XRF signatures/marking. Certain embodiments also disclose electronic systems including
at least a first and a second electronic components/devices respectively having the first and second XRF marking compositions that enable
verification of compatibility of the components. Certain embodiments disclose techniques for pairing the first and second components
(e.g. devices) based a correspondence between the first and second XRF signatures/markings thereof. Certain embodiments disclose various
calibration techniques for calibrating the XRF measurements of XRF markings applied to different substrate materials of the electronic
components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 5:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
XRF analyzer for identifying a plurality of solid objects, a sorting system and a sorting method thereof (US10,967,404, granted, expires
04/12/2037). Abstract: The present invention discloses a novel XRF analyzer capable of simultaneously identifying the presence of a marking
composition in a plurality of objects by modulating/varying the intensity of the excitation beam on the different objects and measuring
the secondary radiation thereof. The XRF analyzer comprises a radiation emitter assembly adapted for emitting at least one X-Ray or Gamma-Ray
excitation radiation beam having a spatial intensity distribution for simultaneously irradiating the plurality of objects; a radiation
detector for detecting secondary radiation X-Ray signals arriving from a plurality of objects in response to irradiation of the objects
by X-Ray or Gamma-Ray radiation, and providing data indicative of spatial intensity distribution of the detected data X-Ray signals on
the plurality of objects; and a signal reading processor in communication with the detector, the processor being adapted for receiving
and processing the detected response X-Ray signals to verify presence of the marking composition included at least one surface of each
object of the plurality objects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 6:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
for marking and authenticating precious stones (US16/091,222, granted, expires 20/10/2038, US Divisional 17/666,866, pending, filed 08/02/2022).
Abstract: Method and systems are presented for authentication of precious stones, according to their natural ID and/or predetermined
markings created in the stones, based on unique characteristic radiation response of the stone to predetermined primary radiation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 7:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">X-ray
fluorescence system and method for identifying samples (US11,112,372, granted, expires 03/06/2038). Abstract: A control system and method
are presented for controlling operation of an X-ray Fluorescent (XRF) system for detecting at least one material carried by a sample,
for example at least one marker carried by the sample. The control system comprises: data input utility for receiving input data comprising
material/marker related data about said at least one material/marker; and data processor and analyzer utility. The data processor and
analyzer utility is configured and operable for analyzing the input data and determining optimal geometrical characteristics of the XRF
system for optimizing operational conditions of said XRF system to maximize amount of primary X-ray radiation that reaches a predetermined
region of the sample and is absorbed by a volume of said region and to maximize a portion of secondary radiation emitted from said region
that reaches a detector of the XRF system; and for generating operational data to the XRF system enabling adjustment of the geometrical
characteristics of the XRF system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 8:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
for Detecting Mishandling and Misuse of Food Products (US16/366,712, Pending, filed 25/09/2017). Abstract: The present invention provides
a method of labeling a product for human or animal use with an XRF identifiable label, the method comprising forming a pattern of at
least one FDA-grade material identifiable by XRF on at least an area of the product. Wherein the pattern is optionally at least partially
invisible to the naked eye and has predefined identifiable properties, wherein the product is selected from foods, therapeutics and cosmetics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 9:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XRF-Identifiable
Transparent Polymers (US11,193,007, granted, expires 02/03/2038). Abstract: The invention provides formulations and masterbatches of
a polymeric material and XRF-identifiable markers, for producing transparent elements including a polymer and at least one XRF-identifiable
marker for a variety of industrial uses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 10:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
System for Virtual Currency based on Blockchain Architecture and Physical Marking (US16/609,686, Pending, filed 08/05/2018). Abstract:
Methods and system for management of transactions of marked objects are disclosed. In an embodiment, a method for recording a marked
object includes: determining specific and unique marking of the object by a reader unit; and communicating encrypted data indicative
of the marking and data indicative of the marked object to at least one server system, for generating at least one record of the object
and its marking thereat. The at least one server system may be a distributed blockchain system including: at least one blockchain service
module adapted for recording transactions of objects in a blockchain; and at least one management service module adapted for authorization
of each transaction of an object based on authentication of the transaction by: providing a reader unit with a certain reading scheme/parameters
that authorize/enable the reader unit to correctly read the specific marking on the object; and obtaining from the reader unit in response,
a reading data indicative of the marking being read using the reading scheme, and authenticating the object based on a match between
the reading data and stored data of the object&#8217;s marking which is stored by the at least one server. In turn, before carrying out
a request for recordation of a transaction for the object in the blockchain, the blockchain service module is adapted to await authorization
of the transaction from the management service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 11:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Object Marking System for Authentication and Verification (US11,221,305, granted, expires 23/10/2038). Abstract: Systems and methods
for marking of objects, such as keys/key-blanks, in a production line are disclosed. The objects are marked by applying a marking composition(s)
to pre-selected areas on the surface thereof. The system includes a marking unit for dispensing a volume of marking composition in one
or more localized pre-selected areas on the surface of an object to be marked; a holder/gripper for positioning the object to be marked
in one or more positions relative to the marking unit so as to allow the marking unit to dispense the marking composition on the one
or more pre-selected localized areas; a reading/verification unit for detecting the marking composition applied to the object thereby
verifying that the objects are properly marked; an orientation sensing unit for identifying the orientation of the object to be marked
relatively to the holder. The system also includes a controller configured for controlling the operation of the holder, orientation sensing
unit, and the marking unit. The reading/verification unit is adapted to identify the marking composition in the one or more pre-selected
areas on surface of the object by detecting an electromagnetic signal (such as XRF signal) emitted from the marking composition (e.g.
in response to its illumination by X-ray or gamma-ray).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 12:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of Recyclable Goods and Their Source Materials (US17/766,874, Pending, filed 07/10/2020). Abstract: Techniques for monitoring production
and reuse of a recyclable material, and/or determining a currency or quality measure thereof, are disclosed. In the disclosed embodiments
one or more markers are introduced into ingredient material components of the recyclable material, where the one or more markers being
indicative of one or more properties of at least one of the ingredient material components. Information indicative of at least the one
or more properties is recorded in a database comprising a plurality of records, each associated with at least one of the one or more
markers. A signal obtained from a product comprising the recyclable material is processed for determining presence of at least one of
the one or more markers, and based thereon the information recorded in at least one of the database records associated therewith, and
a quality or currency measure of at least one of the ingredient material components of the recyclable material comprised in the product
is determined based on the one or more properties indicative by the information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 13:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Systems
and Methods for Supply Chain Management and Integrity Verification Via Blockchain (US16/980,693, Pending, filed 14/03/2019). Abstract:
Systems and methods for managing transactions of physical objects are disclosed. The system is connectable to a first distributed ledger
adapted to record object transactions associated with transactions of one or more physical objects between parties. The system includes
a second distributed ledger adapted to record data indicative of object handling operations carried out with respect to the one or more
physical objects; and an object handling management module adapted to authenticate handling operations carried out with respect to the
one or more physical objects. The object handling management module is configured and operable for obtaining parameters of execution
of the handling operations, authenticating the parameters of execution of the handling operations, and recording the authenticated handling
operations in the second distributed ledger. The system thereby enables recordation of the object transactions associated with the one
or more physical objects upon authenticating that the parameters of execution of the handling operations that are carried out with respect
to the one or more physical objects satisfy one or more respective predetermined conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 14:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
and Method for Detection and Identification of Foreign Elements In A Substance (US17/285,167, Pending, filed 18/10/2019). Abstract: In
one embodiment, a system and method for inspecting a substance to detect and identify predetermined foreign element(s) in the substance.
The foreign element may carry X-ray responding material compositions, emitting X-ray signals in response to primary exciting X-ray or
Gamma-ray radiation. The inspection is performed during a relative displacement between the substance and an inspection zone, defined
by an overlap region between a solid angle of emission of an X-ray/Gamma-ray source and a solid angle of detection of X-ray radiation,
along a predetermined movement path, as the substance moves along said path, the detected X-ray radiation includes X-ray response signals
from successive portions of the substance propagating towards, through, and out of said overlap region. Measured data indicative of X-ray
response signals is analyzed to identify a signal variation pattern over time indicative of a location of at least one foreign element
carrying an X-ray responsive marker.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 15:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method
and System for Classification of Samples (US17/594,406, Pending. filed 05/04/2020). Abstract: A method and system are provided for model-based
analysis of samples of interest and management of sample classification. Predetermined modeled data is provided comprising data indicative
of K models for respective K measurement schemes based on a predetermined function having a spectral line shape, data indicative of M
characteristic vectors of M predetermined group to which different samples relate, and data indicative of a common vector of weights
for the M groups. A data processor utilizes said data and operates to apply model-based processing to measured spectral data of a sample
of interest using said predetermined modeled data, and generate classification data indicative of relation of said specific sample of
interest to one of said M predetermined groups.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 16:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traceable
Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
In Production Value Chains (US17/626,916, Pending, filed 15/07/2020). Abstract: The present invention is in the field of polymers comprising
XRF identifiable tracers allowing information to be encoded by the polymers, and in particular polymers for conservation, restoration
and retouching in artworks, electronics, coatings, plastics etc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 17:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traceable
Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
In Production Value Chains (US17/626,923, Pending, filed 15/07/2020). Abstract: The present invention is in the field of polymers comprising
identifiable tracers by spectroscopic methods such as XRF, IR, NIR and XRD allowing information to be encoded by the polymers, and in
particular polymers for conservation, restoration and retouching in artworks, electronics, coatings, plastics, packaging, 3D printing,
rubber, and the like.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 18:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traceable
Composite for Marking Seeds and Plants (US17/639,397, application filed, filed 02/09/2020). Abstract: The invention concerns compositions
and methods for authenticating an agricultural product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 19:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of Recyclable Goods and Their Source Materials (US17/769,175, application filed, filed 15/10/2020). Abstract: Techniques for managing
production and reuse of a recyclable material are disclosed. Combination of markers introduced into one or more ingredient material components
of recyclable materials are used to indicate one or more properties of at least one of the ingredient material components e.g., a type
of material used, percentage of the material type in the recyclable material, and suchlike. A signal obtained from a product comprising
the recyclable material can be processed to detect presence or absence of the combination of markers therein. Based on the detection
of the combination of markers, information indicative of the one or more properties of the at least one ingredient material component
is determined, and based on the information it is decided either about a suitable recycling process for reusing the at least one ingredient
material component, or a suitable disposal process for disposing the product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Family 20:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Device
and Method for Detection of Viruses by XRF (PCT/IL2021/050325, National Phase due by September 26, 2022). Abstract: The invention provides
methods and tools for the directed and indirect detection of infection with micro-organisms pathogens in biological and non- biological
samples, and specifically applications of XRF (X-ray fluorescence) methodology for the detection of infections with viral and bacterial
pathogens responsible for the widespread epidemics in mammals and humans, including COVID-19.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_001"></span>D.
Trend Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described elsewhere in this Annual Report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments or
events that are reasonably likely to have a material adverse effect on our revenue, income from continuing operations, profitability,
liquidity or capital resources, or that would cause our reported financial information not necessarily to be indicative of future operation
results or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_002"></span>E.
Critical Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reverse
Acquisition Transaction</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
result of the merger between the Company and Security Matters PTY is that legally the Company owns the entire share capital of Security
Matters PTY.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
for financial reporting purposes, Security Matters PTY (the legal subsidiary) is the accounting acquirer, and the Company (the legal
parent) is the accounting acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under
the name of the Company, but they are a continuance of the financial statements of Security Matters PTY and reflect the fair values of
the assets and liabilities of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security
Matters PTY at fair value based on the quoted opening share price of the Company in its first trading day following the closing of the
business combination transaction ($11,599 thousand), and a recapitalization of its equity. This deemed issuance of shares is in fact
both an equity transaction under IAS 32 (receiving the net assets of the Company) and an equity-settled share-based payment transaction
under IFRS 2 (receiving the listing status of the Company). The difference, in the amount of $16,802 thousand, between the fair value
of the shares deemed to have been issued by Security Matters PTY and the fair value of the Company&#8217;s identifiable net assets represent
a payment for the service of obtaining a stock exchange listing for its shares and it is therefore expensed immediately to profit or
loss at the closing date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is initially consolidated in the financial statements from the Closing Date of the Business Combination. Substantially all of
the assets and liabilities of the Company were comprised of marketable securities held in a trust account ($4,921 thousand) and trade
and other payables and warrants ($10,127 thousand) respectively, with fair values that were equivalent to their carrying amounts. Below
are the implications of the accounting treatment on the financial statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    assets and liabilities of Security Matters PTY have been recognized and measured in the consolidated financial statements of the
    Company for the year ended December 31, 2023, at their pre-combination carrying amounts.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    retained earnings and other equity balances recognized in the consolidated financial statements of the Company for the year ended
    December 31, 2023, are the retained earnings and other equity balances of Security Matters PTY immediately before the Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    amount recognized as issued equity instruments in the consolidated financial statements of the Company for the year ended December
    31, 2023, has been determined by adding to the issued equity of Security Matters PTY immediately before the Business Combination
    the fair value of the deemed issuance of shares, as described above. However, the equity structure (the number and type of shares
    issued) reflects the equity structure of the Company, including the shares issued by the Company through recapitalization. Accordingly,
    the equity structure of Security Matters PTY (issued capital and addition paid in capital) in comparative periods is restated using
    the exchange ratio established in the Business Combination to reflect the number and par value of shares of the Company issued in
    the reverse acquisition transaction.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    statement of comprehensive loss in the consolidated financial statements of the Company for the year ended December 31, 2023, reflects
    that of Security Matters PTY for the full period together with the post-acquisition results of the Company from the Closing Date.
    Loss per share of Security Matters PTY for periods prior to the acquisition date is restated such the denominator of the historical
    loss per share calculation is adjusted by multiplying the weighted-average shares used in each historically reported loss per share
    calculation by the exchange ratio established in the Business Combination.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>true-Gold
Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023 (acquisition date), the Company has signed an agreement with true-Gold Consortium Pty Ltd. (&#8220;true-Gold&#8221;)
shareholders to acquire an additional 7.5% which will increase the Company&#8217;s holdings to 51.9% in true-Gold and result in the Company&#8217;s
gain control over true-Gold. true-Gold uses the Company&#8217;s advanced next-generation technology to invisibly mark and store multiple
data types at a molecular level as well as its blockchain digital platform. This strategic transaction through gaining control of true-Gold
diversifies the Company&#8217;s operations into true-Gold&#8217;s pioneering ventures in research and development and revenue commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company previously held 44.4% of the shares of true-Gold which, up to the acquisition date and the beginning of consolidation, were treated
as an investment in a joint venture which accounted for under the equity method. At the time the transaction was completed, and control
was obtained, the balance of the investment was remeasured at fair value of $22,164 thousand and a gain was recognized in the amount
of $22,164 thousand, which was recorded in the statement of comprehensive loss (the carrying amount of the previous investment in true-Gold
was approximately nil). This fair value amount was added to the consideration transferred for the calculation of goodwill, as described
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to measure the non-controlling interests in true-Gold at full fair value which includes also the non-controlling
interests&#8217; share in the entire goodwill of true-Gold. The fair value of the non-controlling interests in true-Gold was based on
the fair value of true-Gold as a whole, as described above, and was estimated using the discounted cash flow method of the income approach,
as true-Gold is a private company and therefore quoted market prices of its share were unavailable. The fair value has been determined
by management with the assistance of a valuation performed by an external and independent valuation specialist using valuation techniques
and assumptions as to estimates of projected net future cash flows of true-Gold and estimate of the suitable discount rate for these
cash flows. The significant assumptions used in estimating the fair value of true-Gold are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After-tax
    net cash flow discount rate (weighted average cost of capital) of 24.8%.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminal
    value cash flow multiple of 4.59 and terminal growth rate of 3%.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
    for lack of marketability of 25.2% (or $11.17), resulting in a fair value of $33.12 per ordinary share of true-Gold).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total cost of the business combination comprised a full forgiveness of the outstanding payables from true-Gold to the Company which amounted
to AUD 475 thousand (approximately $307 thousand) at acquisition date. The calculating of any goodwill upon acquisition included also
the fair value of the previous investment in true-Gold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 2 in the notes to our consolidated financial statements appearing
elsewhere in this Annual Report for a description of critical accounting estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_003"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_004"></span>A.
Directors and Executive Officers</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth certain information, as of April 29, 2024, concerning our executive officers and members of the Board.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 54%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ophir
    Sternberg</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haggai
    Alon</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amir
    Bader</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pauline
    Khoo</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roger
    Meltzer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
    Hawkins</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zeren
    Browne</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Executive
    Officers</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haggai
    Alon</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ofira
    Bar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zeren
    Browne</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Chief Strategy Officer, Managing Director of trueGold</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
about Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ophir
Sternberg.</b> Mr. Sternberg, our Chairman, was the Chairman, President and Chief Executive Officer of Lionheart since its inception
through the Business Combination. He has been our Chairman since the Business Combination, and has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr. Sternberg is the Founder and Chief Executive Officer of Miami-based
Lionheart Capital, founded in 2010. Lionheart Capital is a Miami-based diversified investment firm focused on building shareholder value
in high-growth companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sternberg began his career assembling, acquiring and developing properties in emerging neighborhoods in New York City, which established
his reputation for identifying assets with unrealized potential and combining innovative partnerships with efficient financing structures
to realize above average returns. Mr. Sternberg came to the United States in 1993 after completing three years of military service within
an elite combat unit for the Israeli Defense Forces.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Mr. Sternberg&#8217;s leadership, Lionheart Capital executed numerous prominent real estate transactions and repositions, including The
Ritz-Carlton Residences in Miami Beach, which resulted in a total sell-out value in excess of $550 million, as well as purchase of the
development&#8217;s site, the former Miami Heart Institute. Additionally, Mr. Sternberg led the $120 million sale of The Seagull Hotel,
making it the highest grossing hotel sale of 2020 in Miami Beach. Mr. Sternberg and Lionheart Capital are currently in development on
a number of other projects, including retail properties in Miami&#8217;s fashion and culture epicenter, The Design District. In addition
to The Ritz-Carlton Residences, Miami Beach, Lionheart Capital also developed The Ritz-Carlton Residences Singer Island, Palm Beach,
cementing a reputation for developing high-end luxury branded properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2017, Mr. Sternberg founded Out of the Box Ventures, LLC, a Lionheart Capital subsidiary, to acquire and reposition distressed retail
properties throughout the United States. With 19 properties in 14 states, Out of the Box Ventures currently controls over 5 million square
feet of big box stores, shopping centers and enclosed regional mall properties with plans to improve and expand upon these acquisitions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sternberg and Lionheart Capital are dedicated to working with best-in-class operators and partners such as Marriot International. Lionheart
Capital has been able to execute numerous, marquee transactions due largely in part to Mr. Sternberg&#8217;s extensive industry relationships
particularly with key institutional investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, Mr. Sternberg became Chairman of Nasdaq-listed OPES which on June 30, 2020, announced a definitive agreement to merge with
BurgerFi International LLC. The OPES-BurgerFi merger closed on December 16, 2020 to form BurgerFi International Inc., or BurgerFi, a
fast-causal &#8220;better burger&#8221; concept that consists of approximately 120 restaurants nationally and internationally. Mr. Sternberg
is the Chairman of the Nasdaq-listed company, BurgerFi (NASDAQ: BFI). The OPES team, led by Mr. Sternberg, evaluated over 50 potential
targets and negotiated business combination terms with multiple candidates in a span of a few months and acquired BurgerFi at what it
believed was an attractive multiple relative to its peers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in May 2021, Lionheart Capital led a partnership group to purchase the iconic American powerboat business, Cigarette Racing
Team, from its longtime owner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, since its inception in December 2019, Mr. Sternberg has been the Chairman, President and Chief Executive Officer of Nasdaq-listed
Lionheart Acquisition Corporation II (&#8220;Lionheart II&#8221;), a SPAC. Lionheart II completed its initial public offering in August
2020, in which it sold an aggregate of 23,000,000 units (including the exercise of the underwriters&#8217; over-allotment option), each
unit consisting of one share of Lionheart II Class A common stock and one-half of one redeemable warrant for one share of Lionheart II
Class A common stock, for an offering price of $10.00 per unit, generating aggregate proceeds of $230,000,000. Lionheart II&#8217;s units,
shares of Class A common stock and warrants currently trade on Nasdaq under the symbols &#8220;LIONU,&#8221; &#8220;LION&#8221; and &#8220;LIONW,&#8221;
respectively. On July 12, 2021, Lionheart II announced a $32.6 billion business combination with MSP Recovery, Inc. (d/b/a LifeWallet)
(NASDAQ&#8221; LIFW), a leader in data-driven solutions that recovers improperly paid benefits on behalf of Medicare, Medicaid and other
commercial payers. The Lionheart II-MSP merger closed on May 23, 2022. Mr. Sternberg serves on the Board of Directors for MSP Recovery,
Inc. Mr. Sternberg is qualified to serve as a director due to his extensive experience in acquiring, developing, repositioning and investing
in all segments of the real estate industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Haggai
&#8220;H&#8221; Alon</b>. Haggai &#8220;H&#8221; Alon is the founder of Security Matters (SMX) and has served as the CEO of SMX Israel
since 2015 and a director and CEO of SMX since July 2018. Mr. Alon is also the CEO and a board member of trueGold Consortium Pty Ltd
since June 2020. Mr. Alon has over 25 years of experience in commercializing technology. Haggai Alon held several roles at the Ministry
of Defense and was the CEO of an economic consulting firm focusing on M&amp;A. He has a master&#8217;s degree from the Tel Aviv and Haifa
Universities in international relations and political science. Out of a total of 27 patent families filed in the name of SMX, Haggai
Alon is a named inventor on 26 of them. Most of the applications that are part of these patent families are under examination, many are
still unpublished. In 7 of the 26 patent families Haggai Alon is a named inventor, the patents have been issued in a variety of jurisdictions.
Presently, Haggai Alon is a named inventor on 19 patents, all of which are in the public domain. He has also published a White Paper&#8212;New
Plastic Economic Order: To regulate the entire value chain, not just the product, which calls for a transition to a new regulatory approach
by the EU over plastics. Mr. Alon&#8217;s founding of Security Matters and his experience as CEO of Security Matters since 2015 makes
him a valuable asset to our board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amir
Bader</b>. Amir Bader is has served as the CEO of the Dairy Farm at the Golan Heights, currently the manager of one of Israel&#8217;s
largest dairy farms, since April 2017. Previously, Mr. Bader served as the CEO of Degenya Cooperative Agricultural Association from 2012
through 2016. Mr. Bader has been a director of SMX since July 2018. Mr. Bader and has more than 38 years of experience at managerial
positions in dairy farms and other agricultural projects in Israel and Europe. Amir Bader also served as Kibbutz Degania A&#8217;s business
manager for five years, during that period he served as the board member of several subsidiaries and companies related to the Kibbutz.
Amir Bader brings to the Company board extensive experience in the management of agricultural businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pauline
Khoo. </b>Ms. Khoo currently serves as the Wealth Planning Manager at Mishcon de Reya since January 2022 and was previously the Managing
Director of Credit Suisse Trust Limited from August 2009 to December 2021. Ms. Khoo has more than forty years of financial and managerial
experience in financial institutions, law firms and various companies. Ms. Khoo is a member of the Institute of Chartered Secretaries
(by completing exams), the Society of Trust and Estate Practitioners, the Institute of Chartered Secretaries and Administrators Chartered
Trustee of Singapore Trustees Association, Family Firm Institute-Business Advisory and Family Advisory and a senior member of the Global-Asia
Family Office Circle. We believe Ms. Khoo is well qualified to serve on our board due to her more than forty years of experience in financial
and managerial positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Thomas
Hawkins</b>. Thomas Hawkins, a director of Lionheart until the Business Combination, previously served as a Management Consultant for
MEDNAX, Inc. from February 2014 to December 2017, after serving as General Counsel and Board Secretary from April 2003 to August 2012.
Prior to that, Mr. Hawkins worked for New River Capital Partners as a Partner from January 2000 to March 2003; AutoNation, Inc. as Senior
Vice President of Corporate Development from May 1996 to December 1999; Viacom, Inc. as Executive Vice President from September 1994
to May 1996; and Blockbuster Entertainment Corporation as Senior Vice President, General Counsel, and Secretary from October 1989 to
September 1994. Mr. Hawkins currently serves on the board of directors of the Alumni Association of the University of Michigan and Jumptuit
Inc., a data analytics technology company. Mr. Hawkins also serves on the board of directors of MSP Recovery. Mr. Hawkins received his
Juris Doctor from Northwestern University in 1986 and his A.B. in Political Science from the University of Michigan in 1983. Mr. Hawkins
is qualified to serve as a director due to his experience as a senior executive and chief legal officer at several public companies (including
his experience acquiring companies) and with counseling and serving on boards of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Roger
Meltzer, Esq.</b> Mr. Meltzer practiced law at DLA Piper LLP from 2007 and held various roles: Global Co-Chairman (2015 through 2020),
and currently as Chairman Emeritus; Americas Co-Chairman (2013 through 2020); Member, Office of the Chair (2011 through 2020); Member,
Global Board (2008 through 2020); Co-Chairman, U.S. Executive Committee (2013 through 2020); Member, U.S. Executive Committee (2007 through
2020); and Global Co-Chairman, Corporate Finance Practice (2007 through 2015). Prior to joining DLA Piper LLP, Mr. Meltzer practiced
law at Cahill Gordon &amp; Reindel LLP from 1977 to 2007 where he was a member of the Executive Committee from 1987 through 2007, Co-Administrative
Partner and Hiring Partner from 1987 through 1999, and Partner from 1984 through 2007. Mr. Meltzer currently serves on the Advisory Board
of Harvard Law School Center on the Legal Profession (May 2015&#8212;Present); and the Board of Trustees, New York University Law School
(September 2011&#8212;Present); and previously served on the Corporate Advisory Board, John Hopkins, Carey Business School (January 2009&#8212;December
2012). He has previously served on the board of directors of: Lionheart II Corp (March 2021 to May 2022), Lionheart III Corp (March 2021
to August 2022), Haymaker Acquisition Corp. III (February 2021 to July 2022), certain subsidiaries of Nordic Aviation Capital (December
2021 to April 2022), The Legal Aid Society (November 2013 to January 2020), Hain Celestial Group, Inc. (December 2000 to February 2020),
American Lawyer Media (January 2010 to July 2014) and The Coinmach Service Corporation (December 2009 to June 2013). Mr. Meltzer has
also received several awards and honors and has been actively involved in philanthropic activity throughout his career. Mr. Meltzer received
Juris Doctor degree in law from New York University School of Law and an A.B. from Harvard College. In February 2021, Mr. Meltzer joined
the board of directors of Haymaker Acquisition Corp. 4, a special purpose acquisition company focused on identifying and implementing
value creation initiatives within the consumer and consumer-related products and services industries. In May 2022, Mr. Meltzer joined
the board of directors of MSP Recovery, Inc. following its business combination with Lionheart Acquisition Corp. II. In August 2022,
Mr. Meltzer joined the board of directors of the Company following the Business Combination. In April 2023, Mr. Meltzer joined the board
of directors of Cyxtera Technologies, Inc., a company specializing in <span style="background-color: white">colocation and interconnection
services, with a footprint of more than 60 data centers in over 30 markets. In November 2023, Mr. Meltzer joined the board of directors
of Audacy Inc., a leading multi-platform audit content and entertainment company. Mr. Meltzer also serves on the board of directors of
various private companies as well. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zeren
Browne. </b>Ms. Browne has previously held senior management roles and led the marketing and commercial business activities for brands
under luxury &amp; lifestyle conglomerates LVMH and Estee Lauder Companies. Ms. Browne has been the Executive Vice President and Chief
Strategy Officer, of the Company and its predecessors since July 2018. She was formerly the Managing Director at Mulloway Pty Limited
from October 2016 to July 2020 and is currently the Managing Director of trueGold Consortium Pty Limited since June 2020. Ms. Browne
holds a Bachelor of Commerce Degree and an advanced MBA Degree from The University of Western Australia, where she was awarded the Dux
and The Women in Management Scholarship. Ms. Browne brings more than 20 years&#8217; experience in global marketing and strategic brand
management to our board.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
about Executive Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Haggai
Alon</b>. See &#8220;<i>Information about Directors</i>&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ofira
Bar</b>. Prior to her appointment as Chief Executive Officer of the Company, from February 2018 through July 2021, Ms. Bar had been the
CFO of Mer Telemanagement Solutions Ltd., an Israeli-based global provider of solutions for telecommunications expense management, enterprise
mobility management, call usage and accounting software, then listed on Nasdaq. Thereafter, as a result of a reverse takeover which,
among other things, resulted in Mer Telemanagement changing its name to SharpLink Gaming, Ltd. and acquiring a new line of business,
from July 2021 until February 2024, Ms. Bar was CFO of the legacy business subsidiary of Mer Telemanagement. Prior to February 2018 and
from February 2017, Ms. Bar was chief financial officer of H.T.S Market, Ltd., an internet marketing firm, and was corporate controller
of EZTD Inc., a then-public company that engaged with software development and binary options online trading, from December 2014 to January
2017. In addition, from September 2005 to July 2013, Ms. Bar served as an audit team manager of public and private companies at Kesselman
and Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited. Ms. Bar holds a B.A.
degree in Accounting and Economics from Tel Aviv University and is licensed as a Certified Public Accountant in Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Alon and Ms. Bar have employment agreements with Security Matters Ltd., an Israeli company and subsidiary of SMX, and as provided in
their employment agreement will provide services to Security Matters Ltd., and its parent and any wholly owned subsidiary thereof. Pursuant
to his employment agreement, Mr. Alon will receive a salary of approximately $295,000, and be entitled to other benefits such as receipt
of options and bonus payments. Pursuant to her employment agreement, Ms. Bar will receive a salary of approximately ILS 740,000 in calendar
year ending December 31, 2024, and be entitled to other benefits such as receipt of options and bonus payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Zeren
Browne</b>. See &#8220;<i>Information about Directors</i>&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
Diversity Disclosure</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
matrix below reflects our Board&#8217;s gender and racial characteristics and LGBTQ+ status, based on the self-identification of our
directors. Each of the categories listed below has the meaning as it is used in Nasdaq Rule 5605(f).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
    of Principal Executive Offices</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ireland</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
    Private Issuer</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Yes</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
                                            Prohibited under Home</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
    Law</b></span></p></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    Number of Directors</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="9" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Diversity Matrix (as of April 29, 2024)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    I: Gender Identity:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclose
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="9" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underrepresented
    individual in Home Country Jurisdiction</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LGBTQ+</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    Not Disclose Demographic Background</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Family
Relationships</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among any of our executive officers or directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Family
Relationships</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among any of our executive officers or directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Private Issuer Exemption</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer,&#8221; as defined by the SEC. As a result, in accordance with Nasdaq rules, we may comply with home
country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. While
we expect to voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited exemptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from filing quarterly reports on Form 10-Q containing unaudited financial and other specified information or current reports on Form
    8-K upon the occurrence of specified significant events;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from Section 16 rules requiring insiders to file public reports of their securities ownership and trading activities and providing
    for liability for insiders who profit from trades in a short period of time;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from quorum requirements for shareholder meetings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirement to obtain shareholder approval for certain issuances of securities, including shareholder approval of share
    option plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirement that our audit committee have review and oversight responsibilities over all &#8220;related party transactions,&#8221;
    as defined in Item 7.B of Form 20-F;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirement that our board have a compensation committee that is composed entirely of independent directors with a written
    charter addressing the committee&#8217;s purpose and responsibilities. We currently have only director who serves on the compensation
    committee who meets the heightened independence standards for members of a compensation committee; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirements that director nominees are selected, or recommended for selection by our board, either by (1) independent directors
    constituting a majority of our board&#8217;s independent directors in a vote in which only independent directors participate, or
    (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable,
    addressing the nominations process is adopted.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as we, may rely on home country corporate governance practices in
lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&#8217;s
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). Most
recently, we have elected to (a) amend our 2022 Equity Incentive Plan to increase the number of shares authorized under the plan without
stockholder approval, and (b) follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d) to seek shareholder
approval in connection with certain transactions involving the sale, issuance and potential issuance of our Ordinary Shares (or securities
convertible into or exercisable for our Ordinary Shares) at a price less than certain referenced prices, if such shares equal 20% or
more of the Company&#8217;s Ordinary Shares or voting power outstanding before the issuance, each as permitted under Irish law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
our shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance
requirements of Nasdaq. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
on Liability and Indemnification of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to the ICA. Subject to exceptions, the ICA does not permit a company to exempt a director or certain officers from,
or indemnify a director against, liability in connection with any negligence, default, breach of duty or breach of trust by a director
in relation to the company. The exceptions allow a company to (i) purchase and maintain director and officer insurance against any liability
attaching in connection with any negligence, default, breach of duty or breach of trust owed to the company; and (ii) indemnify a director
or other officer against any liability incurred in defending proceedings, whether civil or criminal (a) in which judgement is given in
his or her favor or in which he or she is acquitted or (b) in respect of which an Irish court grants him or her relief from any such
liability on the grounds that he or she acted honestly and reasonably and that, having regard to all the circumstances of the case, he
or she ought fairly to be excused for the wrong concerned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Company&#8217;s Amended and Restated Memorandum and Articles of Association, subject to certain limitations and so far as may be
permitted by the ICA, each director, officer or employee of the Company, and each person who is or was serving at the request of the
Company as a director, officer or employee of another company, or of a partnership, joint venture, trust or other enterprise, including
service with respect to employee benefit plans maintained or sponsored by the Company, shall be entitled to be indemnified by the Company
against all costs, charges, losses, expenses and liabilities incurred by him or her in the execution and discharge of his or her duties
or in relation thereto, including any liability incurred by him or her in defending any proceedings, civil or criminal, which relate
to anything done or omitted or alleged to have been done or omitted by him or her as a director, officer or employee of the Company or
such other company, partnership, joint venture, trust or other enterprise, and in which judgment is given in his or her favor (or the
proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part) or in which
he or she is acquitted or in connection with any application under any statute for relief from liability in respect of any such act or
omission in which relief is granted to him or her by the court. However, any such indemnity shall not be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable for fraud or dishonesty in the performance of his or her
duty to the Company unless and only to the extent that the courts of Ireland or the court in which such action or suit was brought shall
determine upon application that despite the adjudication of liability, but in view of all the circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company on closing entered into indemnification agreements with each of its directors to provide contractual indemnification providing
for indemnification and advancements by the Company of certain expenses and costs relating to claims, suits or proceedings arising from
his or her service to the Company, and to Lionheart if applicable or, at Lionheart&#8217;s request, service to other entities, as officers
or directors occurring at or prior to the Business Combination, to the maximum extent permitted by applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains standard policies of insurance under which coverage is provided (1) to its directors and officers against loss arising
from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of the Company,
and (2) to the Company with respect to payments which may be made by the Company to such officers and directors pursuant to any indemnification
provision contained in the Company&#8217;s Amended and Restated Memorandum and Articles of Association or otherwise as a matter of law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Leadership Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not anticipated that a policy requiring the positions of the Chairperson of the Board and Chief Executive Officer to be separate or
held by the same individual will be implemented by the Board, as the Board&#8217;s determination is expected to be based on circumstances
existing from time to time, based on criteria that are in the Company&#8217;s best interests and the best interests of its stockholders,
including the composition, skills and experience of the Board and its members, specific challenges faced by the Company or the industry
in which it operates and governance efficiency. If the Board convenes for a meeting, it is expected that the non-management directors
will meet in one or more executive sessions, if the circumstances warrant. The Board may consider appointing a lead independent director,
if the circumstances warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Oversight</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the consummation of the Business Combination, the Board administered the risk oversight function directly through the Board as a whole,
as well as through its committees, where applicable, monitoring and assessing strategic risk exposure, enterprise risk, and governance
risks. The audit committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management
has taken to monitor and control these exposures. The allocation of risk oversight responsibility may change, from time to time, based
on the evolving needs of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Business Conduct and Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted a Code of Ethics applicable to our directors, executive officers and team members that complies with the rules and regulations
of Nasdaq and the SEC. The Code of Ethics is available on the Company&#8217;s website. In addition, the Company intends to post on the
Corporate Governance section of its website all disclosures that are required by law or Nasdaq listing standards concerning any amendments
to, or waivers from, any provision of the Code of Ethics. The reference to the Company&#8217;s website address in this Annual Report
does not include or incorporate by reference the information on the Company&#8217;s website into this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_005"></span>B.
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate compensation paid by Security Matters PTY to Security Matters PTY&#8217;s directors for the fiscal year ended December 31,
2022 was approximately $136,000. The compensation for the year ended December 31, 2022 amount included 322,317 shares that were granted
to its directors as a group, with a value of $54,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate compensation paid by the Company to the Board for the fiscal year ended December 31, 2023 was approximately $684,000. The compensation
for the year ended December 31, 2023 amount included 135,777 shares that were granted to its directors as a group, with a value of approximately
$147,996.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate compensation paid by to our senior executive officers for the fiscal years ended December 31, 2023 and December 31, 2022 was
approximately $1 million and $541,000. In fiscal years 2023 and 2022, our predecessor granted stock option awards to its executive officers
to acquire an aggregate of 200,000 of Security Matters PTY&#8217;s ordinary shares, all of the options are subject to performance condition.
In fiscal year 2023, we granted an aggregate of 81,551 restricted stock units to our executive officers, with a value of approximately
$88,891.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s CEO, CFO and Executive Vice President are subject to the terms of their employment agreements with SMX Israel. It is
expected that any executive compensation program beyond existing arrangements will include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annual
    base salaries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance
    bonus opportunities, potentially in cash and/or equity awards;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">long
    term incentive compensation in the form of stock options, restricted stock and stock appreciation awards, among others, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
    regard to key executive officers, formal employment arrangements to include change of control provisions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Director
Compensation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, each independent director was granted restricted stock units in an amount equal to $150,000
divided by the closing price on the last trading day of the fiscal year, generally to vest on the one-year anniversary of the date of
grant and be settled in Ordinary Shares, subject to such director&#8217;s continuous services as a director until such time and earlier
vesting due to a change of control. In addition, each committee chair is entitled to receive an additional grant annually of restricted
stock units in an amount equal to $15,000 divided by the closing price on the last trading day of the fiscal year, subject to the same
terms listed in the prior sentence. Mr. Alon and Ms. Browne will not receive any director compensation as their compensation is governed
by their individual employment agreements. The Company&#8217;s directors, other than Mr. Alon and Ms. Browne, were granted an aggregate
of 8,018 restricted stock units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022
Incentive Equity Plan and Other Plan Options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board and its shareholders approved and adopted the SMX Public Limited Company 2022 Incentive Equity Plan (the &#8220;2022 Incentive
Equity Plan&#8221;), which was subsequently amended by our board of directors, which reserved for grant and authorized 231,019 Ordinary
Shares. Additionally, pursuant to the 2022 Incentive Equity Plan, the Ordinary Shares reserved for issuance thereunder will automatically
increase annually by 5% on the first day of each fiscal year beginning with the 2023 fiscal year, by an amount equal to 5% of the number
of outstanding shares of the Company as of the last day of the prior fiscal year. As April 29, 2024, an aggregate of
1,731,898 restricted stock units or stock options have been granted under the 2022 Incentive Equity Plan. The Company received stockholder
approval at its 2023 annual general meeting of shareholders held on December 21, 2023, which increased the number of ordinary shares
by 1,500,000 to a total of 1,731,019 ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2022 Incentive Equity Plan provides for the grant of options, restricted shares units, phantom shares or substitute awards or any combination
of the foregoing including such other awards that may be denominated or payable in, value in whole or in part, by reference to or otherwise
based upon, or related to, shares to our employees, directors, and consultants and any of our affiliates&#8217; employees and consultants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board, or any person or persons or committee to whom decision-making authority with respect to the 2022 Incentive Equity Plan is delegated
by our board of directors (the &#8220;Administrator&#8221;) will administer the 2022 Incentive Equity Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board and the Administrator have the authority to amend or suspend the 2022 Incentive Equity Plan at any time and from time to time,
and our Board has the authority to terminate the 2022 Incentive Equity Plan provided that such action does not materially impair the
existing rights of any participant without such participant&#8217;s written consent. Certain material amendments also require the approval
of our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as part of the Business Combination, we assumed an aggregate of 1,326,747 options originally granted under Security Matters
PTY&#8217;s 2018 Share Option Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_006"></span>C.
Board Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Governance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company structured its corporate governance in a manner it believes closely aligns its interests with those of its shareholders. Notable
features of this corporate governance include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has four independent directors and independent director representation on our audit and compensation committees immediately.
    Furthermore, until members of a nominating committee have been appointed, director nominees will be selected, or recommended for
    the Board&#8217;s selection, by independent directors constituting a majority of the Board&#8217;s independent directors in a vote
    in which only independent directors participate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent
    directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company implemented a range of other corporate governance practices, including a robust director education program.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an &#8220;audit committee financial
expert&#8221; as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and understand
fundamental financial statements, including the Company&#8217;s balance sheet, income statement, and cash flow statement. Additionally,
at least one member of the audit committee has past employment experience in finance or accounting, requisite professional certification
in accounting, or any other comparable experience or background which results in the individual&#8217;s financial sophistication, and
accordingly believes that the audit committee can properly fulfill its functions and role as if at least one member was an &#8220;audit
committee financial expert&#8221; as defined by the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Classified
Board of Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Company&#8217;s Amended and Restated Memorandum and Articles of Association, its board of directors shall be divided
into three classes of directors with staggered terms depending on the class. The Board has designated Amir Bader and Thomas Hawkins as
Class I Directors with terms ending in 2026, Pauline Khoo, Roger Meltzer and Zeren Browne as Class II Directors with terms ending in
2024, and Haggai Alon and Ophir Sternberg as Class III Directors with terms ending in 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Independence
of our Board of Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
of the Company&#8217;s seven directors are independent as defined in Nasdaq listing standards and applicable SEC rules and the Company&#8217;s
Board has an independent audit committee and a compensation committee. Furthermore, until members of a nominating committee have been
appointed, director nominees will be selected, or recommended for the Board&#8217;s selection, by independent directors constituting
a majority of the Board&#8217;s independent directors in a vote in which only independent directors participate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Committees</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing,
    compensating, retaining, evaluating, terminating and overseeing our independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    with our independent registered public accounting firm their independence from management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    with our independent registered public accounting firm, the scope and results of their audit;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    all audit and permissible non-audit services to be performed by our independent registered public accounting firm;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
    the financial reporting process and discussing with management and our independent registered public accounting firm the annual financial
    statements that we file with the SEC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
    our financial and accounting controls and compliance with legal and regulatory requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    our policies on risk assessment and risk management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    related person transactions; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing
    matters.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of the Company&#8217;s audit committee are Pauline Khoo, Chairperson, Amir Bader and Thomas Hawkins.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
member of the Company&#8217;s audit committee qualifies as an independent director according to the rules and regulations of the SEC
and Nasdaq with respect to audit committee membership. In addition, all audit committee members meet the requirements for financial literacy
under applicable SEC and Nasdaq rules. The audit committee&#8217;s charter is available on the Company&#8217;s website. The reference
to the Company&#8217;s website address in this Annual Report on Form 20-F does not include or incorporate by reference the information on the Company&#8217;s
website into this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the corporate goals and objectives, evaluating the performance of and reviewing and approving, (either alone or, if
    directed by the board of directors, in conjunction with a majority of the independent members of the board of directors) the compensation
    of our Chief Executive Officer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
    an evaluation of the performance of and reviewing and setting or making recommendations to our board of directors regarding the compensation
    of our other executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving or making recommendations to our board of directors regarding our incentive compensation and equity-based plans, policies
    and programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving all employment agreement and severance arrangements for our executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
    recommendations to our shareholders regarding the compensation of our directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaining
    and overseeing any compensation consultants.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of the Company&#8217;s compensation committee are Roger Meltzer, Chairperson, Pauline Khoo and Amir Bader, all of whom qualify
as independent directors according to the rules and regulations of the SEC and Nasdaq with respect to compensation committee membership,
including the heightened independence standards for members of a compensation committee. The compensation committee&#8217;s charter is
available on the Company&#8217;s website. The reference to the Company&#8217;s website address in this Annual Report on Form 20-F does not include or
incorporate by reference the information on the Company&#8217;s website into this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not yet appointed members of the Board to a nominating committee. Any nominating committee would be responsible for, among
other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
    individuals qualified to become members of our board of directors, consistent with criteria approved by our board of directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
    succession planning for our Chief Executive Officer and other executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">periodically
    reviewing our board of directors&#8217; leadership structure and recommending any proposed changes to our board of directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
    an annual evaluation of the effectiveness of our board of directors and its committees; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    and recommending to our board of directors a set of corporate governance guidelines.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
members of a nominating committee have been appointed, director nominees will be selected, or recommended for the Board&#8217;s selection,
by independent directors constituting a majority of the Board&#8217;s independent directors in a vote in which only independent directors
participate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
nominating and corporate governance committee charter would be available on the Company&#8217;s website. The reference to the Company&#8217;s
website address in this Annual Report on Form 20-F does not include or incorporate by reference the information on the Company website into this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_007"></span>D.
Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 29, 2024, the Company had 36 employees, 27 full time employees and 9 part time employees located in Israel. The Company also
has three employees in Singapore, one in Australia and one in the United Kingdom.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Company&#8217;s employees are members of a union or subject to the terms of a collective bargaining agreement. In Israel, the
Company is subject to certain Israeli labor laws, regulations and Labor Court precedent rulings, as well as certain provisions of collective
bargaining agreements applicable to the Company by virtue of extension orders issued in accordance with relevant labor laws by the Israeli
Ministry of Economy and Industry, and which apply such agreement provisions to the Company&#8217;s employees even though they are not
part of a union that has signed a collective bargaining agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Company&#8217;s employment and consulting agreements include standard non-compete and intellectual property assignment provisions,
as well as strict confidentiality obligations. The enforceability of non-compete provisions may be limited by Israeli law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has a diversity policy in effect, last updated and approved by the board on February 7, 2021, according to which we are committed
to gender diversity across its Board, senior management team and across its entire workforce, with a particular goal of increasing the
representation of women in all areas.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_008"></span>E.
Share Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding the share ownership of our directors and executive officers, see &#8220;<i>Item 7.A Major Shareholders</i>&#8221;
and &#8220;<i>Item 6.B Compensation</i>&#8221; for a discussion of the 2022 Incentive Equity Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_009"></span>F.
Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_010"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_011"></span>A.
Major Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
Ownership of Certain Beneficial Owners and Management of the Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the information regarding the beneficial ownership of the Ordinary Shares as of April 29, 2024:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known by the Company to be the beneficial owner of more than 5% of the Company&#8217;s Ordinary Shares; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of the Company&#8217;s current executive officers and directors and all of the Company&#8217;s executive officers and directors as
    a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, and includes shares underlying warrants and
options, as applicable, that are currently exercisable or convertible or exercisable or convertible within 60 days. Ordinary Shares that
may be acquired within 60 days of April 29, 2024 pursuant to the exercise of warrants or options are deemed to be outstanding for the
purpose of computing the percentage ownership of such holder but are not deemed to be outstanding for computing the percentage ownership
of any other person or entity shown in the table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to the Ordinary
Shares beneficially owned by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
percentage of Ordinary Shares beneficially owned is computed on the basis of 38,334,442 Ordinary Shares outstanding on April 29, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Name
    and Address of Beneficial Owners</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
    of Ordinary Shares</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage
    of Total Voting Power</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif">Haggai
    Alon(1)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">159,375</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Ophir Sternberg(2)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">223,009</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Amir Bader(3)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,554</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Zeren Browne(4)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,520</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Pauline Khoo(5)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,886</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Thomas Hawkins(6)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,973</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Roger Meltzer(7)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">27,164</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ofira
    Bar</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All
    executive officers and directors as a group (9 persons)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">512,481</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.33</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Greater
    than 5% Holders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Doron Afik(8)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,887,459</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.92</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1%</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    shares held by Benguy Escrow Company Ltd., a testamentary trust of which Mr. Alon is the beneficiary. Doron Afik is the trustee of
    Benguy Escrow Company Ltd. The amount of beneficial ownership includes 2,193 (adjusted pursuant to the Reverse Stock Split) Ordinary
    Shares issuable as a result of Security Matters PTY options held, that are currently exercisable or exercisable within 60 days. Also
    includes 55,802 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares granted
    to Mr. Alon, and an additional 53,850 (adjusted pursuant to the Reverse Stock Split) restricted stock units that settle into Ordinary
    Shares that vest within 60 days from April 29, 2024. Does not include an additional 417,353 (adjusted pursuant to the Reverse Stock
    Split) restricted stock units that do not vest within 60 days of April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ophir
    Sternberg, Lionheart&#8217;s Chairman, President and Chief Executive Officer, is the member of the Sponsor. Mr. Sternberg disclaims
    beneficial ownership over any securities owned by the Sponsor in which he does not have any pecuniary interest. Also includes 36,562
    (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares granted to Mr. Sternberg,
    and an additional 30,000 (adjusted pursuant to the Reverse Stock Split) restricted stock units that settle into Ordinary Shares that
    vest within 60 days from April 29, 2024. Does not include an additional 249,642 (adjusted pursuant to the Reverse Stock Split) restricted
    stock units that do not vest within 60 days of April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    7,466 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares and includes
    11,111 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    shares held by Sooperduper Pty Ltd., which is owned by Ms. Browne and Simon Browne. Ms. Browne is the control person of Sooperduper
    Pty Ltd. Includes 6,692 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares.
    Also includes 11,395 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    shares held by in nominee by HSBC Bank Australia Limited. Includes 7,657 (adjusted pursuant to the Reverse Stock Split) vested restricted
    stock units that settle into Ordinary Shares. Also includes 11,111 restricted stock units that settle into Ordinary Shares that vest
    within 60 days from April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    7,466 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares and includes
    11,111 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    7,657 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares. Also includes
    11,111 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    2,778 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares. Also includes
    5,556 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="sw_012"></span>B.
Related Party Transactions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>trueGold</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2020, Security Matters PTY signed a shareholders&#8217; agreement with W.A. Mint Pty Ltd. (&#8220;Perth Mint&#8221;) and trueGold.
The shareholders&#8217; agreement and the ancillary agreements discuss the establishment of a new entity&#8212;trueGold&#8212;by Security
Matters PTY and Perth Mint. Security Matters PTY granted to trueGold, subject to the terms of the license agreement, an exclusive, worldwide,
perpetual license to use Security Matters PTY&#8217;s technology for the purpose of commercializing it within the industry comprising
gold as a precious metal (as elaborated below). Security Matters PTY owns any development of its intellectual property and, while trueGold
owns all generated data it creates, trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free
license to use the generated data, subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement
technology or Security Matters PTY&#8217;s technology. The parties agreed that neither Perth Mint or Security Matters PTY are required
to provide any funding to trueGold and that any investment by any of them in trueGold from time to time will be by way of in-kind contributions.
Third party equity investors will contribute the working capital will fund R&amp;D, development capital and other expenses in accordance
with the business plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if SMX does not notify within 30 days that it wishes to purchase, then to all other shareholders
(including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor and the
directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair market
price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC Rules
for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX&#8217;s CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the &#8220;True Gold Shares&#8221;) such that Security Matters PTY&#8217;s holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business
Combination</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023, we consummated the Business Combination. See Item 4. Information of the Company-History and Development of the
Company-Business Combination, elsewhere in this Annual Report on Form 20-F, and Note 1.B. The SPAC Transaction, to the audited
financial statements of the Company on page F-10, included in this Annual Report on Form 20-F for a discussion of the Business
Combination and the related party transactions with respect to the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bridge
Loans</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
August 2022 to January 2023, Security Matters PTY entered into bridge loan agreements (the &#8220;Bridge Loans&#8221;) with eleven lenders,
including Doron Afik and Jessica Wasserstrom, who lent Security Matters PTY an aggregate amount of $3,860,000. The Bridge Loans have
a maturity date of up to two years and bear an interest rate of 10% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023, the Company signed an addendum to the Bridge Loans agreements which converted $1,350,000 of principal and $1,000,000 of redeemable
warrants into 872,418 Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2023, the Company signed an addendum to the Bridge Loans, which converted $750,000 of principal and $1,450,000 redeemable
warrants into 4,032,256 Ordinary Shares. According to the addendum, the Company issued to the lenders an aggregate of 4,032,256 warrants
to purchase up to an aggregate of 4,032,256 Ordinary Shares at an exercise price of $1.17 per share. The warrants were exercisable immediately
upon issuance and will expire three years following their issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
Legal Counsel </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2017, an affiliate of Lionheart&#8217;s Sponsor, Lionheart Equities, LLC (&#8220;Lionheart Equities&#8221;), engaged Jessica
L. Wasserstrom, LLC (&#8220;Wasserstrom&#8221;), to represent Lionheart Capital and its affiliated companies, as corporate general counsel
and otherwise in connection with any corporate and/or transactional matters as requested by Lionheart Equities. The engagement letter
between Lionheart Equities and Wasserstrom is for an indefinite period only subject to termination rights of either party, of which no
termination has occurred since the agreement was executed. Jessica Wasserstrom, the principal of Wasserstrom, currently holds the title
of Chief Legal Officer of Lionheart Equities and its affiliated companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection therewith, Wasserstrom was specifically engaged by Lionheart to provide counsel for general corporate legal matters, including
related to mergers and acquisitions activity and, as such, may be deemed to be a related party of Lionheart. For the year ended December
31, 2023, the Company paid to Wassertrom an aggregate of approximately $300,000, in the form of cash payments, issuance of Ordinary Shares
and issuances of warrants to purchase Ordinary Shares, for legal services provided to Lionheart through the closing of the Business Combination
in March 2023. As of April 29, 2024, an aggregate of $100,000 is remains unpaid and outstanding.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Chairman
Agreement </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Ophir Sternberg and the Company entered into a Chairman Agreement (the &#8220;Chairman Agreement&#8221;). Pursuant to the Chairman Agreement,
beginning at the closing of the Business Combination, Mr. Sternberg will serve as the Chairman of the Board for so long as he serves
as a member of the Board, unless he is earlier terminated. Mr. Sternberg will not receive any cash compensation for his service on the
Board nor will he be entitled to participate in any employee benefit plans of the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chairman Agreement provides that Mr. Sternberg will be granted restricted stock units of the Company representing 3% of the issued and
outstanding Ordinary Shares as of the grant date in accordance with and subject to the terms and conditions of the Company&#8217;s 2022
Incentive Equity Plan. Mr. Sternberg&#8217;s restricted stock units are subject to time-based vesting, as follows: 20% vest on the grant
date, and the remaining restricted stock units will vest in quarterly installments thereafter over a period of three years subject to
his continued service on the Board as of each vesting date subject to earlier vesting as forth below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of the expiration or termination of the Chairman Agreement for any reason other than termination for Cause (as defined in the
Chairman Agreement), any unvested outstanding equity awards held by Mr. Sternberg will immediately vest and become nonforfeitable. In
the event of the termination of the Chairman Agreement by the Company for Cause, all unvested outstanding equity awards will be cancelled
and forfeited, and Mr. Sternberg will not be entitled to any payment in connection therewith.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chairman Agreement states that Mr. Sternberg will honor his confidentiality obligations after the termination of his services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Independent
Contractor Agreement </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Faquiry Diaz and the Company entered into an independent contractor agreement (the &#8220;Independent Contractor Agreement&#8221;). The
Independent Contractor Agreement provides for an initial term of three years that automatically renews for one-year terms thereafter,
so long as Ophir Sternberg is the Chairman of the Board. Notwithstanding the foregoing, the Independent Contractor Agreement is terminable
by either party at any time, with or without Cause (as defined in the Independent Contractor Agreement), effective upon notice to the
other party.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
exchange for his services, Mr. Diaz Cala will be compensated and reimbursed in the total amount of $84,000, annually, payable in twelve
equal monthly payments. In addition, the Independent Contractor Agreement provides that Mr. Diaz Cala will be granted restricted stock
units of the Company representing 1% of the issued and outstanding Ordinary Shares as of the grant date in accordance with and subject
to the terms and conditions of the Company&#8217;s 2022 Incentive Equity Plan. Mr. Diaz Cala&#8217;s restricted stock units are subject
to time-based vesting, as follows: 20% vest on the grant date, and the remaining restricted stock units will vest in quarterly installments
thereafter over a period of three years subject to his continued service on the Board as of each vesting date subject to earlier vesting
as set forth below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of the termination of the Independent Contractor Agreement by the Company without Cause or upon a Change in Control (each such
term as defined in the Independent Contractor Agreement), any unvested outstanding equity awards held by Mr. Diaz Cala will immediately
vest and become nonforfeitable. In the event of the termination of the Independent Contractor Agreement for Cause by the Company or for
any reason by Mr. Diaz Cala, all unvested outstanding equity awards will be cancelled and forfeited without consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Independent Contractor Agreement also contains non-solicitation and non-competition covenants, generally prohibiting Mr. Diaz Cala from
(i) soliciting or hiring employees or business contacts during the one-year period that follows the termination of the Independent Contractor
Agreement and (ii) directly or indirectly competing with the Company during the term of the Independent Contractor Agreement. In addition,
the Independent Contractor Agreement states that Mr. Diaz Cala will honor his confidentiality obligations after the termination of his
services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
only discussions involving continuing employment or involvement for any persons affiliated with Lionheart before the Business Combination
were with Ophir Sternberg relating to the Chairman Agreement with The company and with Faquiry Diaz relating to an independent contractor
agreement, with the Company, which provides for certain services to the Company. There has not been any formal or informal commitment
to retain any financial advisors after the Business Combination, and there are no pre-existing relationships between Lionheart (or individuals
affiliated with Lionheart) and additional investors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Borrowings
From Related Parties </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2015, SMX Israel signed an agreement to receive a loan of ILS 2 Million ($512,558 at 2015) from Kibbutz Ketura, and Kibbutz Degania A,
an entity associated with Mr. Bader on back-to-back terms from a third party (the Kamea Fund). The loan bears an interest at an annual
rate of 4%. The loan was fully repaid in August 2022. The balance as of December 31, 2021 was $269,311 (including provision for bonus
at the amount $87,311), and as of December 31, 2020 was $279,939. The balance includes interest and there was no change in the interest
rate<b>.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration with providing the funding, SMX Israel agreed to provide, as additional consideration, a bonus payment on the occurrence
of an exit or major liquidity event. The bonus payment is capped at ILS 3 Million (approximately $965,000) per each of Kibbutz Ketura
and Kibbutz Degania A (together, the &#8220;Bonus Payments&#8221;). The Bonus Payments are intended to operate in one of the two trigger
events: (i) dividend distributions by Security Matters Ltd.; or (ii) the sale of shares by either Kibbutz Ketura and Kibbutz Degania
A in SMX Israel (either in the event of a takeover or otherwise). Only if the aggregate amounts of one of the two trigger events exceeds
the investment of Kibbutz Ketura and Kibbutz Degania A in SMX Israel (by loan or shares), the either party would be entitled to the Bonus
Payment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an Amended and Restated Promissory Note dated as of March 7, 2023 in the principal amount of $549,000, in favor of Lionheart
Management, LLC and Lionheart Equities, LLC, which are affiliates of Ophir Sternberg, our Chairman of the Board, Such note was amended
in April 2023 to extend the maturity date thereunder to June 10, 2024; however, we prepaid the note in full in May 2023. Such note amended
and restated a Promissory Note, executed by Lionheart in favor of the holders, in the original aggregate principal amount of $549,000,
to reflect the assumption of all rights and responsibilities of Lionheart by the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, the Company signed an addendum to the Loan agreement that reduces the amount of the Bonus payment for both lenders to a
total fixed amount of ILS 2.5 million ($710,000) that was to be paid upon the completion of the Business Combination. On March 2, 2023,
the Bonus payment date was postponed to March 31, 2024 and on April 28, 2023, it was further postponed to June 1, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 19, 2023, the Company amended the loan agreements dated September 7, 2015, by and between SMX Israel, the Company&#8217;s shareholders
and Kamea Fund. Pursuant to the amendment to the loan agreements, Kamea agreed to convert $657,000 of indebtedness under the loan agreements
into 487,281 Ordinary Shares (post share reverse split) of the Company, as payment in full for such indebtedness; provided however, that
in the event the proceeds received from Kamea with respect to any sales of the shares are not at least equal to the indebtedness amount,
the Company will remain liable to Kamea for the balance of the indebtedness amount. In accordance with management estimation the fair value of this indebtedness is immaterial.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Kibbutz Ketura provides administrative services for SMX Israel for which it was paid $34,000 in 2023 and $36,000 in 2022. Until 2020,
SMX Israel&#8217;s lab was located in Kibbutz Ketura.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proof
Of Concept Projects Paid By Affiliated Companies </i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is engaged in Proof of Concept (POC) agreements according to which it receives funds for financing research and development expenses
from prospective customers and affiliated companies. Affiliated companies paid for reimbursement of POC projects the amount of $858,000
in 2023 and $1,426,000 in 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lock-Up
Agreements</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the closing of the Business Combination, certain of our shareholders, executive officers and directors entered into lock-up agreements,
as filed hereto as Exhibit 4.34 through 4.43, pursuant to which, among other things, they agreed not to offer, sell, contract to sell
or otherwise transfer or dispose of any of their Ordinary Shares for six months after the Closing Date, subject to the exceptions described
in the agreements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Review,
Approval or Ratification of Transactions with Related Persons</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a related party transaction policy that requires the review and, if applicable, approval or ratification of any related party transaction
by the Audit Committee.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_013"></span>C.
Interests of Experts and Counsel</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_014"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_015"></span>A.
Consolidated Statements and Other Financial Information</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Financial Statements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are appended at the end of this Annual Report, starting at page F-1.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may become involved in legal proceedings or may be subject to claims arising in the ordinary course of our
business. Although the results of these proceedings and claims cannot be predicted with certainty, the Company currently believes that
the final outcome of these ordinary course matters will not have a material adverse effect on our business, operating results, financial
condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs,
diversion of management resources and other factors. We were not a party to any material litigation and did not have material contingency
reserves established for any liabilities as of December 31, 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends
and Dividend Policy</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid cash dividends on our share capital. We intend to retain all available funds and any future earnings, if
any, to fund the development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future.
Any future determination related to dividend policy will be made at the discretion of our Board of Directors and will depend upon, among
other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and
other factors our Board of Directors may deem relevant.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Irish law, among other things, we may only pay dividends if we have sufficient distributable reserves (on a non-consolidated basis),
which are our accumulated realized profits that have not been previously distributed or capitalized, less our accumulated realized losses,
so far as such losses have not been previously written off in a reduction or reorganization of capital. In addition, no distribution
or dividend may be made if our net assets are not, or if making such distribution or dividend will cause our net assets to not be, equal
to or in excess of the aggregate of our called up share capital plus undistributable reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we are an Irish company, Irish dividend withholding tax, or DWT, currently at a rate of 25%, will arise in respect of dividends or other
distributions to our shareholders unless an exemption applies. There are exemptions that may be available to U.S. Holders; such shareholders
should consult their respective tax advisors. Where DWT arises, we are responsible for deducting DWT at source and accounting for the
relevant amount to the Revenue Commissioners of Ireland.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_016"></span>B.
Significant Changes</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Share Issuances to Debtholders</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">In April
2024, the Company issued an aggregate of 690,000 Ordinary Shares to certain former debtholders of the Company as further consideration
relating to the December 2023 conversion of their indebtedness and related obligations. Furthermore, the Company issued an aggregate
of an additional 891,069 Ordinary Shares to those same former debtholders, for the conversion and termination of an aggregate of 3,564,277
warrants held by them.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Alpha
SEPA</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2024, the Company entered into a Stock Purchase Agreement (the &#8220;SPA&#8221;) with Generating Alpha Ltd. (&#8220;Alpha&#8221;),
pursuant to which Alpha has committed to purchase from us up to $30,000,000 of our ordinary shares, subject to the terms and conditions
specified in the SPA. The Company entering into the SPA was a condition of the Company&#8217;s previously announced note and warrant
transaction with Alpha from April 11, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions of the SPA, the Company has the right from time to time at its discretion, any time after the three month
anniversary of the shares underlying the SPA being registered for resale pursuant to the Registration Rights Agreement referred to below,
to direct Alpha to purchase a specified amount of our ordinary shares (each such sale, a &#8220;Put&#8221;) by delivering written notice
to Alpha (each, a &#8220;Put Notice&#8221;). There is a $20,000 mandatory minimum amount for any Put and it may not exceed $500,000,
subject to a volume threshold equal to the quotient of (a) the number of ordinary shares requested by the Company in a Put Notice divided
by (b) 0.30. The ordinary shares will be purchased at a price equal to: (a) 95% of the lowest daily traded price of the Company&#8217;s
ordinary shares during the five trading day valuation period (provided that it shall not be less than a Company-specified minimum acceptable
price) (&#8220;Market Price&#8221;), if the market price of the ordinary shares is over $1.00; (b) 90% of the Market Price, if the market
price of the ordinary shares is between $0.80 and $1.00: (c) 85% of the Market Price, if the market price of the ordinary shares is between
$0.60 and $0.80; (d) 80% of the Market Price, if the market price of the ordinary shares is between $0.40 and $0.60; (e) 75% of the Market
Price, if the market price of the ordinary shares is between $0.20 and $0.40; and (f) 50% of the Market Price, if the market price of
the ordinary shares is below $0.20.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will control the timing and amount of any sales of ordinary shares to Alpha. Actual sales of our ordinary shares to Alpha as
a Put under the SPA will depend on a variety of factors to be determined by the Company from time to time, which may include, among other
things, market conditions, the trading price of the Company&#8217;s ordinary shares and determinations by the Company as to the appropriate
sources of funding for its business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations of Alpha to accept any Put pursuant to a Put Notice is subject to customary conditions, including that Alpha is not required
to purchase any ordinary shares pursuant to a Put if it would result in Alpha beneficially owning in excess of 4.99% of the Company&#8217;s
ordinary shares, and that the ordinary shares subject to the Put be registered for resale. The Company agreed to pay a commitment fee
to Alpha equal to 1.5% of the commitment amount, payable in shares, or 2,725,621 ordinary shares and which shall be subject to a three
month lock-up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds under the SPA to the Company will depend on the frequency and prices at which the Company sells ordinary shares to Alpha.
The Company expects that any proceeds received by it from such sales to Alpha will be used for working capital and general corporate
purposes; provided, however, that in the event the Company owes any indebtedness to Alpha, 50% of any such proceeds shall be applied
to repayment of such indebtedness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA will automatically terminate on the earliest to occur of (a) the first day of the month next following the 36-month anniversary of
the date of the SPA or (ii) the date on which Alpha shall have made payment of Puts pursuant to the SPA for ordinary shares equal to
$30,000,000. The Company has the right to terminate the SPA at no cost or penalty upon five (5) trading days&#8217; prior written notice
to Alpha, provided that there are no outstanding Put Notices for which ordinary shares need to be issued and the Company has paid all
amounts owed to Alpha pursuant to the SPA and any indebtedness the Company otherwise owes to Alpha or its affiliates. The Company and
Alpha may also agree to terminate the SPA by mutual written consent. Neither the Company nor Alpha may assign or transfer its respective
rights and obligations under the SPA, and no provision of the SPA may be modified or waived by the Company or Alpha other than by an
instrument in writing signed by both parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties
and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the
benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. The SPA contains
restrictions on the Company&#8217;s ability to enter into any Variable Rate Transaction (as defined in the SPA), as described in the
SPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company further entered into a Registration Rights Agreement with Alpha, pursuant to which the Company agreed to register for resale
ordinary shares underlying the SPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>April
11, 2024 Securities Purchase Agreement</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 11, 2024 (the &#8220;April Effective Date&#8221;), the Company consummated the transactions pursuant to a Securities Purchase Agreement
(&#8220;April SPA&#8221;) and issued and sold to an institutional investor a promissory note and warrants, for gross proceeds to the
Company of approximately US$2.0 million, before deducting fees and other offering expenses payable by the Company. Notwithstanding such
consummation of the transactions, funding of the proceeds occurred on or about April 15, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company used the net proceeds from the sale of the note to repay approximately $425,000 of certain amounts owed by the Company, and for
working capital and general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
note is in the principal amount of $2,250,000. The actual amount loaned by the investor pursuant to the note is approximately $2.0 million
after a 10% original issue discount. The maturity date of the note is the 12-month anniversary of the April Effective Date, and is the
date upon which the principal amount, as well as any accrued and unpaid interest and other fees, shall be due and payable. Interest accrues
in the amount of 12% per year from the April Effective Date and shall be payable on the maturity date or upon acceleration or by prepayment
or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investor has the right, at any time, to convert all or any portion of the then outstanding and unpaid principal amount and interest (including
any costs, fees and charges) into the Company&#8217;s Ordinary Shares, at a fixed conversion price of $0.24 per share, subject to customary
adjustments as provided in the note including for fundamental transactions. In addition, in the event that the Company is no longer subject
to certain limitations on entering into variable rate transactions, the investor may instead convert the note at a 15% discount to the
lowest volume weighted average price during the 15 trading days prior to the conversion notice. Any such conversion is subject to customary
conversion limitations set forth in the note so the investor beneficially owns less than 4.99% of the Company&#8217;s Ordinary Shares.
Additionally, the Company has the right to convert in whole or in part the note into Ordinary Shares; provided that in no case shall
the Company so convert the note if the result of the issuance of Ordinary Shares thereby would result in the beneficial ownership of
the investor of Ordinary Shares in excess of 4.99%. In the event of the Company&#8217;s failure to timely deliver Ordinary Shares upon
conversion of the note, the Company would be obligated to pay a &#8220;Conversion Default Payment&#8221; of $2,000 per day, pursuant
to the terms of the note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to exceptions described in the purchase agreement, the Company may not sell any equity or debt securities for a period of 90 business
days after the April Effective Date without the investor&#8217;s consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
note contains customary Events of Default for transactions similar to the transactions contemplated by the purchase agreement and the
note, which entitle the investor, among other things, to accelerate the due date of the unpaid principal amount of, and all accrued and
unpaid interest on, the note. Any principal amount or interest on the note which is not paid when due shall bear interest at the rate
of the lesser of (i) 24.5% per annum and (ii) the maximum amount permitted by law during the Event of Default. Upon the occurrence of
any Event of Default, the principal amount then outstanding plus accrued interest (including any costs, fees and charges) increases to
120% of such amount through the date of full repayment (or upon the occurrence of certain Events of Default, 500% tacked back to the
April Effective Date), as well as all costs of collection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
April SPA and the note contains restrictions on the Company&#8217;s ability to enter into any transaction with a Variable Security (as
defined in the Note) component, as well as other restrictions on and covenants by the Company, all as described in the note and the purchase
agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
April SPA contains customary representations and warranties made by each of the Company and the investor. It further grants to the investor
certain rights of participation and first refusal, and certain most-favored nation rights, all as set forth in the purchase agreement
and the note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to customary indemnification terms in favor of the Investor and its affiliates and certain other parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrant, for 11,825,508 Ordinary Shares, has an exercise price of $0.157 per share, subject to customary adjustments and certain price-based
anti-dilution protections (in the event that the Company is no longer subject to certain limitations on entering into variable rate transactions),
and may be exercised at any time until the five and one-half year anniversary of the warrant. The warrant also may be exercised pursuant
to a cashless or net exercise provision. The exercise of the warrant is subject to a beneficial ownership limitation of 4.99% of the
number of Ordinary Shares outstanding immediately after giving effect to such exercise. In the event of the Company&#8217;s failure to
timely deliver Ordinary Shares upon exercise of the warrants, the Company would be obligated to pay a &#8220;Buy-In&#8221; amount pursuant
to the terms of the warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company further entered into a Registration Rights Agreement with the investor, pursuant to which the Company agreed to register for
resale all of the Ordinary Shares underlying the note and the warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on the April Effective Date, as a further inducement of the Company for the investor to enter into the transaction, the Company entered
into a Warrant Amendment and Inducement Letter with the investor, with respect to its outstanding &#8220;B&#8221; warrants of the Company
to purchase 2,619,367 Ordinary Shares. The outstanding &#8220;B&#8221; warrants were issued to the investor as of September 6, 2023 pursuant
to a Securities Purchase Agreement dated as of September 5, 2023, and had a fixed exercise price of $1.6378 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Warrant Amendment and Inducement Letter, the investor exercised for cash the outstanding &#8220;B&#8221; warrants in full at a
reduced exercise price of $0.0022 per share, or approximately $5,762.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agreed to register for resale the shares underlying the outstanding &#8220;B&#8221; warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company paid to EF Hutton LLC as placement agent, approximately $20,000 in cash fees in relation to the transactions contemplated by
the purchase agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Industrial
Marking Process for Natural Rubber for Vehicle and Truck Tires</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company&#8217;s marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Industrial
Marking Process for the Steel Industry</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 27, 2024, the Company announced that it finalized a solution to track and report the ethical sourcing of ores and can demonstrate
a market-leading verification process for premium steel products spanning virgin and recycled steel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology would enable customers to demonstrate with accurate data embedded within their steel products that they can
track, authenticate and report origination and amount of recycled content in steel products, in an enhanced and compliant manner across
their operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Appointment
of Dr. Amnon Azoulay</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 20, 2024, the Company announced its appointment of Dr. Amnon Azoulay as the new head of online and industrial detectors for the
Company. Dr. Azoulay has a Ph.D. in condensed matter physics and has spent over 25 years transforming ideas into turnkey products, demonstrating
ability to create vision and inspire teams towards achieving innovative outcomes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Azoulay&#8217;s background includes work in additive manufacturing, particularly in 3D polymer printing, as well as non-destructive evaluation
(NDE) and imaging systems, including ultrasound, X-Ray, Neutrons, and Terahertz technologies. His expertise extends to the development
of nuclear sensors, gas-surface interaction analysis, and the creation of highly complex automated systems incorporating robotics, fast
data acquisition, and diverse sensing technologies. The Company believes that this wide-ranging experience positions him to contribute
to the Company&#8217;s endeavors in enhancing recycling processes and advancing circular economy initiatives through innovative scanning
technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Throughout
his career, Dr. Azoulay has held significant positions, including Head of the 3D Printing Lab at the National Research Center (NRC),
where he established a center for developing new printing methods and polymers for additive manufacturing technologies. His role in leading
the NDT Department and the Ultrasonic Section at NRC involved the management of large projects, budgeting, and the establishment of scientific
infrastructures, highlighting his capability in leadership and business development in cutting-edge technological fields.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>$2,910,000
Offering</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 20, 2024, the Company closed an underwritten public offering of securities for gross proceeds of approximately $2.9 million,
prior to deducting underwriting discounts and commissions and offering expenses payable by the Company. The offering was pursuant to
an underwriting agreement with EF Hutton LLC relating to the public offering of 12,124,666 Ordinary Shares at a subscription price per
share of $0.24. Additionally, to the extent that the purchase of such shares would cause the beneficial ownership of a purchaser in the
offering, together with its affiliates and certain related parties, to exceed 4.99% of the Ordinary Shares, the Company agrees to issue
the underwriter, for delivery to such purchasers, at the election of the purchasers, a number of Pre-Funded Warrants which are initially
convertible on a 1-for-1 basis into Ordinary Shares, at a price per Pre-Funded Warrant of $0.2378 (100% of the public offering price
allocated to each firm share less $0.0022).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds to the Company upon the closing of the offering, after deducting the underwriting commissions and estimated offering expenses
payable by the Company, were approximately $2.66 million. The Company used the net proceeds from the Offering for (i) sales and marketing;
(ii) payment of certain outstanding liabilities and working capital; and (iii) digital branding consulting services. The Company entered
into various agreements with consultants to provide the marketing and digital branding consulting services, effective as of the closing
of the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the underwriting agreement, the Company paid the underwriter a cash fee equal to 2.5% of the gross proceeds of the Offering, and also
paid $100,000 of expenses of the underwriter in connection with the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Letter
Agreement with YA II PN, Ltd.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 2, 2024, the Company entered into a Letter Agreement with YA II PN, Ltd., a Cayman Islands exempt limited partnership (&#8220;Yorkville&#8221;)
dated February 1, 2024 (the &#8220;Letter Agreement&#8221;), which amends and supplements the Standby Equity Purchase Agreement dated
February 23, 2023, by and between the Company and Yorkville (the &#8220;SEPA&#8221;) pursuant to which, among other things, Yorkville
advanced to the Company pre-paid advances in the aggregate of $2,000,000 evidenced by a convertible promissory note issued to Yorkville
dated May 23, 2023 as amended by that Letter Agreement dated July 27, 2023 (the &#8220;May Pre-Paid Advance&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Letter Agreement, the Company agreed to make payments to Yorkville, which may include proceeds of Advances (as defined in the
SEPA) under the SEPA, to repay the amounts outstanding under the May Pre-Paid Advance plus Payment Premium (as defined in the SEPA),
until all such amounts are fully repaid, and shall use commercially reasonable best efforts to do so by April 1, 2024. The Letter Agreement
further provided that any proceeds from any capital raise after April 1, 2024, other than advances under the SEPA, will be utilized to
pay down outstanding principal, outstanding default interest and Payment Premium under the May Pre-Paid Advance. As a result, subsequent
to the effective date of the Letter Agreement, the Company issued an aggregate of 1,000,000 Ordinary Shares as advances, the proceeds
of which were applied to pay the first $100,000 fee described below and the remainder to repay a portion of the principal and interest
outstanding under the convertible promissory note evidencing the remaining Pre-paid Advance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agreed to pay a fee to Yorkville equal to $200,000, of which $100,000 shall be payable from the next Advance after the date of
the Letter Agreement and $100,000 shall be payable by April 1, 2024 (the &#8220;Second Tranche Fee&#8221;); provided, that the Second
Tranche Fee will not be due if the total amount due and outstanding under the May Pre-Paid Advance is paid in full by April 1, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company further agreed to issue to Yorkville a 5-year warrant to purchase 250,000 ordinary shares of the Company at an exercise price
of $0.0022 per share (the &#8220;Yorkville Warrant&#8221;). Such ordinary shares issuable upon exercise of the Yorkville Warrant have
demand registration rights, and the Company further agreed to register additional ordinary shares that may be issued pursuant to the
SEPA as provided in the Letter Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also agreed to file a registration statement to register additional Registrable Securities (defined in the SEPA) and the Ordinary
Shares issuable upon exercise of the Yorkville Warrant no later than thirty (30) calendar days from the date of the Letter Agreement
and to file a registration statement to register additional Registrable Securities any time the Registrable Securities are less than
500,000 Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about April 19, 2024, the Company terminated the SEPA in accordance with its terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
of Failure to Satisfy a Continued Listing Rule</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2024, the Company received a deficiency letter from the Listing Qualifications Department (the &#8220;Staff&#8221;) of Nasdaq,
notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the &#8220;Minimum Bid Price Requirement&#8221;)
for continued listing on the Nasdaq Capital Market, as the bid price of the Company&#8217;s Ordinary Shares on the Nasdaq Capital Market
was below $1.00 for 30 consecutive business days, from December 11, 2023 to January 25, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the &#8220;Compliance Period Rule&#8221;), the Company has a period of 180 calendar
days, or until July 24, 2024 (the &#8220;Compliance Date&#8221;), to regain compliance with the Minimum Bid Price Requirement. If, at
any time before the Compliance Date, the closing bid price of the Company&#8217;s Ordinary Shares is at least $1.00 for a minimum of
ten consecutive business days, the Staff will provide a written confirmation to the Company that it has regained compliance with the
Minimum Bid Price Requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for
additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement,
and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse
stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional
180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq will provide notice that its securities will be subject to delisting. At that time, the Company may appeal the Staff&#8217;s
delisting determination to a Nasdaq Listing Qualifications Panel (the &#8220;Panel&#8221;) pursuant to the procedures set forth in the
applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the
delisting determination by the Staff to the Panel, such appeal would be successful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, or will otherwise
be compliant with other Nasdaq Listing Rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion
and Exchange of Notes and Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about January 12, 2024, the Company issued an aggregate of 4,032,256 Ordinary Shares and warrants to purchase an aggregate of 4,032,256
Ordinary Shares, to holders (the &#8220;Note Holders&#8221;) of existing convertible notes (the &#8220;Existing Notes&#8221;) and Redeemable
Warrants (the &#8220;Redeemable Warrants&#8221;), in exchange for the cancellation of an aggregate of (a) approximately $750,000 owed
to the Note Holders under the Existing Notes and (b) $1,450,000 cash value of Redeemable Warrants. The Company also issued 457,682 Ordinary
Shares to a service provider (the &#8220;Service Provider&#8221;) as payment in full for $260,000 worth of services previously provided
to the Company by the Service Provider. Such transactions were evidenced by a series of substantially similar Conversion and Exchange
Rights Agreements executed as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agreement
with R&amp;I Trading of New York</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 12, 2024, the Company announced that it entered into a $5 million contract with R&amp;I Trading of New York (&#8220;R&amp;I Trading&#8221;).
The agreement with R&amp;I Trading aims to set new standards in brand protection, authentication, ethical sourcing, and origination,
specifically for the Fast-Moving Consumer Goods (FMCG) sector, including Beverage and Pharmaceutical industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discussions
of other significant changes since December 31, 2023, are provided under Item 4 of this Report and elsewhere in this Report and are
incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_017"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_018"></span>A.
Offer and Listing Details</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Our
Ordinary Shares and Warrants are listed on The Nasdaq Stock Market LLC under the symbols &#8220;SMX&#8221; and &#8220;SMXWW,&#8221; respectively.
Holders of our Ordinary Shares and Warrants should obtain current market quotations for their securities. There can be no assurance that
our Ordinary Shares and/or Warrants will remain listed on Nasdaq. If we fail to comply with the Nasdaq listing requirements, our Ordinary
Shares and/or Warrants could be delisted from Nasdaq. A delisting of our Ordinary Shares will likely affect the liquidity of our Ordinary
Shares and could inhibit or restrict our ability to raise additional financing. See the sections entitled &#8220;<i>Item 3. Key Information
- D. Risk Factors v- General Risks - There can be no assurance that we will be able to comply with the continued listing standards of
Nasdaq</i>&#8221; and <i>&#8220;Item 8 Financial Information &#8211; B. Significant Changes - Notice of Failure to Satisfy a Continued
Listing Rule.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_019"></span>B.
Plan of Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_020"></span>C.
Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares are listed on the Nasdaq Capital Market under the symbol &#8220;SMX&#8221; and the Public Warrants are listed on the
Nasdaq Capital Market under the symbol &#8220;SMXWW.&#8221; <span style="background-color: white">If the Company fails to comply with
the Nasdaq listing requirements, the Ordinary Shares and/or Public Warrants could be delisted from Nasdaq. A delisting of the Ordinary
Shares will likely affect the liquidity of the Ordinary Shares and could inhibit or restrict the ability of the Company to raise additional
financing<span style="background-color: white">. See <i>&#8220;Item 8 Financial
Information &#8211; B. Significant Changes - Notice of Failure to Satisfy a Continued Listing Rule.&#8221;</i></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_021"></span>D.
Selling Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_022"></span>E.
Dilution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_023"></span>F.
Expenses of the Issue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_024"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_025"></span>A.
Share Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_026"></span>B.
Memorandum and Articles of Association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a public limited company organized and existing under the laws of Ireland. The Company was formed on July 1, 2022 as a public
limited company incorporated in Ireland under the name &#8220;Empatan Public Limited Company&#8221;. The Company changed its name to
SMX (Security Matters) Public Limited Company on February 17, 2023. Its affairs are governed by its Amended and Restated Memorandum and
Articles of Association, the ICA, and the laws of Ireland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A copy of our Amended and Restated
Memorandum and Articles of Association are filed as Exhibit 1.5 to this Annual Report on Form 20-F, and is incorporated by reference into
this Annual Report. Exhibit 2.1 to this Annual Report, which contains a description of our Ordinary Shares and our Constitution, is incorporated
by reference into this Annual Report.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_027"></span>C.
Material Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
Contracts Relating to the Company&#8217;s Operations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the contracts described elsewhere in this Annual Report, the following are summaries of each material contract, other
than contracts entered into in the ordinary course of business, <span style="background-color: white">to which we are a party, for
the two years preceding the date of this Annual Report. For additional information on our material contracts, please see
&#8220;<i>Item 4. Information on the Company</i>,&#8221; <i>&#8220;Item 5. Operating and Financial Review and Prospects,&#8221;</i>
&#8220;<i>Item 6. Directors, Senior Management and Employees</i>,&#8221; and &#8220;<i>Item 7.B Related Party
Transactions</i>&#8221; of this Annual Report. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
discussion of other material contracts, are provided under Item 8(b) of this Report and is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
Contracts Relating to the Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of the Business Combination Agreement and Scheme Implementation Deed and related and ancillary agreements are included in
this Annual Report in &#8220;<span style="background-color: white"><i>Item 4. Information on the Company</i>,&#8221;</span> &#8220;<i>Item
5</i>. <i>Operating and Financial Review and Prospects</i>&#8221; and &#8220;<i>Item 7.B. Related Party Transactions</i>&#8221;, which
are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_028"></span>D.
Exchange Controls</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
the laws of Ireland, <span style="background-color: white">except as indicated below, </span> there are currently no Irish
restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of
dividends (other than dividend withholding tax where an exemption does not apply) to nonresident holders of our ordinary
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">It is an
offence under Irish law (pursuant to various statutory instruments) to transfer funds or make funds or economic resources available, directly
or indirectly to any person or entity in contravention of Irish, EU or United Nations sanctions or to otherwise contravene Irish, EU or
United Nations sanctions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Under the
Financial Transfers Act 1992 (the &#8220;1992 Act&#8221;), the Minister for Finance of Ireland may make provision for the restriction
of financial transfers between Ireland and other countries. Financial transfers are broadly defined, and dividends would fall within this
definition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The 1992 Act and
underlying EU regulations prohibit financial transfers with certain persons and entities listed in the EU Consolidated Financial Sanctions
List and United Nations Security Council Consolidated List, each of which is updated on an ongoing basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_029"></span>E.
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Certain
Material U.S. Federal Income Tax Considerations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of certain material U.S. federal income tax considerations generally applicable to the acquisition, ownership,
and disposition of the Ordinary Shares by a &#8220;U.S. Holder.&#8221; This discussion applies only to the Ordinary Shares that are held
by a U.S. Holder as &#8220;capital assets&#8221; within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;) (generally, property held for investment). This discussion does not describe all U.S. federal income tax considerations
that may be relevant to a U.S. Holder in light of such U.S. Holder&#8217;s particular circumstances, nor does it address any state, local,
or non-U.S. tax considerations, any non-income tax (such as gift or estate tax) considerations, the alternative minimum tax, the special
tax accounting rules under Section 451(b) of the Code, the Medicare contribution tax on net investment income, or any tax consequences
that may be relevant to U.S. holders that are subject to special tax rules, including, without limitation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks
    or other financial institutions;</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>



<p style="margin: 0; font-family: Times New Roman, Times, Serif"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mutual
    funds;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S
    corporations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    or estates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that hold the Ordinary Shares as part of a &#8220;straddle,&#8221; &#8220;hedge,&#8221; &#8220;conversion,&#8221; &#8220;synthetic
    security,&#8221; &#8220;constructive ownership transaction,&#8221; &#8220;constructive sale,&#8221; or other integrated transaction
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    U.S. expatriates or former long-term residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    owning (directly, indirectly, or constructively) 5% (by vote or value) or more of our stock;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired the Ordinary Shares pursuant to an exercise of employee stock options or otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships
    or other entities or arrangements treated as pass-through entities for U.S. federal income tax purposes and investors in such entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;controlled
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;passive
    foreign investment companies&#8221; within the meaning of Section 1297(a) of the Code; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporations
    that accumulate earnings to avoid U.S. federal income tax.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Ordinary Shares,
the tax treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership
and the partner. Partnerships holding the Ordinary Shares should consult their tax advisors regarding the tax consequences in their particular
circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the Code, the U.S. Treasury regulations promulgated thereunder, administrative rulings, and judicial decisions,
all as currently in effect and all of which are subject to change or differing interpretation, possibly with retroactive effect. Any
such change or differing interpretation could alter the tax consequences described herein. Furthermore, there can be no assurance that
the Internal Revenue Service (the &#8220;IRS&#8221;) will not challenge the tax considerations described herein and that a court will
not sustain such challenge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of the Ordinary Shares, that is, for U.S. federal income
tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a U.S. citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under
    the laws of the United States, any state thereof, or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate the income of which is subject to U.S. federal income taxation regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust (i) if a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more &#8220;United States persons&#8221; within the meaning of Section 7701(a)(30) of the Code have the authority to control all
    substantial decisions of the trust or (B) that has in effect a valid election under applicable U.S. Treasury regulations to be treated
    as a United States person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE ORDINARY SHARES IN THEIR PARTICULAR CIRCUMSTANCES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Distributions
on the Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below under &#8220;-<i>Passive Foreign Investment Company Rules</i>,&#8221; distributions on the Ordinary
Shares generally will be taxable as a dividend for U.S. federal income tax purposes to the extent paid from our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Such distributions in excess of our current and accumulated
earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the applicable
U.S. Holder&#8217;s adjusted tax basis in its Ordinary Shares. Any remaining excess will be treated as gain realized on the sale or other
taxable disposition of the Ordinary Shares and will be treated as described below under &#8220;-<i>Sale or Other Taxable Disposition
of the Ordinary Shares.</i>&#8221; The amount of any such distributions will include any amounts required to be withheld by us (or another
applicable withholding agent) in respect of any non-U.S. taxes. Any such amount treated as a dividend will be treated as foreign-source
dividend income. Any such dividends received by a corporate U.S. Holder generally will not qualify for the dividends-received deduction
generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations. With respect to non-corporate U.S.
Holders, any such dividends generally will be taxed at currently preferential long-term capital gains rates only if (i) the Ordinary
Shares are readily tradable on an established securities market in the United States or we are eligible for benefits under an applicable
tax treaty with the United States, (ii) we are not treated as a PFIC with respect to the applicable U.S. Holder at the time the dividend
was paid or in the preceding year, and (iii) certain holding period and other requirements are met. Any such dividends paid in a currency
other than the U.S. dollar generally will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date
of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder
may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above and subject to applicable limitations, taxing jurisdictions other than the United States may withhold taxes from distributions
on the Ordinary Shares, and a U.S. Holder may be eligible for a reduced rate of withholding to the extent there is an applicable tax
treaty between the applicable taxing jurisdiction and the United States and/or may be eligible for a foreign tax credit against the U.S.
Holder&#8217;s U.S. federal income tax liability. The foreign tax credit rules are complex and U.S. Holders should consult their tax
advisers regarding the application of such rules, including the creditability of foreign taxes, in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale
or Other Taxable Disposition of the Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below under &#8220;-<i>Passive Foreign Investment Company Rules</i>,&#8221; upon any sale or other taxable
disposition of the Ordinary Shares, a U.S. Holder generally will recognize gain or loss in an amount equal to the difference, if any,
between (i) the sum of (A) the amount of cash and (B) the fair market value of any other property received in such sale or disposition
and (ii) the U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares. Any such gain or loss generally will be capital gain or loss
and will be long-term capital gain or loss if the U.S. Holder&#8217;s holding period for such Ordinary Shares exceeds one year. Long-term
capital gain recognized by non-corporate U.S. Holders generally will be taxed at currently preferential long-term capital gains rates.
The deductibility of capital losses is subject to limitations. For foreign tax credit purposes, any such gain or loss generally will
be treated as U.S. source gain or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the consideration received by a U.S. Holder upon a sale or other taxable disposition of the Ordinary Shares is not paid in U.S. dollars,
the amount realized will be the U.S. dollar value of such payment calculated by reference to the exchange rate in effect on the date
of such sale or disposition. A U.S. Holder may have foreign currency gain or loss to the extent of the difference, if any, between (i)
the U.S. dollar value of such payment on the date of such sale or disposition and (ii) the U.S. dollar value of such payment calculated
by reference to the exchange rate in effect on the date of settlement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their tax advisors regarding the tax consequences of a sale or other taxable disposition of the Ordinary Shares,
including the creditability of foreign taxes imposed on such sale or disposition by a taxing jurisdiction other than the United States,
in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries are subject
to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient
or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is
not subject to backup withholding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit
against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required
information is timely furnished to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE ORDINARY SHARES, INCLUDING THE IMPACT OF ANY POTENTIAL CHANGE
IN LAW, IN THEIR PARTICULAR CIRCUMSTANCES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Possible
Constructive Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each Public Warrant provide for an adjustment to the number of Ordinary Shares for which the Public Warrant may be
exercised or to the exercise price of the Public Warrant in certain events, as discussed in the Exhibit to this Annual Report
entitled &#8220;<i>Description of Securities</i>.&#8221; An adjustment which has the effect of preventing dilution generally is not
taxable. A U.S. holder of a Public Warrant would, however, be treated as receiving a constructive distribution from the Company if,
for example, the adjustment increases the holder&#8217;s proportionate interest in the Company&#8217;s assets or earnings and
profits (e.g., through an increase in the number of Ordinary Shares that would be obtained upon exercise of such warrant) as a
result of a distribution of cash to the holders of the Ordinary Shares which is taxable to the U.S. holders of such shares as
described under the section entitled &#8220;<i>-Distributions on the Ordinary Shares</i>&#8221; above. Such constructive
distribution would be subject to tax as described under that section in the same manner as if the U.S. holder of such warrant
received a cash distribution from the Company equal to the fair market value of such increased interest. The rules regarding
constructive distributions are complex. U.S. holders should consult their own tax advisors regarding the application of the rules to
them in light of their own circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generally.
</i>The treatment of U.S. holders of the Ordinary Shares could be materially different from that described above if the Company is treated
as a passive foreign investment company (a &#8220;PFIC&#8221;), for U.S. federal income tax purposes. A PFIC is any foreign corporation
with respect to which either: (i) 75% or more of the gross income for a taxable year constitutes passive income for purposes of the PFIC
rules, or (ii) 50% or more of such foreign corporation&#8217;s assets in any taxable year (generally based on the quarterly average of
the value of its assets during such year) is attributable to assets, including cash, that produce passive income or are held for the
production of passive income. Passive income generally includes dividends, interest, certain royalties and rents, annuities, net gains
from the sale or exchange of property producing such income and net foreign currency gains. The determination of whether a foreign corporation
is a PFIC is based upon the composition of such foreign corporation&#8217;s income and assets (including, among others, its proportionate
share of the income and assets of any other corporation in which it owns, directly or indirectly, 25% (by value) of the stock), and the
nature of such foreign corporation&#8217;s activities. A separate determination must be made after the close of each taxable year as
to whether a foreign corporation was a PFIC for that year. Once a foreign corporation qualifies as a PFIC it is, with respect to a shareholder
during the time it qualifies as a PFIC, and subject to certain exceptions, always treated as a PFIC with respect to such shareholder,
regardless of whether it satisfied either of the qualification tests in subsequent years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the projected composition of the Company&#8217;s income and assets, including goodwill, the Company does not expect to be classified
as a PFIC for its taxable year that includes the date of the Business Combination. The tests for determining PFIC status are applied
annually after the close of the taxable year, and it is difficult to predict accurately future income and assets relevant to this determination.
The fair market value of the assets of the Company is expected to depend, in part, upon (a) the market value of the Ordinary Shares,
and (b) the composition of the assets and income of the Company. Further, because the Company may value its goodwill based on the market
value of the Ordinary Shares, a decrease in the market value of the Ordinary Shares and/or an increase in cash or other passive assets
(including as a result of the Business Combination) would increase the relative percentage of its passive assets. Moreover, any interest
income that the Company earns on its cash deposits would generally be treated as passive income and increase the risk that the Company
would be treated as a PFIC. The application of the PFIC rules is subject to uncertainty in several respects and, therefore, no assurances
can be provided that the IRS will not assert that the Company is a PFIC for the taxable year that includes the date of the Business Combination, the Company&#8217;s current taxable year
or in a future year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is or becomes a PFIC during any year in which a U.S. holder holds Ordinary Shares, there are three separate taxation regimes
that could apply to such U.S. holder under the PFIC rules, which are the (i) excess distribution regime (which is the default regime),
(ii) mark-to-market regime and (iii) QEF regime (as defined below). A U.S. holder who holds (actually or constructively) stock in a foreign
corporation during any year in which such corporation qualifies as a PFIC is subject to U.S. federal income taxation under one of these
three regimes. The effect of the PFIC rules on a U.S. holder will depend upon which of these regimes applies to such U.S. holder. However,
dividends paid by a PFIC are generally not eligible for the lower rates of taxation applicable to qualified dividend income (&#8220;QDI&#8221;)
under any of the foregoing regimes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Excess
Distribution Regime.</i> If a U.S. holder does not make a mark-to-market election, as described below, the U.S. holder will be subject
to the default &#8220;excess distribution regime&#8221; under the PFIC rules with respect to (i) any gain realized on a sale or other
disposition (including a pledge) of Ordinary Shares, and (ii) any &#8220;excess distribution&#8221; received on Ordinary Shares (generally,
any distributions in excess of 125% of the average of the annual distributions on Ordinary Shares during the preceding three years or
the U.S. holder&#8217;s holding period, whichever is shorter). Generally, under this excess distribution regime:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    gain or excess distribution will be allocated ratably over the period during which the U.S. holder held Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the current taxable year, will be treated as ordinary income; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to prior taxable years will be subject to the highest tax rate in effect for that taxable year, and the interest
    charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax liability for amounts allocated to years prior to the year of disposition or excess distribution will be payable generally without
regard to offsets from deductions, losses and expenses. In addition, gains (but not losses) realized on the sale of Ordinary Shares cannot
be treated as capital gains, even if you hold the shares as capital assets. Further, no portion of any distribution will be treated as
QDI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mark-to-Market
Regime.</i> Alternatively, a U.S. holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC
shares generally are marketable if: (i) they are &#8220;regularly traded&#8221; on a national securities exchange that is registered
with the Securities and Exchange Commission or on the national market system established under Section 11A of the Securities Exchange
Act of 1934; or (ii) they are &#8220;regularly traded&#8221; on any exchange or market that the Treasury Department determines to have
rules sufficient to ensure that the market price accurately represents the fair market value of the stock. It is expected that Ordinary
Shares, which are expected to be listed on Nasdaq, will qualify as marketable shares for the PFIC rules purposes, but there can be no
assurance that Ordinary Shares will be &#8220;regularly traded&#8221; for purposes of these rules. Pursuant to such an election, a U.S.
holder would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted basis
at the end of the taxable year. A U.S. holder may treat as ordinary loss any excess of the adjusted basis of the stock over its fair
market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the election
in prior years. A U.S. holder&#8217;s adjusted tax basis in the PFIC shares will be increased to reflect any amounts included in income,
and decreased to reflect any amounts deducted, as a result of a mark-to-market election. Any gain recognized on a disposition of Ordinary
Shares will be treated as ordinary income and any loss will be treated as ordinary loss (but only to the extent of the net amount of
income previously included as a result of a mark-to-market election). A mark-to-market election only applies for the taxable year in
which the election was made, and for each subsequent taxable year, unless the PFIC shares ceased to be marketable or the IRS consents
to the revocation of the election. U.S. holders should also be aware that the Code and the Treasury Regulations do not allow a mark-to-market
election with respect to stock of lower-tier PFICs that is non-marketable. There is also no provision in the Code, Treasury Regulations
or other published authority that specifically provides that a mark-to-market election with respect to the stock of a publicly traded
holding company (such as the company) effectively exempts stock of any lower-tier PFICs from the negative tax consequences arising from
the general PFIC rules. U.S. holders should consult their own tax advisors to determine whether the mark-to-market tax election is available
to them and the consequences resulting from such election. In addition, U.S. holders of Public Warrants will not be able to make a mark-to-market
election with respect to their Public Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>QEF
Regime.</i> Alternatively, a U.S. holder of a PFIC may avoid the adverse PFIC tax consequences described above in respect of stock of
the PFIC (but not warrants) by making and maintaining a timely and valid qualified electing fund (&#8220;QEF&#8221;) election (if eligible
to do so) to include in income its <i>pro rata</i> share of the PFIC&#8217;s net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the first taxable year of
the U.S. Holder in which or with which the PFIC&#8217;s taxable year ends and each subsequent taxable year. In order to comply with the
requirements of a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from the PFIC. The company does not presently
intend to provide a PFIC Annual Information Statement in order for U.S. Holders to make or maintain a QEF election. However, as described
above, the company does not expect to be classified as a PFIC for the taxable year that includes the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PFIC
Reporting Requirements.</i> A U.S. holder of Ordinary Shares will be required to file an annual report on IRS Form 8621 containing such
information with respect to its interest in a PFIC as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable
year may result in substantial penalties and result in the U.S. holder&#8217;s taxable years being open to audit by the IRS until such
Forms are properly filed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Additional
Reporting Requirements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. holders holding specified foreign financial assets with an aggregate value in excess of the applicable dollar thresholds are required
to report information to the IRS relating to Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares
held in accounts maintained by U.S. financial institutions), by attaching a complete IRS Form 8938 to their tax return, for each year
in which they hold Ordinary Shares. Substantial penalties apply to any failure to file IRS Form 8938, unless the failure is shown to
be due to reasonable cause and not willful neglect. Also, in the event a U.S. holder does not file IRS Form 8938 or fails to report a
specified foreign financial asset that is required to be reported, the statute of limitations on the assessment and collection of U.S.
federal income taxes of such U.S. holder for the related taxable year may not close before the date which is three years after the date
on which the required information is filed. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules
on the ownership and disposition of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer
of property to the company. Substantial penalties may be imposed on a U.S. holder that fails to comply with this reporting requirement
and the statute of limitations on the assessment and collection of U.S. federal income taxes will be extended in the event of any such
failure to comply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section applies to non-U.S. holders. For purposes of this discussion, a &#8220;non-U.S. holder&#8221; means a beneficial owner (other
than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Ordinary Shares or Public Warrants
that is not a U.S. holder, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    nonresident alien individual, other than certain former citizens and residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    foreign corporation; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    foreign estate or trust;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">but,
generally, does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ownership
and Disposition of Ordinary Shares and Public Warrants</i> <i>by Non-U.S. Holders. </i>A non-U.S. holder of Ordinary Shares will generally
not be subject to U.S. federal income tax or, subject to certain reporting or withholdings,
U.S. federal withholding tax on any dividends received on Ordinary Shares or any gain recognized on a sale or other disposition of Ordinary
Shares (including, any distribution to the extent it exceeds the adjusted basis in the non-U.S. holder&#8217;s Ordinary Shares) unless
the dividend or gain is effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business in the United States and,
if required by an applicable tax treaty, is attributable to a permanent establishment maintained by the non-U.S. holder in the United
States. In addition, special rules may apply to a non-U.S. holder that is an individual present in the United States for 183 days or
more during the taxable year of the sale or disposition, and certain other requirements are met. Such holders should consult their own
tax advisors regarding the U.S. federal income tax consequences of the sale or disposition of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and gains that are effectively connected with a non-U.S. holder&#8217;s conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally
will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. holder and,
in the case of a non-U.S. holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch
profits tax at a 30% rate or a lower applicable tax treaty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. federal income tax treatment of a non-U.S. holder&#8217;s exercise of a Public Warrant, or the lapse of a Public Warrant held by
a non-U.S. holder generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S.
holder, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described
in the preceding paragraphs above for a non-U.S. holder&#8217;s gain on the sale or other disposition of the Ordinary Shares and Public
Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
MATERIAL IRISH TAX CONSIDERATIONS TO NON-IRISH HOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Scope</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the anticipated material Irish tax consequences of the acquisition, ownership and disposal of Ordinary Shares
and Public Warrants. The summary is based upon Irish tax laws and the practice of the Irish Revenue Commissioners in effect on the date
of this Annual Report and submissions which will be made to the Irish Revenue Commissioners. Changes in law and/or administrative practice
may result in a change in the tax consequences described below, possibly with retrospective effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&#8220;<span style="text-decoration: underline">Non-Irish Holder</span>&#8221; is an individual who beneficially owns their Ordinary Shares and/or Public Warrants, that is neither
a resident nor ordinarily resident in Ireland for Irish tax purposes and does not hold their Ordinary Shares and/or Public Warrants,
in connection with a trade carried on by such person through an Irish branch or agency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary does not constitute tax advice and is intended only as a general guide. The summary is not exhaustive and securityholders should
consult their tax advisors about the Irish tax consequences (and tax consequences under the laws of other relevant jurisdictions) of
the business combination and of the acquisition, ownership and disposal of Ordinary Shares and Public Warrants. The summary applies only
to Non-Irish Holders who own their Ordinary Shares and/or Public Warrants, as capital assets and does not apply to other categories of
Non-Irish Holders, such as dealers in securities, trustees, insurance companies, collective investment schemes and Non-Irish Holders
who acquired, or are deemed to have acquired, their Ordinary Shares and/or Public Warrants by virtue of an Irish office or employment
(performed or carried on to any extent in Ireland).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary does not, except where expressly stated, consider the position of Non-Irish Holders who hold their Ordinary Shares and/or Public
Warrants directly (and not beneficially through a broker or custodian (through DTC)). The Irish tax consequences of transactions in Ordinary
Shares and/or Public Warrants held directly are generally negative when compared with Ordinary Shares and/or Public Warrants held through
DTC. Any Non-Irish Holder contemplating holding their Ordinary Shares and/or Public Warrants directly should consult their personal tax
advisors as to the Irish tax consequences of acquiring, owning and disposing of such Ordinary Shares and/or Public Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Irish
Tax on Chargeable Gains (Irish CGT)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current rate of tax on chargeable gains (where applicable) in Ireland is 33%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Irish
Holders will not be within the territorial scope of a charge to Irish CGT on a disposal of their Ordinary Shares and/or Public Warrants,
provided that such Ordinary Shares and/or Public Warrants neither (a) were used in or for the purposes of a trade carried on by such
Non-Irish Holder through an Irish branch or agency, nor (b) were used, held or acquired for use by or for the purposes of an Irish branch
or agency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stamp
Duty</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rate of stamp duty (where applicable) on transfers of shares or warrants of Irish incorporated companies is 1% of the greater of the
price paid or market value of the shares or warrants acquired. Where Irish stamp duty arises it is generally a liability of the transferee.
However, in the case of a gift or transfer at less than fair market value, all parties to the transfer are jointly and severally liable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
stamp duty may be payable in respect of transfers of Ordinary Shares and Public Warrants, depending on the manner in which the Ordinary
Shares and Public Warrants are held. The Company entered into arrangements with DTC to allow the Ordinary Shares and Public Warrants
to be settled through the facilities of DTC. As such, the discussion below discusses separately the securityholders who hold their shares
through DTC and those who do not.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
Shares or Public Warrants Held Through DTC</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Irish Revenue Commissioners have confirmed to the Company that transfers of Ordinary Shares and Public Warrants effected by means of
the transfer of book entry interests in DTC will not be subject to Irish stamp duty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
Shares or Public Warrants Held Outside of DTC or Transferred Into or Out of DTC</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
transfer of Ordinary Shares or Public Warrants where any party to the transfer holds such Ordinary Shares or Public Warrants outside
of DTC may be subject to Irish stamp duty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Ordinary Shares or Public Warrants wishing to transfer their Ordinary Shares or Public Warrants into (or out of) DTC may do so without
giving rise to Irish stamp duty provided that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
    is no change in the beneficial ownership of such shares as a result of the transfer; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    transfer into (or out of) DTC is not effected in contemplation of a sale of such shares or warrants by a beneficial owner to a third
    party.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Withholding
Tax on Dividends (DWT)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
made by the Company will, in the absence of one of many exemptions, be subject to DWT, currently at a rate of 25%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
DWT and Irish income tax purposes, a distribution includes any distribution that may be made by the Company to holders of Ordinary Shares,
including cash dividends, non-cash dividends and additional stock taken in lieu of a cash dividend. Where an exemption from DWT does
not apply in respect of a distribution made to a holder of Ordinary Shares, the Company is responsible for withholding DWT prior to making
such distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
Exemptions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
domestic law provides that a non-Irish resident holder of Ordinary Shares is not subject to DWT on distributions received from the Company
if such holder of Ordinary Shares is beneficially entitled to the distribution and is either (for a List of Relevant Territories for
DWT purposes see Exhibit 15.3 to this Annual Report):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person (not being a company) resident for tax purposes in a Relevant Territory (including the United States) and is neither resident
    nor ordinarily resident in Ireland;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company resident for tax purposes in a Relevant Territory, provided such company is not under the control, whether directly or indirectly,
    of a person or persons who is or are resident in Ireland;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company that is controlled, directly or indirectly, by persons resident in a Relevant Territory and who is or are (as the case may
    be) not controlled by, directly or indirectly, persons who are not resident in a Relevant Territory;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company whose principal class of shares (or those of its 75% direct or indirect parent) is substantially and regularly traded on
    a stock exchange in Ireland, on a recognized stock exchange either in a Relevant Territory or on such other stock exchange approved
    by the Irish Minister for Finance; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company that is wholly owned, directly or indirectly, by two or more companies where the principal class of shares of each of such
    companies is substantially and regularly traded on a stock exchange in Ireland, a recognized stock exchange in a Relevant Territory
    or on such other stock exchange approved by the Irish Minister for Finance;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
provided, in all cases noted above (but subject to &#8220;<i>-Ordinary Shares Held by U.S. Resident Shareholders</i>&#8221; below),
the Company or, in respect of Ordinary Shares held through DTC, any qualifying intermediary appointed by the Company, has received
from the holder of such Ordinary Shares, where required, the relevant DWT Forms prior to the payment of the distribution. In
practice, in order to ensure sufficient time to process the receipt of relevant DWT Forms, the holders of Ordinary Shares, where
required, should furnish the relevant DWT Form to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">its
    broker (and the relevant information is further transmitted to any qualifying intermediary appointed by the Company) before the record
    date for the distribution (or such later date before the distribution payment date as may be notified to the holder of Ordinary Shares
    by the broker) if its Ordinary Shares are held through DTC; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&#8217;s transfer agent before the record date for the distribution if its Ordinary Shares are held outside of DTC.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Links
to the various DWT Forms are available at: http://www.revenue.ie/en/tax/dwt/forms/index.html. The information on such website does not
constitute a part of, and is not incorporated by reference into, this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
non-Irish resident holders of Ordinary Shares that cannot avail themselves of one of Ireland&#8217;s domestic law exemptions from DWT,
it may be possible for such holder of Ordinary Shares to rely on the provisions of a double tax treaty to which Ireland is party to reduce
the rate of DWT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
Shares Held by U.S. Resident Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid in respect of Ordinary Shares that are owned by a U.S. resident and held through DTC will not be subject to DWT provided the address
of the beneficial owner of such Ordinary Shares in the records of the broker holding such Ordinary Shares is in the United States (and
such broker has further transmitted the relevant information to a qualifying intermediary appointed by the Company). It is strongly recommended
that such holders of Ordinary Shares ensure that their information is properly recorded by their brokers (so that such brokers can further
transmit the relevant information to a qualifying intermediary appointed by the Company).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any holder of Ordinary Shares that is resident in the United States receives a distribution from which DWT has been withheld, the holder
of Ordinary Shares should generally be entitled to apply for a refund of such DWT from the Irish Revenue Commissioners, provided the
holder of Ordinary Shares is beneficially entitled to the distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
Shares Held by Residents of Relevant Territories Other Than the United States</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Ordinary Shares who are residents of Relevant Territories, other than the United States, must satisfy the conditions of one of the
exemptions referred to above under the heading &#8220;<i>-General Exemptions</i>&#8221;, including the requirement to furnish valid DWT
Forms, in order to receive distributions without suffering DWT. If such holders of Ordinary Shares hold their Ordinary Shares through
DTC, they must provide the appropriate DWT Forms to their brokers (so that such brokers can further transmit the relevant information
to a qualifying intermediary appointed by the Company) before the record date for the distribution (or such later date before the distribution
payment date as may be notified to holder of Ordinary Shares by the broker). If such holders of Ordinary Shares hold their Ordinary Shares
outside of DTC, they must provide the appropriate DWT Forms to the Company&#8217;s transfer agent before the record date for the distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any holder of Ordinary Shares who is resident in a Relevant Territory receives a distribution from which DWT has been withheld, the holder
of Ordinary Shares may be entitled to a refund of DWT from the Irish Revenue Commissioners provided the holder of Ordinary Shares is
beneficially entitled to the distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares
Held by Other Persons</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Ordinary Shares that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions
from DWT. If any holders of Ordinary Shares are exempt from DWT, but receive distributions subject to DWT, such holders of Ordinary Shares
may apply for refunds of such DWT from the Irish Revenue Commissioners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid in respect of Ordinary Shares held through DTC that are owned by a partnership formed under the laws of a Relevant Territory and
where all the underlying partners are resident in a Relevant Territory will be entitled to exemption from DWT if all of the partners
complete the appropriate DWT Forms and provide them to their brokers (so that such brokers can further transmit the relevant information
to a qualifying intermediary appointed by the Company) before the record date for the distribution (or such later date before the distribution
payment date as may be notified to the holder of Ordinary Shares by the broker). If any partner is not a resident of a Relevant Territory,
no part of the partnership&#8217;s position is entitled to exemption from DWT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Qualifying
Intermediary</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to paying any distribution, the Company will put in place an agreement with an entity that is recognized by the Irish Revenue Commissioners
as a &#8220;qualifying intermediary,&#8221; which will provide for certain arrangements relating to distributions in respect of Ordinary
Shares that are held through DTC, which are referred to as the &#8220;Deposited Securities.&#8221; The agreement will provide that the
qualifying intermediary shall distribute or otherwise make available to Cede &amp; Co., as nominee for DTC, any cash dividend or other
cash distribution with respect to the Deposited Securities after the Company delivers or causes to be delivered to the qualifying intermediary
the cash to be distributed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will rely on information received directly or indirectly from its qualifying intermediary, brokers and its transfer agent in
determining where holders of Ordinary Shares reside, whether they have provided the required U.S. tax information and whether they have
provided the required DWT Forms. Holders of Ordinary Shares that are required to file DWT Forms in order to receive distributions free
of DWT should note that such forms are generally valid, subject to a change in circumstances, until December 31 of the fifth year after
the year in which such forms were completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Tax on Dividends Paid on Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
income tax may arise for certain persons in respect of distributions received from Irish resident companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-Irish Holder that is entitled to an exemption from DWT will generally have no Irish income tax or universal social charge liability
on a distribution from the Company. A Non-Irish Holder that is not entitled to an exemption from DWT, and therefore is subject to DWT,
generally will have no additional Irish income tax liability or liability to universal social charge. The DWT deducted by the Company
discharges the Irish income tax liability and liability to universal social charge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Acquisitions Tax (CAT)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAT
comprises principally gift tax and inheritance tax on property situated in Ireland for CAT purposes or otherwise within the territorial
scope of CAT. CAT could apply to a gift or inheritance of Ordinary Shares and Public Warrants because Ordinary Shares and Public Warrants
are regarded as property situated in Ireland for CAT purposes. The person who receives the gift or inheritance has primary liability
for CAT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAT
is currently levied at a rate of 33% on the value of any taxable gift or inheritance above certain tax-free thresholds. The appropriate
tax-free threshold depends upon (1) the relationship between the donor and the donee and (2) the aggregation of the values of previous
taxable gifts and inheritances received by the donee from persons within the same group threshold. Gifts and inheritances passing between
spouses are exempt from CAT, as are gifts to certain charities. Children have a lifetime tax-free threshold of &#8364;335,000 in respect
of taxable gifts or inheritances received from their parents. There is also a &#8220;small gift exemption&#8221; from CAT whereby the
first &#8364;3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from
CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE ANY DEFINITIVE TAX REPRESENTATIONS
TO HOLDERS. EACH SECURITYHOLDER SHOULD CONSULT HIS OR HER TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH SECURITYHOLDER.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_030"></span>F.
Dividends and Paying Agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_031"></span>G.
Statement by Experts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_032"></span>H.
Documents on Display</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents
concerning the Company referred to in this Report may be inspected at the principal executive offices of the Company at <span style="background-color: white">Mespil
Business Centre, Mespil House, Sussex Road, Dublin 4, Ireland, D04 T4A6.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a &#8220;foreign private issuer,&#8221;
our officers, directors and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our equity securities. In addition, we are not
required to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent registered public accounting firm. We will also furnish to the SEC, on Form 6-K, unaudited financial information with
respect to our first six-month period of our fiscal year. The SEC also maintains a website at http://www.sec.gov that contains reports
and other information that we file with or furnish electronically with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_033"></span>I.
Subsidiary Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_034"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is exposed to market risks in the ordinary course of business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of U.S. dollar/ILS
Israeli Shekels exchange rates, which is discussed in detail in the following paragraph.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency
Fluctuations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating expenses are denominated in ILS, AUD, EURO and SGD, and therefore are currently subject to foreign currency
risk. We have been affected by changes in some of such rates compared to the U.S. dollar, as of December 31, 2023, the ILS increased
against the U.S. dollar by approximately 3%, the AUD increased against the U.S. dollar by approximately 0%, the EUR increased against
the U.S. dollar by approximately 4% and the SGD increased against the U.S. dollar by approximately 1%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s policy is not to enter into any currency hedging transactions, and we cannot assure you that we will not be adversely
affected by currency fluctuations in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is a risk of financial loss if a counterparty or customer fails to meet its contractual obligations. We closely monitor the activities
of our counterparties and control the access to its intellectual property which enables it to ensure a prompt collection. Our main financial
assets are cash and cash equivalents as well as other receivables and represent the Company&#8217;s maximum exposure to credit risk in
connection with its financial assets. Wherever possible and commercially practical, the Company holds cash with major and sound financial
institutions in Israel and Australia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that we will encounter in meeting our obligations associated with our financial liabilities that are settled by delivering
cash or another financial asset. The Company seeks to minimize that risk by maintaining sufficient cash and other highly liquid current
assets and by having available an adequate amount of committed credit facilities. For more details, please refer to the section titled,
&#8220;Liquidity and Capital Resources&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_035"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_036"></span>A.
Debt Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_037"></span>B.
Warrants and Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_038"></span>C.
Other Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_039"></span>D.
American Depositary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_040"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_041"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_042"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_043"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_044"></span>A.
Disclosure Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by Rule 13a-15 under the Exchange Act, management, including our Chief Executive Officer and our Chief Financial Officer,
has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report (the &#8220;Evaluation Date&#8221;).
Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be
disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitations, controls and
procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the
Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or
persons performing similar functions, as appropriate to allow timely decisions regarding our required disclosures. Based on such
evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective in
recording, processing, summarizing and reporting, on a timely basis, information required to be included in periodic filings under
the Exchange Act and that such information is accumulated and communicated to management, including our principal executive and
financial officers, as appropriate to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_045"></span>B.
Management&#8217;s Annual Report on Internal Control Over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with international
financial reporting standards. Our internal control over financial reporting includes those policies and procedures that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of the Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    international financial reporting standards, and that our receipts and expenditures are being made only in accordance with authorizations
    of our management and directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that
    could have a material effect on the financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with policies and procedures may deteriorate. Under the supervision of our Chief Executive Officer and
Chief Financial Officer, our management assessed the design and effectiveness of our internal control over financial reporting as of
December 31, 2023. In making its assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission, or COSO, in Internal Control &#8212; Integrated Framework (2013).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our assessment and those criteria, our management has concluded that our Company maintained effective internal control over financial
reporting as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F does not include an attestation report of our registered public accounting firm regarding internal control
over financial reporting. Management&#8217;s report was not subject to attestation by our registered public accounting firm pursuant
to the rules of the Securities and Exchange Commission that permit us to provide only management&#8217;s report in this Annual Report
on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_046"></span>C.
Attestation Report of the Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
Annual Report does not include an attestation report of the Company&#8217;s registered public accounting firm on management&#8217;s assessment
of the Company&#8217;s internal control over financial reporting since we are an emerging growth company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_047"></span>D.
Changes in Internal Control Over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, there were no changes in our internal control over financial reporting that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="sw_048"></span>ITEM
16. [RESERVED]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="sw_049"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an &#8220;audit committee financial
expert&#8221; as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and
understand fundamental financial statements, including the Company&#8217;s balance sheet, income statement, and cash flow statement.
Additionally, at least one member of the audit committee meets the criteria of having past employment experience in finance or
accounting, requisite professional certification in accounting, or other comparable experience or background which results in
the individual&#8217;s financial sophistication, and accordingly believes that the audit committee can properly fulfill its
functions and role as if at least one member was an &#8220;audit committee financial expert&#8221; as defined by the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="sw_050"></span>ITEM
16B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted a Code of Ethics applicable to our directors, executive officers and team members that complies with the rules and regulations
of Nasdaq and the SEC. The Code of Ethics is available on the Company&#8217;s website. In addition, the Company intends to post on the
Corporate Governance section of its website all disclosures that are required by law or Nasdaq listing standards concerning any amendments
to, or waivers from, any provision of the Code of Ethics. The reference to the Company&#8217;s website address in this Annual Report
does not include or incorporate by reference the information on the Company&#8217;s website into this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sw_051"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BDO
Ziv Haft has served as our independent registered public accountant since 2023 and has audited our consolidated financial statements
for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the aggregate fees for services rendered by BDO Ziv Haft to us and our subsidiaries, in the fiscal year ended December
31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    Ended December 31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">(in
    USD)</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Audit
    Fees</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">215,250</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">188,500</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Audit-Related
    Fees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,250</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax
    Fees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">All
    Other Fees</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">286,500</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">213,500</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditor
    Name</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditor
    Location</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditor
    Firm ID</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ziv
    Haft</span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
    Aviv, Israel</span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03-6386868</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
fees</i>. Audit fees consisted of fees for the audit of our annual financial statements and other professional services provided in connection
with the statutory and regulatory filings or engagements, including fees for the review of our interim financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit-related
fees</i>. Audit-related fees included fees for assurance reporting on our current and historical financial information included in our
SEC registration statements, including services that generally only the independent accountant can reasonably provide.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax
Fees.</i> Tax fees included fees for tax compliance, tax advice, and tax planning.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>All
Other Fees.</i> All Other Fees are any additional amounts billed for products and services provided by Ziv Haft.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
and Risk Committee Pre-Approval Policies and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee reviews and pre-approves the scope and the cost of audit services related to us and permissible non-audit services performed
by the independent auditors. All of the services related to us provided by Ziv Haft during the last fiscal year have been pre-approved
by our audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_001"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARD FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_002"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASER</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_003"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_004"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer,&#8221; as defined by the SEC. As a result, in accordance with Nasdaq rules, we will comply with
home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards.
While we expect to voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited
exemptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from filing quarterly reports on Form 10-Q containing unaudited financial and other specified information or current reports on Form
    8-K upon the occurrence of specified significant events;</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from Section 16 rules requiring insiders to file public reports of their securities ownership and trading activities and providing
    for liability for insiders who profit from trades in a short period of time;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from quorum requirements for shareholder meetings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirement to obtain shareholder approval for certain issuances of securities, including shareholder approval of share
    option plans;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirement that our audit committee have review and oversight responsibilities over all &#8220;related party transactions,&#8221;
    as defined in Item 7.B of Form 20-F;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirement that our board have a compensation committee that is composed entirely of independent directors with a written
    charter addressing the committee&#8217;s purpose and responsibilities. We currently have only director who serves on the compensation
    committee who meets the heightened independence standards for members of a compensation committee; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the requirements that director nominees are selected, or recommended for selection by our board, either by (1) independent directors
    constituting a majority of our board&#8217;s independent directors in a vote in which only independent directors participate, or
    (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable,
    addressing the nominations process is adopted.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as we, may rely on home country corporate governance practices in
lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&#8217;s
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). Most
recently, we have elected to (a) amend our 2022 Equity Incentive Plan to increase the number of shares authorized under the plan without
stockholder approval, and (b) follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d) to seek shareholder
approval in connection with certain transactions involving the sale, issuance and potential issuance of our Ordinary Shares (or securities
convertible into or exercisable for our Ordinary Shares) at a price less than certain referenced prices, if such shares equal 20% or
more of the Company&#8217;s Ordinary Shares or voting power outstanding before the issuance, each as permitted under Irish law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
our shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance
requirements of Nasdaq. We may utilize these and possibly other future exemptions for as long as we continue to qualify as a foreign
private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company structured its corporate governance in a manner it believes closely aligns its interests with those of its shareholders. Notable
features of this corporate governance include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has four independent directors and independent director representation on our audit and compensation committees immediately.
    Furthermore, until members of a nominating committee have been appointed, director nominees will be selected, or recommended for
    the Board&#8217;s selection, by independent directors constituting a majority of the Board&#8217;s independent directors in a vote
    in which only independent directors participate.</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"></p>

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<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent
    directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company implemented a range of other corporate governance practices, including a robust director education program.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an &#8220;audit committee financial
expert&#8221; as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and understand
fundamental financial statements, including the Company&#8217;s balance sheet, income statement, and cash flow statement. Additionally,
at least one member of the audit committee has past employment experience in finance or accounting, requisite professional certification
in accounting, or any other comparable experience or background which results in the individual&#8217;s financial sophistication, and
accordingly believes that the audit committee can properly fulfill its functions and role as if at least one member was an &#8220;audit
committee financial expert&#8221; as defined by the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_005"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_006"></span>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_007"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities by directors,
senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations,
and any listing standards applicable to our company. The insider trading policy is filed as an exhibit to this Annual report on Form
20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="it16K_001"></span>ITEM
                                            16K. CYBERSECURITY</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our formation, our business focus has primarily been on identifying brands and manufacturers in order to create a new market standard
for circular economy solutions, brand authentication and supply chain integrity, using our proprietary technology. We have 41 full and
part time employees and also use third-party vendors and service providers for certain activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use a third-party sub-contractor to manage all Information Technology (IT) issues, including protection against, detection, and response
to cyberattacks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
measures that are taken to ensure proper protection include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            computers are protected using a cloud-powered endpoint security solution that helps enterprises
                                            prevent, detect, investigate, and respond to advanced threats on their networks. It offers
                                            endpoint protection, endpoint detection and response, mobile threat defense, and integrated
                                            vulnerability management. It also provides, among other things, malware and spyware detection
                                            and remediation, rootkit detection and remediation and network vulnerability detection.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            Company e-mails are protected by a cloud-based email filtering service designed to protect
                                            the Company against advanced threats related to email and collaboration tools.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Periodically,
                                            all users on the Company&#8217;s computer network are required to perform multi-factor authentication.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company uses a cloud-based identity and access management service that enables access to
                                            external resources, which use two-factor authentication.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
                                            is performed using a secure, automatic cloud-based backup and restore service.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we believe that our third-party vendors and service providers have their own respective cybersecurity protocols which our management
believes to be adequate for protecting any of the Company&#8217;s data that might be in their possession from time to time; however,
having such protocols is not necessarily a condition for us using or not using the services of any such vendors or providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
senior management and part-time chief technology officer is responsible for assessing and managing cybersecurity risks, through
oversight of our IT service provider that manages our IT, but our management does not have specific cybersecurity expertise. The
Company has an Information Technology Policy that, among other things, governs and provides for cybersecurity policies and
processes, including to define safety measures to protect the Company&#8217;s confidentiality, integrity and availability of data
and other intellectual property, as well as to define the manner in which information is stored, saved and routed in the
Company&#8217;s network. Additionally, the Board and management believe cybersecurity represents an important component of the
Company&#8217;s overall approach to risk management and oversight. The Company also has cybersecurity insurance in effect as of the date of this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cybersecurity
threats have not materially affected, and are not reasonably likely to affect, the Company, including its business strategy, results
of operations or financial condition while we are strategically focused on pursuing brands and manufacturers. The Company is not aware
of any material security breach to date. Accordingly, the Company has not incurred any expenses over the last two years relating to information
security breaches. The occurrence of cyber-incidents, or a deficiency in our cybersecurity or in those of any of our third-party service
providers could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential
information and systems, or damage to our business relationships or reputation, all of which could negatively impact our business and
results of operations. There can be no assurance that the Company&#8217;s third-party vendors&#8217; and service providers&#8217; cybersecurity
risk management processes, including their policies, controls or procedures, will be fully implemented, complied with or effective in
protecting the Company&#8217;s systems and information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_008"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_009"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
pages F-1 though F-43 of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_010"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_011"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_013"></span>EXHIBIT
INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000119312522239088/d381455dex32.htm" style="-sec-extract: exhibit">Articles
    of Association of the Company (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form F-4 (Reg. No. 333-267301),
    as amended, initially filed with the SEC on September 6, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000119312522239088/d381455df4.htm#toc381455_30" style="-sec-extract: exhibit">Form
    of Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Annex C to the Registration
    Statement on Form F-4 (Reg. No. 333-267301), as amended, initially filed with the SEC on September 6, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000119312523074058/d479851dex35.htm" style="-sec-extract: exhibit">Certificate
    of Incorporation on Change of Name (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form F-1 (Reg. No.
    333-270674), as amended, initially filed with the SEC on March 17, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223029394/ex1-1.htm" style="-sec-extract: exhibit">Amended Public Limited Company Constitution of SMX (Security Matters) Public Limited Company Memorandum of Association (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on August 18, 2023).</a></span></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223034799/ex3-7.htm" style="-sec-extract: exhibit">Further Amended Public Limited Company Constitution of SMX (Security Matters) Public Limited Company Memorandum of Association (incorporated by reference to Exhibit 3.7 to the Registration Statement on Form F-1 (Reg. No. 333-274774), as amended, initially filed with the SEC on September 29, 2023).</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex2-1.htm">Description of Securities</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1845991/000110465921136283/tm2132380d1_ex4-1.htm" style="-sec-extract: exhibit">Promissory Note between the Company and EF Hutton, dated March 7, 2023 (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-1 (Reg. No. 333-270674), as amended, initially filed with the SEC on March 17, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1845991/000110465921136283/tm2132380d1_ex4-1.htm" style="-sec-extract: exhibit">Warrant Agreement, dated November 3, 2021, by and between the Company and Continental Stock Transfer &amp; Trust Company (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by Lionheart III Corp with the SEC on November 9, 2021)</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223021028/ex4-3.htm" style="-sec-extract: exhibit">Form of Warrant A (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223021028/ex4-4.htm" style="-sec-extract: exhibit">Form of Warrant B (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223021028/ex4-5.htm" style="-sec-extract: exhibit">Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223021028/ex4-6.htm" style="-sec-extract: exhibit">Form of Underwriter&#8217;s Warrant (incorporated by reference to Exhibit 4.6 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223021028/ex4-8.htm" style="-sec-extract: exhibit">Form of Warrant Agent Agreement with Respect to Warrant B, by and between the Company and Continental Stock Transfer &amp; Trust Company (incorporated by reference to Exhibit 4.8 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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  <tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223014803/ex4-60.htm" style="-sec-extract: exhibit">Amendment to Senior Secured Promissory Note Due December 19, 2023, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.60 to the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223014803/ex4-61.htm" style="-sec-extract: exhibit">Amendment to Senior Secured Promissory Note Due July 31, 2023, dated March 5, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.61 to the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223014803/ex4-62.htm" style="-sec-extract: exhibit">Amended and Restated Promissory Note dated as of March 7, 2023, in favor of Lionheart Management, LLC and Lionheart Equities, LLC (incorporated by reference to Exhibit 4.62 to the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223014803/ex4-63.htm" style="-sec-extract: exhibit">Amendment dated April 27, 2023 to Amended and Restated Promissory Note dated as of March 7, 2023 (incorporated by reference to Exhibit 4.63 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on April 28, 2023),</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223021028/ex10-59.htm" style="-sec-extract: exhibit">Convertible Promissory Note with YA II PN, LTD., dated May 22, 2023 (incorporated by reference to Exhibit 10.59 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023).</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223031801/ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on September 6, 2023).</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223031801/ex10-2.htm" style="-sec-extract: exhibit">Form of Promissory Note (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on September 6, 2023).</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223031801/ex10-3.htm" style="-sec-extract: exhibit">Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on September 6, 2023).</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><b>Description</b></td></tr>
  <tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224004791/ex10-1.htm" style="-sec-extract: exhibit">Letter Agreement with YAII PN, Ltd. (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on February 2, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223036647/ex10-1.htm" style="-sec-extract: exhibit">Investment Agreement dated as of October 3, 2023 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on October 10, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224008625/ex10-1.htm" style="-sec-extract: exhibit">Employment Agreement by and between Security Matters Ltd. and Ofira Bar dated December 23, 2023 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on March 1, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224009255/ex10-71.htm" style="-sec-extract: exhibit">Private Placement Binding Term Sheet by and between the Company and Steve Wallitt, dated February 25, 2024 (incorporated by reference to Exhibit 10.71 the Company&#8217;s Registration Statement on Form F-1 (Reg. No. 333-277482), as amended, filed with the SEC on March 7, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224014379/ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on April 12, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224014379/ex10-2.htm" style="-sec-extract: exhibit">Form of Promissory Note (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on April 12, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224014379/ex10-3.htm" style="-sec-extract: exhibit">Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on April 12, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224014379/ex10-4.htm" style="-sec-extract: exhibit">Form of Warrant Amendment and Inducement Letter (incorporated by reference to Exhibit 10.4 to the Company&#8217;s Current Report on Form 6-K filed with the SEC on April 12, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315224015447/ex10-76.htm" style="-sec-extract: exhibit">Stock
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="ex4-77.htm">Form of Conversion and <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Rights Agreement</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223014803/ex11-1.htm" style="-sec-extract: exhibit">Company&#8217;s Code of Conduct and Business Ethics (incorporated by reference to Exhibit 11.1 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on May 1, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000149315223014803/ex11-2.htm" style="-sec-extract: exhibit">Company&#8217;s Insider Trading Policy (incorporated by reference to Exhibit 11.2 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on May 1, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification by Principal Executive Officer pursuant to Securities Exchange Act Rules 13-a-12(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification by Principal Financial Officer pursuant to Securities Exchange Act Rules 13-a-12(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="ex13-1.htm">Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="ex13-2.htm">Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="https://www.sec.gov/Archives/edgar/data/1940674/000119312523078075/d479851dex991.htm" style="-sec-extract: exhibit">Relevant Territories for withholding Tax on Dividends (incorporated by reference to Exhibit 99.1 to the Company&#8217;s Registration Statement on Form F-1 (Reg. No. 333-270674), as amended, initially filed with the SEC on March 17, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicates
    a management contract or any compensatory plan, contract or arrangement</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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




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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
    (SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    30, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Haggai Alon</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haggai
    Alon</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>INDEX
TO FINANCIAL STATEMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">CONSOLIDATED
FINANCIAL STATEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">AS
OF DECEMBER 31, 2023 and 2022</span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">TABLE
OF CONTENTS</span></b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.65in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_1"><span style="font-size: 10pt">Report of independent registered public accounting firm</span></a> PCAOB #<span id="xdx_904_edei--AuditorFirmId_c20230101__20231231_zzbzVt5Tw2O4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000065" name="dei:AuditorFirmId">1185</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_2"><span style="font-size: 10pt">Consolidated statements of financial position</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_3"><span style="font-size: 10pt">Consolidated statements of comprehensive loss</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_4"><span style="font-size: 10pt">Consolidated statements of changes in equity</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5
    - F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_5"><span style="font-size: 10pt">Consolidated statements of cash flows</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8
    - F-9</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_6"><span style="font-size: 10pt">Notes to the consolidated financial statements</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-10
    - F-43</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts are stated in thousands of U.S. Dollars</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_1"></span>Report
of Independent Registered Public Accounting Firm</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>to
the Shareholders of</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Consolidated Financial Statements</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of SMX (Security Matters) Public Limited Company and subsidiaries
(the &#8220;Company&#8221;) as of December 31, 2023, and 2022, the related consolidated statements of comprehensive loss, changes in
equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively, the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--AuditorLocation_c20230101__20231231_z7XJjSUTAUD4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000066" name="dei:AuditorLocation">Tel-Aviv,
    Israel</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <span id="xdx_901_edei--AuditorName_c20230101__20231231_zjbjR9b7yNoe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000067" name="dei:AuditorName">Ziv Haft</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
                                            19, 2024</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"/></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have served as the Company&#8217;s auditor since 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified
    Public Accountants (Isr.)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BDO
    Member Firm</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="f_2"></span>SMX
                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
                                 STATEMENTS OF FINANCIAL POSITION</b></span></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>


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<table cellpadding="0" cellspacing="0" id="xdx_30A_111_pn3n3_zIx5RRk73g21" summary="xdx: Statement - Consolidated Statements of Financial Position" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20231231_zu8UBO3Pm9pc" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, 2023</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20221231_zI3TO6vchJ6a" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Note</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$
    in thousands</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--CurrentAssetsAbstract_iB_zACCY6ny2ADg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
    assets</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; width: 54%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_403_eifrs-full--OtherCurrentAssets_i01I_maCAz1YA_zOoLE9hoIfl3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2022-12-31" id="Fact000076" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,673</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--CurrentAssets_i01TI_mtCAz1YA_maAzA4W_zceGFx0nXDod" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    current assets</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentAssets" contextRef="AsOf2023-12-31" id="Fact000078" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">802</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentAssets" contextRef="AsOf2022-12-31" id="Fact000079" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,071</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--NoncurrentAssetsAbstract_i01B_zmILugFZabKl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-current
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    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--IntangibleAssetsOtherThanGoodwill_i02I_maNAzAkn_zPla8fZJxmmk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets, net</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3,7</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31" id="Fact000085" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,027</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--Goodwill_i02I_maNAzAkn_zXQJx3GJiuRg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0088">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--PropertyPlantAndEquipment_i02I_maNAzAkn_zGYbmJHcdUa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property,
    plant and equipment, net</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">5</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact000090" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">411</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact000091" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">555</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--RightofuseAssets_i02I_maNAzAkn_zqmZwuJczX5c" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right
    of use assets</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">11</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31" id="Fact000093" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">389</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31" id="Fact000094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">414</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--InvestmentsInSubsidiariesJointVenturesAndAssociates_i02I_maNAzAkn_zydiJtqXzhGg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Investment
    in associated companies</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">6</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" contextRef="AsOf2023-12-31" id="Fact000096" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">115</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" contextRef="AsOf2022-12-31" id="Fact000097" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">221</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--NoncurrentAssets_i02TI_mtNAzAkn_maAzA4W_z385RMUUA5Uh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:NoncurrentAssets" contextRef="AsOf2023-12-31" id="Fact000099" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,358</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:NoncurrentAssets" contextRef="AsOf2022-12-31" id="Fact000100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,217</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--Assets_i01TI_mtAzA4W_zRhiFoyGtFY3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31" id="Fact000103" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,288</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--CurrentLiabilitiesAbstract_iB_zPGGwnb0IoT9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_i01I_maCLzuOw_zlmNLX10xV2h" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade
    payables</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31" id="Fact000108" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,515</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31" id="Fact000109" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,972</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--OtherCurrentPayables_i01I_maCLzuOw_zimEA6y3aa5f" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    payables</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">12</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact000111" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,483</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact000112" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">650</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--ConvertibleNote_i01I_maCLzuOw_zZi8kMFrodzb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible
    notes</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">8</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConvertibleNote" contextRef="AsOf2023-12-31" id="Fact000114" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">377</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConvertibleNote" contextRef="AsOf2022-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">563</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--CurrentWarrantLiability_i01I_maCLzuOw_ziGgOgXU0Pfb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    - derivative financial liability</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">9</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentWarrantLiability" contextRef="AsOf2023-12-31" id="Fact000117" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,143</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0118">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--PrepaidAdvance_i01I_maCLzuOw_z5nILOJZqwrg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pre-paid
    advance</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:PrepaidAdvance" contextRef="AsOf2023-12-31" id="Fact000120" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">700</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0121">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--BridgeLoansLiabilities_i01I_maCLzuOw_zl7gI9fApsmh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bridge
    loans liabilities</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">9</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:BridgeLoansLiabilities" contextRef="AsOf2023-12-31" id="Fact000123" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,750</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0124">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--ConvertiblePromissoryNote_i01I_maCLzuOw_z5Wgv9C0bB85" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible
    promissory note</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">8</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConvertiblePromissoryNote" contextRef="AsOf2023-12-31" id="Fact000126" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,013</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0127">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--ShorttermBorrowings_i01I_maCLzuOw_z0iikmEXspBk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Borrowings
    from related parties</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">13</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0129">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact000130" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">710</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--CurrentLeaseLiabilities_i01I_maCLzuOw_zo4pOu0qbUj1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">11</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact000132" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">41</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--CurrentLiabilities_i01TI_mtCLzuOw_maLz7wN_zGkmyafx5WFg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    current liabilities</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,022</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000136" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,925</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--NoncurrentLiabilitiesAbstract_i01B_zygeK3DdIgx8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-current
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    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_407_eifrs-full--NoncurrentLeaseLiabilities_i01I_maNLzckk_zMnnsMdaK2wc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000142" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">440</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--BridgeLoanslLiabilitiesCurrent_i01I_maNLzckk_zIfaTpxqmkP1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">9</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:BridgeLoanslLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,682</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--NoncurrentPayables_i01I_maNLzckk_z9g7XoBORwqd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0147">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2022-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">85</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--NoncurrentLiabilities_i01TI_mtNLzckk_maLz7wN_zkStrSzVy5Ec" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:NoncurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">894</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:NoncurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,207</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--Liabilities_i01TI_mtLz7wN_maEALzoFC_zNMsAI1pnIWk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,916</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,132</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--EquityAbstract_iB_zgf4Ey9Uhlsa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Equity</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--IssuedCapitalAndAdditionalPaidInCapital_i01I_maEATOOzj57_zeBLWbAYx4L1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issued
    capital and additional paid-in capital</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">14</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:IssuedCapitalAndAdditionalPaidInCapital" contextRef="AsOf2023-12-31" id="Fact000159" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">62,901</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:IssuedCapitalAndAdditionalPaidInCapital" contextRef="AsOf2022-12-31" id="Fact000160" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,713</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--ReserveOfExchangeDifferencesOnTranslation_i01I_maEATOOzj57_zSSHVSysmhGe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation reserve</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" contextRef="AsOf2023-12-31" id="Fact000162" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">491</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" contextRef="AsOf2022-12-31" id="Fact000163" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">537</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eifrs-full--RetainedEarnings_i01I_maEATOOzj57_zDYWksmk1Nn5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    losses</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2023-12-31" id="Fact000165" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">50,934</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:RetainedEarnings" contextRef="AsOf2022-12-31" id="Fact000166" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">30,020</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_eifrs-full--EquityAttributableToOwnersOfParent_i01TI_mtEATOOzj57_maEzj8I_z7EEGbPmmDf3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:EquityAttributableToOwnersOfParent" contextRef="AsOf2023-12-31" id="Fact000168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,476</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_409_eifrs-full--NoncontrollingInterests_i01I_maEzj8I_zDkclo7VA0E7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 23%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ofira Bar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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19, 2024</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haggai
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="f_3"></span>SMX
                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_113_pn3n3_zgezlbMApZcf" summary="xdx: Statement - Consolidated Statements of Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Note</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40E_eifrs-full--ProfitLoss_iT_mtPLzT2J_maCIzfi2_z73UtMH8iPBb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40B_eifrs-full--OtherComprehensiveIncomeAbstract_iB_ziBDw07SM0Ta" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_i01B_zTAv4zaWHoDg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Items
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations_i02_maOCITWz7q0_z0rTWEItkMnh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000236" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">224</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations" contextRef="From2021-01-012021-12-31" id="Fact000238" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_i01B_zGXl3CIQ6Haa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Items
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    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_i02_maOCITWz7q0_zQhH1NXhgrtc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exchange
    losses arising on translation of foreign operations</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-01to2023-12-31" id="Fact000244" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">59</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31" id="Fact000245" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">238</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31" id="Fact000246" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">375</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_ecustom--OtherComprehensiveIncomeLoss_iT_mtOCITWz7q0_maCIzfi2_z5kZiZp3QQU3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    other comprehensive loss</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:OtherComprehensiveIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000248" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">283</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:OtherComprehensiveIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000249" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">760</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:OtherComprehensiveIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000250" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">382</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--ComprehensiveIncomeLoss_iT_mtCIzfi2_zL6HyqJj2Tjc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive loss</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:ComprehensiveIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000252" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">21,272</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:ComprehensiveIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000253" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,944</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:ComprehensiveIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000254" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,321</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--ProfitLossAttributableToAbstract_iB_zyzfKpindvd4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    loss attributable to:</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLossAttributableToOwnersOfParent_i01_zPbHVwsldX17" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Equity
    holders of the Company</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ProfitLossAttributableToOwnersOfParent" contextRef="From2023-01-01to2023-12-31" id="Fact000260" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">20,914</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0261">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0262">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossAttributableToNoncontrollingInterests_i01_zu8AeJrTyrUk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact000264" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">75</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0265">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0266">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font-family: Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F02_zJJ0bJXaHqYl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; width: 5pt"/><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zUrSfqXVawSf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000270" xml:lang="en-US">Restated
                                            as a result of the SPAC transaction and after giving effect to the reverse stock split (see
                                            also Note 1.B)</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="f_4"></span>SMX
                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
                                 STATEMENTS OF CHANGES IN EQUITY</b></span></p></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0286">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2023-01-012023-12-31_custom_ForeignCurrencyTranslationMember" id="Fact000287" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000291" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-012023-12-31_ifrs-full_RetainedEarningsMember" id="Fact000295" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">20,914</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recapitalization
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0311">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2023-01-01to2023-12-31" id="Fact000312" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,460</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Share-based
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2023-01-012023-12-31_custom_IssuedAndAdditionalPaidInCapitalMember" id="Fact000314" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,269</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0315">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0316">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2023-01-012023-12-31_ifrs-full_EquityAttributableToOwnersOfParentMember" id="Fact000317" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,269</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0318">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2023-01-01to2023-12-31" id="Fact000319" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,269</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--IncreaseDecreaseThroughConversionOfConvertibleInstruments_znRuwSJPFZab" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0322">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0323">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0325">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments" contextRef="From2023-01-01to2023-12-31" id="Fact000326" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,955</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--IncreaseDecreaseThroughExerciseOfOptions_zkwW39ENSF8f" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercise
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  <tr id="xdx_40B_ecustom--IncreaseDecreaseIssuanceOfSharesAndWarrants_zcdOdtfvc2Ri" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0337">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0339">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:IncreaseDecreaseIssuanceOfSharesAndWarrants" contextRef="From2023-01-01to2023-12-31" id="Fact000340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,837</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--ConversionOfWarrantsToOrdinaryShares_zw8x3Kk9qORk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0343">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0344">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfWarrantsToOrdinaryShares" contextRef="From2023-01-012023-12-31_ifrs-full_EquityAttributableToOwnersOfParentMember" id="Fact000345" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,008</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0346">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfWarrantsToOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000347" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,008</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--ExerciseOfWarrantsNet_z8ABf17Zfgxk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercise
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ExerciseOfWarrantsNet" contextRef="From2023-01-012023-12-31_custom_IssuedAndAdditionalPaidInCapitalMember" id="Fact000349" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">888</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0350">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0353">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ExerciseOfWarrantsNet" contextRef="From2023-01-01to2023-12-31" id="Fact000354" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">888</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_ecustom--IssuanceOfWarrantsAfterReset_zeyRQMS7c269" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:IssuanceOfWarrantsAfterReset" contextRef="From2023-01-012023-12-31_custom_IssuedAndAdditionalPaidInCapitalMember" id="Fact000356" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">865</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0357">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0358">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:IssuanceOfWarrantsAfterReset" contextRef="From2023-01-012023-12-31_ifrs-full_EquityAttributableToOwnersOfParentMember" id="Fact000359" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">865</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0360">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
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                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
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</table>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--ProfitLoss_zf1Kdac9weT1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0382">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0383">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_RetainedEarningsMember" id="Fact000384" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,184</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000385" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,184</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eifrs-full--OtherComprehensiveIncome_zAy4GYx30Qgl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive loss for the year</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0387">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31_custom_ForeignCurrencyTranslationMember" id="Fact000388" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">760</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0389">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31" id="Fact000390" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">760</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eifrs-full--ComprehensiveIncome_zp2ruXdQzIHk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0392">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31_custom_ForeignCurrencyTranslationMember" id="Fact000393" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">760</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31_ifrs-full_RetainedEarningsMember" id="Fact000394" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,184</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31" id="Fact000395" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,944</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--IssueOfEquity_zJXfdlfca8U8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31_custom_IssuedAndAdditionalPaidInCapitalMember" id="Fact000397" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">182</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0398">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0399">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-01-012022-12-31" id="Fact000400" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">182</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_zWAYOHeZaCw3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Share-based
    compensation</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0403">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
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                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
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</table>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--ProfitLoss_z6NrioEbexEe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
    after income tax for the year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0422">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0423">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_RetainedEarningsMember" id="Fact000424" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,939</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000425" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,939</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eifrs-full--OtherComprehensiveIncome_zWhgaP3oKGg2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive loss for the year</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0427">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_ForeignCurrencyTranslationMember" id="Fact000428" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">382</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0429">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31" id="Fact000430" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">382</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eifrs-full--ComprehensiveIncome_zXim0T1KJlNj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive loss for the year</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0432">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_ForeignCurrencyTranslationMember" id="Fact000433" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">382</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_RetainedEarningsMember" id="Fact000434" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,939</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31" id="Fact000435" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,321</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--IssueOfEquity_zAKPV4Zc8Je5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2021-01-012021-12-31_custom_IssuedAndAdditionalPaidInCapitalMember" id="Fact000437" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,892</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0438">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0439">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2021-01-012021-12-31" id="Fact000440" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,892</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_zJJcRzMNIzce" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercise
    of warrants</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span id="f_5"></span><span style="font-family: Times New Roman, Times, Serif"><b>SMX
                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
                                 STATEMENTS OF CASH FLOWS</b></span></p></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_303_112_pn3n3_z8ARwy8mTJC2" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2023-01-01to2023-12-31" id="Fact000477" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,074</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2022-01-012022-12-31" id="Fact000478" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,217</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2021-01-012021-12-31" id="Fact000479" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">401</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_i01_maN10M25_zGMN5EvtREZd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" contextRef="From2023-01-01to2023-12-31" id="Fact000481" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">235</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" contextRef="From2022-01-012022-12-31" id="Fact000482" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">114</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" contextRef="From2021-01-012021-12-31" id="Fact000483" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--AdjustmentsForIncreaseDecreaseInOtherLiabilities_i01_maN10M25_zDQbbXq4JCVf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000485" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000486" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000487" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForIncreaseDecreaseInDerivativeFinancialLiabilities_i01_maN10M25_zVLcVOrIEedh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revaluation
    of financial liabilities at fair value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInDerivativeFinancialLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000489" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,496</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInDerivativeFinancialLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000490" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">387</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0491">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--AdjustmentsForIncreaseDecreaseInInterestExpenses_i01_maN10M25_zMcg384lzYH5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:AdjustmentsForIncreaseDecreaseInInterestExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000493" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,281</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:AdjustmentsForIncreaseDecreaseInInterestExpenses" contextRef="From2022-01-012022-12-31" id="Fact000494" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:AdjustmentsForIncreaseDecreaseInInterestExpenses" contextRef="From2021-01-012021-12-31" id="Fact000495" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--RevaluationOfConvertibleNotes_i01N_di_msN10M25_zbf54F6MqLY1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revaluation
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:RevaluationOfConvertibleNotes" contextRef="From2023-01-01to2023-12-31" id="Fact000497" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">382</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0498">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0499">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--RemeasurementOfInvestmentInAssociatedCompany_i01N_di_msN10M25_zxkumDiNoexg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Remeasurement
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0503">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--ProvisionOfBorrowingToRelatedParties_i01_maN10M25_zB3qdtmHQLU" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProvisionOfBorrowingToRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000506" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">621</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40F_eifrs-full--ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_i01N_di_msN10M25_zqOd2BQCDGIg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Share
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" contextRef="From2022-01-012022-12-31" id="Fact000510" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">106</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" contextRef="From2021-01-012021-12-31" id="Fact000511" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">101</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--IssuanceOfOptionsToUnderwriters_i01_maN10M25_zVModouoFXVe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0514">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0515">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--ListingCosts_i01_maN10M25_zfQngJGCDbY2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SPAC
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0518">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0519">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--CashFlowsFromUsedInOperatingActivities_i01T_mtN10M25_maIDICAzkZ1_zBMgYHyx2ni9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flow used in operating activities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000523" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_zK6487BzQrA7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCFFUIzUSA_zFbVXnmXVyN3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchase
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000529" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000530" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">152</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000531" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">297</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_ecustom--CapitalizedDevelopmentCostClassifiedAsInvestingActivities_i01N_di_msCFFUIzUSA_zjLEwzeHwPp4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capitalized
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zLRLSnitUMPi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--CashRepaymentsOfAdvancesAndLoansFromRelatedParties_i01N_di_msCFFUIz8gU_zTcvZwlBTbx4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payments
    of borrowings to related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0545">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000546" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">172</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000547" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">103</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_i01N_di_msCFFUIz8gU_zFT0KoBY3li9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payment
    of lease liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000549" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000550" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000551" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">98</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_ecustom--ProceedsFromIssuanceOfShares_i01_maCFFUIz8gU_zrFe5ZcpBZyf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of shares, warrants A and B, net (see note 14 B.3)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProceedsFromIssuanceOfShares" contextRef="From2023-01-01to2023-12-31" id="Fact000553" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,630</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0554">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0555">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--ProceedsFromExerciseOfWarrants_i01_maCFFUIz8gU_zNomiILYyUHd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercise
    of warrants B (see note 14 B.3)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2023-01-01to2023-12-31" id="Fact000557" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">642</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0558">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2021-01-012021-12-31" id="Fact000559" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">395</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--ProceedsFromIssueOfBondsNotesAndDebentures_i01_maCFFUIz8gU_zfAqdiV5MM9a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of convertible notes (see note 8.A)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" contextRef="From2023-01-01to2023-12-31" id="Fact000561" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" contextRef="From2022-01-012022-12-31" id="Fact000562" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">581</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0563">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--AdvancePaymentForEquityNet_i01_maCFFUIz8gU_zT9RrhCDyXAf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0566">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0567">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--RepaymentOfBridgeLoans_i01N_di_msCFFUIz8gU_zwEdgwl2xXv3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayment
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:RepaymentOfBridgeLoans" contextRef="From2023-01-01to2023-12-31" id="Fact000569" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0570">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0571">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--ProceedsFromIssuingShares_i01_maCFFUIz8gU_zu8GFl0Ib6qk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2022-01-012022-12-31" id="Fact000574" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">182</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-012021-12-31" id="Fact000575" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,892</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--ProceedsFromIssuanceOfBridgeLoansAndWarrants_i01_maCFFUIz8gU_zEy6PxGDZifd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of bridge loans and warrants (see note 9)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProceedsFromIssuanceOfBridgeLoansAndWarrants" contextRef="From2023-01-01to2023-12-31" id="Fact000577" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">550</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProceedsFromIssuanceOfBridgeLoansAndWarrants" contextRef="From2022-01-012022-12-31" id="Fact000578" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,310</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProceedsFromIssuanceOfBridgeLoansAndWarrants" contextRef="From2021-01-012021-12-31" id="Fact000579" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--ProceedsFromIssuanceOfPromissoryNote_i01_maCFFUIz8gU_z1ntZWcS0yv" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of promissory note (see note 8.C)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProceedsFromIssuanceOfPromissoryNote" contextRef="From2023-01-01to2023-12-31" id="Fact000581" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,356</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0582">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0583">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--ProceedsFromIssuingOtherEquityInstruments_i01_maCFFUIz8gU_zB2T397NHXFj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
    of shares in the SPAC transaction, net</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingOtherEquityInstruments" contextRef="From2023-01-01to2023-12-31" id="Fact000585" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,919</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0586">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0587">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_mtCFFUIz8gU_maIDICAzkZ1_zDZUhAsfOLCc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flow from financing activities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000589" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,954</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000590" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,846</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000591" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,118</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--IncreaseDecreaseInCashAndCashEquivalents_iT_mtIDICAzkZ1_znegzugfMZm8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase
    (decrease) in cash and cash equivalents</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2023-01-01to2023-12-31" id="Fact000593" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,561</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2022-01-012022-12-31" id="Fact000594" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,504</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2021-01-012021-12-31" id="Fact000595" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">445</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--CashAndCashEquivalents_iS_zC0K9BHT2sC2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000598" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,171</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2020-12-31" id="Fact000599" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,341</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--EffectOfExchangeRateChangesOnCashAndCashEquivalents_z8NgEoTMeGde" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exchange
    rate differences on cash and cash equivalent</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2023-01-01to2023-12-31" id="Fact000601" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">331</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2022-01-012022-12-31" id="Fact000602" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">269</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2021-01-012021-12-31" id="Fact000603" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">615</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at end of year</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact000605" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">168</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000606" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,398</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000607" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,171</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>SMX
                                            <span style="font-size: 10pt">(SECURITY MATTERS) PUBLIC LIMITED COMPANY</span></b></span></p>
                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
                                 STATEMENTS OF CASH FLOWS</b></span></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December 31, 2023</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December 31, 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    ended December 31, 2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$
    in thousands</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--NoncashTransactionsDuringPeriodAbstract_iB_zuqAWWchnei2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Appendix
    A &#8211; Non-cash transactions during the year:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--ConversionOfLiabilityToOrdinaryShares_i01_znnqeLlayBF1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
    of liability to ordinary shares (see note 10)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfLiabilityToOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000613" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,300</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0614">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0615">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--ConversionOfWarrantsToOrdinaryShares_i01_zSTfDUu5chO4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
    of warrants A to ordinary shares (see note 14.B.3)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfWarrantsToOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000617" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,008</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0618">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0619">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--ConversionOfBridgeLoansAndDerivativeFinancialLiabilityToOrdinaryShares_i01_zdLQbo9riin9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
    of bridge loans and derivative financial liability to ordinary shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfBridgeLoansAndDerivativeFinancialLiabilityToOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000621" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,192</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0622">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--ExerciseOfOptionsAndWarrantsToOrdinaryShares_i01_zxlcGQYW5D7f" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercise
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0626">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--ConversionOfConvertibleNotesToOrdinaryShare_i01_zTaNPpo8OD96" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfConvertibleNotesToOrdinaryShare" contextRef="From2023-01-01to2023-12-31" id="Fact000629" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">175</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0630">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0631">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--ConversionOfLiabilityToOrdinarySharesOne_i01_ziBmcA4YJqsb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
    of liability to ordinary shares (see note 14)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ConversionOfLiabilityToOrdinarySharesOne" contextRef="From2023-01-01to2023-12-31" id="Fact000633" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,030</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl0634">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl0635">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--RemeasurementOfInvestment_i01_zaVLOAVwyei3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Remeasurement
    of investment in associated company (see note 3)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="SMX:RemeasurementOfInvestment" contextRef="From2023-01-01to2023-12-31" id="Fact000637" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">22,164</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0638">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0639">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_6"></span>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000641" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_z5HuYrxCmLme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 - <span id="xdx_82B_zl271IUatGZd">GENERAL</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SMX
                                            (Security Matters) Public Limited Company (&#8220;Security Matters&#8221; or the &#8220;Company&#8221;
                                            and together with its subsidiaries, the &#8220;Group&#8221;) was incorporated in July 1,
                                            2022 under the laws of Ireland with registered number 722009 and its registered office at
                                            Mespil Business Center, Mespil House, Sessex Road, Dublin 4, Ireland, D04 T4A6. The Company
                                            was incorporated in 2022 as part of the Business Combination (see Note 1.B).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company integrates chemistry, physics, and computer science to give materials memory and create a culture of transparency and trust across
multiple industries. The Company&#8217;s nearly 100 patents support unique marking, measuring, and tracking technologies allowing clients
to seamlessly deploy transparency at all levels of development and provide stakeholders with a complete provenance of material composition
and history, from virgin material to recycled, to address manufacturing challenges and ESG goals while maintaining sustainable growth.
As a result, SMX&#8217;s technologies are designed and developed to help companies address ESG commitments and transition more successfully
to a low-carbon economy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they would be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. One reader can detect embedded data in various materials, from metals to fabrics to food and plastics, with all data logged
onto the same digital platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
marker is comprised of a combination of marker codes such that each marker is designed to be unique and unable to be duplicated. The
marker system is coupled with patented reader that responds to signals from the marker and, together with a patented algorithm, captures
the details of the product retrieved and stored on a blockchain digital ledger. Each marker can be stored, either locally on the reader
and on private servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            SPAC transaction:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2023 (the &#8220;Closing Date&#8221;) the Company completed its SPAC transaction (the &#8220;Business Combination&#8221;) with
Lionheart III Corp (&#8220;Lionheart&#8221;), following that Lionheart and Security Matters PTY Ltd. (formerly named Security Matters
Limited, which was incorporated in May 2018 under Australian law) became the Company&#8217;s wholly-owned subsidiaries and the Company
listed its ordinary shares and public warrants on the NASDAQ stock market under the tickers SMX and SMXWW, respectively. On July 26,
2022, Security Matters PTY Ltd. and Lionheart, a publicly traded special purpose acquisition company (SPAC), entered into a business
combination agreement (the &#8220;BCA&#8221;) and accompanying scheme implementation deed (&#8220;SID&#8221;). Under the BCA, the existing
Lionheart stockholders received the Company&#8217;s shares and warrants in exchange for their existing Lionheart shares and warrants
and all shares existed in Security Matters PTY Ltd. were cancelled in return for the Company&#8217;s shares and resulting in Security
Matters PTY Ltd. becoming a wholly owned subsidiary of the Company. Security Matters PTY Ltd. shareholders received consideration of
<span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_c20220726__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__srt--ConsolidatedEntitiesAxis__custom--SecurityMattersPTYLtdMember_zMiXOJ0oH1Il"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-07-26_ifrs-full_OrdinarySharesMember_custom_SecurityMattersPTYLtdMember" id="Fact000642" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary share per <span id="xdx_906_ecustom--ShareIssuedPricePerShare_iI_pid_c20220726__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__srt--ConsolidatedEntitiesAxis__custom--SecurityMattersPTYLtdMember_z5k942CscZU1" title="Share price"><ix:nonFraction name="SMX:ShareIssuedPricePerShare" contextRef="AsOf2022-07-26_ifrs-full_OrdinarySharesMember_custom_SecurityMattersPTYLtdMember" id="Fact000644" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.3624</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Matters PTY Ltd. shares, having an implied
value of $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pid_c20220726__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__srt--ConsolidatedEntitiesAxis__custom--SecurityMattersPTYLtdMember_zY2QuUlK5Su7"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-07-26_ifrs-full_OrdinarySharesMember_custom_SecurityMattersPTYLtdMember" id="Fact000645" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per ordinary share and the Company became the
holder of all of the issued shares in Security Matters PTY Ltd. and Lionheart, with Security Matters PTY Ltd. being delisted from the
Australian Stock Exchange. The Business Combination resulted in <span id="xdx_903_ecustom--RedemptionPercentageOfBusinessCombination_pid_dp_uPure_c20220726__20220726__ifrs-full--BusinessCombinationsAxis__custom--LionheartMember__ifrs-full--TypesOfContractsAxis__custom--BusinessCombinationAgreementMember_zhwoZopWKLFi"><ix:nonFraction name="SMX:RedemptionPercentageOfBusinessCombination" contextRef="From2022-07-262022-07-26_custom_LionheartMember_custom_BusinessCombinationAgreementMember" id="Fact000646" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">97.58</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
redemption by Lionheart&#8217;s public shareholders which resulted in leaving $<span id="xdx_90A_ecustom--RemainingFundsInTrustAccount_pn3n3_c20220726__20220726__ifrs-full--BusinessCombinationsAxis__custom--LionheartMember__ifrs-full--TypesOfContractsAxis__custom--BusinessCombinationAgreementMember_zqrZUXD7Gwbe"><ix:nonFraction name="SMX:RemainingFundsInTrustAccount" contextRef="From2022-07-262022-07-26_custom_LionheartMember_custom_BusinessCombinationAgreementMember" id="Fact000647" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,061</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of funds remaining in the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            October 3, 2023, the Company has signed an agreement with True Gold Consortium Pty Ltd.&#8217;s
                                            (&#8220;TrueGold&#8221;) shareholders to acquire an additional <span id="xdx_900_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_c20231003__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--TrueGoldConsortiumPtyLtdMember_zGWUDJFlwzUf"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember" id="Fact000648" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            which will increase the Company&#8217;s holdings to <span id="xdx_909_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20231003__20231003__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--TrueGoldConsortiumPtyLtdMember_zuoDqvLbE2Ub"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-10-032023-10-03_custom_TrueGoldConsortiumPtyLtdMember" id="Fact000649" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51.9</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            in TrueGold and result in the Company&#8217;s gain control over TrueGold, See also Note 3.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the 12 months ended December 31, 2023, the Company incurred operating losses and negative
                                            cash flows from operating activities. The Company has not yet generated revenues. As discussed
                                            in Note 10, the Company executed an equity line agreement to raise up to $<span id="xdx_909_ecustom--StockIssuedDuringPeriodValueConsiderationOfIssuanceOfCommonStock_pn3n3_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--EquityLineAgreementMember_zNFkSmAZhsN4" title="Number of shares"><ix:nonFraction name="SMX:StockIssuedDuringPeriodValueConsiderationOfIssuanceOfCommonStock" contextRef="From2023-01-012023-12-31_custom_EquityLineAgreementMember" id="Fact000651" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            consideration of the issuance of common stock over the course of 36 months with YA II PN,
                                            LTD (&#8220;Yorkville&#8221;). Furthermore, and as described in note 10 and note 24(10),
                                            in April 2024, the Company terminated the equity line agreement with Yorkville and entered
                                            into a similar agreement for $<span id="xdx_905_eifrs-full--NotionalAmount_iI_pn3n3_c20240401__ifrs-full--TypesOfContractsAxis__custom--EquityPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zEudNm1Y9Fxk"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2024-04-01_custom_EquityPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact000652" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            an institutional investor.  The Company is continuing with additional capital raising and
                                            as described in note 24(5), post balance sheet date it received an additional $<span id="xdx_903_eifrs-full--OtherReceivables_iI_pn5n6_c20231231__ifrs-full--TypesOfContractsAxis__custom--EquityLineAgreementMember_z8djcFrhyjkf"><ix:nonFraction name="ifrs-full:OtherReceivables" contextRef="AsOf2023-12-31_custom_EquityLineAgreementMember" id="Fact000653" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
                                            in funding. The Company also plans to secure a convertible note between $<span id="xdx_908_eifrs-full--IssueOfConvertibleInstruments_pn3n3_c20230101__20231231__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zDglqhmneISf"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2023-01-012023-12-31_ifrs-full_BottomOfRangeMember" id="Fact000654" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            $<span id="xdx_90E_eifrs-full--IssueOfConvertibleInstruments_pn3n3_c20230101__20231231__srt--RangeAxis__ifrs-full--TopOfRangeMember_zeFAHtAnaI5k"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2023-01-012023-12-31_ifrs-full_TopOfRangeMember" id="Fact000655" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            addition to second round funding to raise approximately $<span id="xdx_90C_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20231231_zLpMV9WKiST7"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000656" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,800</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
                                            balance sheet date. The Company has also the ability to decrease its expenses and capitalize
                                            debt in order to meet its existing cash flow streams. Furthermore, the Company expect that
                                            the $<span id="xdx_905_ecustom--AdjustmentsForDecreaseIncreaseInExpensesAndCapitalize_pn3n3_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--NatoAgreementMember_zpKJJoMJli3f" title="Decrease increase in expenses snd capitalize"><ix:nonFraction name="SMX:AdjustmentsForDecreaseIncreaseInExpensesAndCapitalize" contextRef="From2023-01-012023-12-31_custom_NatoAgreementMember" id="Fact000658" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NATO
                                            government agreement describe in note 24 (2), shall continue in the second half of 2024.
                                            Management believes that the proceeds from the recent funding agreements, combined with its
                                            cash on hand, equity line and the Company&#8217;s plans, are sufficient to meet the Company&#8217;s
                                            obligations as they come due in the foreseeable future. There are no assurances, however,
                                            that the Company will be able to obtain an adequate level of financial resources that are
                                            required for its long-term business plan.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 - GENERAL (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company operates primarily through 9 wholly owned subsidiaries and one majority owned all
                                            of which have been consolidated in these consolidated financial statements.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
                                                                                                        </table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000660" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zeiKBUZdNVb3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_8BF_zI50ZQUhB5Pd" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF COMPANIES SUBSIDIARIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Controlled
    entity</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incorporation</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            Owned</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2023</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            Owned</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2022</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Security
    Matters (SMX) PLC</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span id="xdx_907_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersSmxPlcMember_fKg_____z3auCKkm4bT" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SecurityMattersSmxPlcMember" id="Fact000661" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Ireland</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_90E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersSmxPlcMember_fKg_____zWlAZ6udYJY5" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_SecurityMattersSmxPlcMember" id="Fact000662" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_902_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersPTYLtdMember_zATOKsFaw8C" style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0663">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Security
    Matters PTY Ltd. <br/>(Formerly - Security Matters Limited)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_908_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersPTYLtdMember_zPX3TOhuE0Nb" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SecurityMattersPTYLtdMember" id="Fact000664" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Australia</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersPTYLtdMember_zH5ZoNoze026" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_SecurityMattersPTYLtdMember" id="Fact000665" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lionheart
    III Corp</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_906_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LionheartIIICorpMember_fKio___z3PAh3MlSWjd" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LionheartIIICorpMember" id="Fact000666" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">USA</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_907_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LionheartIIICorpMember_fKio___zjiQRAektlve" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_LionheartIIICorpMember" id="Fact000667" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SMX
    Circular Economy Platform PTE, Ltd.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SMX
    (Security Matters) Israel Ltd. <br/>(Formerly - Security Matters Ltd.)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_906_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SMXIsraelLtdMember_z6joc30UlIc4" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SMXIsraelLtdMember" id="Fact000676" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Israel</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Security
    Matters Canada Ltd.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_900_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersCanadaLtdMember_z7hlF3N9bhQl" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SecurityMattersCanadaLtdMember" id="Fact000679" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Canada</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersCanadaLtdMember_zW592XSVWeD7" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_SecurityMattersCanadaLtdMember" id="Fact000680" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SecurityMattersCanadaLtdMember_fKioq_zkCoqKPmFTla" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_SecurityMattersCanadaLtdMember" id="Fact000681" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%***</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90F_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SMXBeveragesPtyLtdMember_zUTqh0Lmn162" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SMXBeveragesPtyLtdMember" id="Fact000682" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Australia</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SMXBeveragesPtyLtdMember_fKioq_z7liput8Fta3" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_SMXBeveragesPtyLtdMember" id="Fact000684" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%***</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    Gold Consortium Pty Ltd.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90E_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TrueGoldConsortiumPtyLtdMember_z9aioUiTb7O7" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TrueGoldConsortiumPtyLtdMember" id="Fact000685" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Australia</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
                                            note 6</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company&#8217;s has the following investments in associated companies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incorporation</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            Owned</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2023</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            Owned</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2022</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 48%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yahaloma
    Technologies Inc.</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: center"><span id="xdx_90D_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--YahalomaTechnologiesIncMember_zwiBNeTvveId" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_YahalomaTechnologiesIncMember" id="Fact000687" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Canada</ix:nonNumeric></span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_90C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--YahalomaTechnologiesIncMember_zvMeelolicXl" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_YahalomaTechnologiesIncMember" id="Fact000688" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_905_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--YahalomaTechnologiesIncMember_fKioq_zHUTsU1Yqo5l" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_YahalomaTechnologiesIncMember" id="Fact000689" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%***</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proportion of ownership interest is equal to the proportion of voting power held.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
<td style="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F0D_z4djdngUIHxi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zstaJiI7mr8c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000690" xml:lang="en-US">Incorporated
                                            in 2023.</ix:footnote></span></td>
</tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
<td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F03_zqqN49aA9dbh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_z4LGTFwtHpK4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000691" xml:lang="en-US">Merger
                                            occurred in March 2023 as part of the Business Combination.</ix:footnote></span></td>
</tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
<td style="font-family: Times New Roman, Times, Serif; text-align: left"><span id="xdx_F08_zZ4xlpaGKCN8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_z1DGbgBlDnjj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000692" xml:lang="en-US">Owned
                                            by Security Matters PTY Ltd. (formerly - Security Matters Limited) as of December 31, 2023.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A0_zmxuVLbaula8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000694" name="SMX:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p id="xdx_80D_ecustom--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zK5VqN1Vunwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - <span id="xdx_82B_zY7Sij8GHCDk">SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS:</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    significant accounting policies followed in the preparation of the financial statements, on a consistent basis, are:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000696" name="SMX:DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory"><p id="xdx_849_ecustom--DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory_zTWTZQu4YK3f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86F_zPjBGrsKi03b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of preparation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (&#8220;IASB&#8221;). The financial statements have been prepared under the historical cost convention except
for certain financial liabilities which are measured at fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000698" name="SMX:PrinciplesOfConsolidationExplanatory"><p id="xdx_842_ecustom--PrinciplesOfConsolidationExplanatory_zDe8SfLaRmT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86B_zOtba1wA91Ve" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principles
of consolidation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements incorporate the assets and liabilities of all subsidiaries of SMX (Security Matters) Public Limited
Company as of December 31, 2023 and 2022 and the results of all subsidiaries for the three years in the period then ended. SMX (Security
Matters) Public Limited Company, a public limited company and its subsidiaries together are referred to in these financial statements
as the Group or the &#8220;consolidated entity&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
are all those entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Company and until the date that control
is lost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intercompany
transactions between entities in the consolidated entity are eliminated. Unrealized losses are also eliminated unless the transaction
provides evidence of the impairment of the asset transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000700" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForInvestmentInAssociates_zgwoSpm7RBM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span id="xdx_864_zR4T9tGqrwI8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments
in associated companies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in associated companies are accounted under the equity method and are initially recognized at cost. The investment&#8217;s cost includes
transaction costs. The consolidated financial statements include the Group&#8217;s share in net income or loss, in other comprehensive
income or loss, and in the net assets of associated companies accounted by the equity method from the date when significant influence
or joint control materialized, until the date on which the conditions for significant influence or joint control are no longer met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losses
of an associate in amounts which exceed its equity are recognized by the Company to the extent of its investment in the associate plus
any losses that the Company may incur as a result of a guarantee or other financial support provided in respect of the associate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000702" name="ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory_z51h7th5Odah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_867_zZxotMvX6Uae" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reverse
acquisition transaction</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
result of the merger between the Company and Security Matters PTY Ltd. as described in Note 1.B is that legally the Company owns the
entire share capital of Security Matters PTY Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
for financial reporting purposes, Security Matters PTY Ltd. (the legal subsidiary) is the accounting acquirer, and the Company (the legal
parent) is the accounting acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under
the name of the Company, but they are a continuance of the financial statements of Security Matters PTY Ltd. and reflect the fair values
of the assets and liabilities of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security
Matters PTY Ltd. at fair value based on the quoted opening share price of the Company in its first trading day following the closing
of the business combination transaction ($<span id="xdx_90D_ecustom--FairValueBasedOnQuotedOpeningSharePrice_c20230101__20231231_znploN9xQNod" title="Fair value based on quoted opening share price"><ix:nonFraction name="SMX:FairValueBasedOnQuotedOpeningSharePrice" contextRef="From2023-01-01to2023-12-31" id="Fact000704" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,599</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
and a recapitalization of its equity. This deemed issuance of shares is in fact both an equity transaction under IAS 32 (receiving the
net assets of the Company) and an equity-settled share-based payment transaction under IFRS 2 (receiving the listing status of the Company).
The difference, in the amount of $<span id="xdx_90D_ecustom--FairValueOfEquityTransaction_c20230101__20231231_zrdehcJbEp0d" title="Fair value of equity transaction"><ix:nonFraction name="SMX:FairValueOfEquityTransaction" contextRef="From2023-01-01to2023-12-31" id="Fact000706" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,802</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
between the fair value of the shares deemed to have been issued by Security Matters PTY Ltd. and the fair value of the Company&#8217;s
identifiable net assets represent a payment for the service of obtaining a stock exchange listing for its shares and it is therefore
expensed immediately to profit or loss at the closing date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is initially consolidated in the financial statements from the closing date of the Business Combination. Substantially all of
the assets and liabilities of the Company were comprised of marketable securities held in a trust account ($<span id="xdx_900_ecustom--MarketableSecuritiesHeldInTrustAccount_iI_c20231231_zheU2DVoHxhj" title="Marketable securities held in trust account"><ix:nonFraction name="SMX:MarketableSecuritiesHeldInTrustAccount" contextRef="AsOf2023-12-31" id="Fact000708" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,921</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
and trade and other payables and warrants ($<span id="xdx_906_eifrs-full--TradeAndOtherPayables_iI_c20231231_z5czFH63kia9"><ix:nonFraction name="ifrs-full:TradeAndOtherPayables" contextRef="AsOf2023-12-31" id="Fact000709" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,127</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
respectively, with fair values that were equivalent to their carrying amounts. Below are the implications of the accounting treatment
on the financial statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            assets and liabilities of Security Matters PTY Ltd. have been recognized and measured in
                                            these consolidated financial statements at their pre-combination carrying amounts.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            retained earnings and other equity balances recognized in those consolidated financial statements
                                            are the retained earnings and other equity balances of Security Matters PTY Ltd. immediately
                                            before the Business Combination.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            amount recognized as issued equity instruments in these consolidated financial statements
                                            has been determined by adding to the issued equity of Security Matters PTY Ltd. immediately
                                            before the Business Combination the fair value of the deemed issuance of shares, as described
                                            above. However, the equity structure (the number and type of shares issued) reflects the
                                            equity structure of the Company, including the shares issued by the Company through recapitalization.
                                            Accordingly, the equity structure of Security Matters PTY Ltd. (issued capital and addition
                                            paid in capital) in comparative periods is restated using the exchange ratio established
                                            in the Business Combination to reflect the number and par value of shares of the Company
                                            issued in the reverse acquisition transaction.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            statement of comprehensive loss reflects that of Security Matters PTY Ltd. for the full period
                                            together with the post-acquisition results of the Company from the Closing Date. Loss per
                                            share of Security Matters PTY Ltd. for periods prior to the acquisition date is restated
                                            such the denominator of the historical loss per share calculation is adjusted by multiplying
                                            the weighted-average shares used in each historically reported loss per share calculation
                                            by the exchange ratio established in the Business Combination.</span></td></tr></table>

</ix:nonNumeric><p id="xdx_85C_zehzMIw767yg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000711" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zR9J0veDnDFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_861_zj5Gd1yy5d83" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
currency</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements are prepared in US Dollars which is the functional and presentation currency of the Company. Security
Matters (SMX) PLC functional currency is US Dollar. The functional currency of Lionheart III Corp is US Dollar. The functional currency
of SMX Fashion and Luxury is EURO. The functional currency of True Silver SMX Platform is Canadian Dollars. The functional currency of
SMX (Security Matters) Ireland Limited is US Dollar. The functional currency of SMX Circular Economy Platform PTE, Ltd. is Singapore
Dollar. Security Matters Pty Ltd.&#8217;s functional currency is Australian Dollars. The functional currency of Security Matters Ltd.
(Israel) is New Israeli Shekels. The functional currency of Security Matters Canada Ltd. is Canadian Dollars. The functional currency
of SMX Beverages Pty Ltd. is Australian Dollar. The functional currency of True Gold consortium PYT LTD. is Australian Dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
and balances in foreign currencies are converted into US Dollars in accordance with the principles set forth by International Accounting
Standard (IAS) 21 (&#8220;The Effects of Changes in Foreign Exchange Rates&#8221;). Accordingly, transactions and balances have been
converted as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
    and liabilities &#8211; at the rate of exchange applicable at the reporting date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expense
    items &#8211; at annual average rate at the statements of financial position date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    capital, capital reserve and other capital movement items were at rate of exchange as of the date of recognition of those items.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit was based on the opening balance for the beginning of the reporting period in addition to the movements mentioned above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    gains and losses from the aforementioned conversion are recognized in the statement of other comprehensive lose in Foreign Currency
    Translation Reserve.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 14.7pt; text-align: justify; text-indent: -14.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000713" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_zGUyDZVsKhNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86E_zIPFM8mizdHb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issue
of a unit of financial instruments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issue of a unit of financial instruments such as a financial liability (e.g., a loan) and free-standing derivative (e.g. warrants) involves
the allocation of the proceeds received (before issuance costs) to financial derivatives and other financial instruments measured at
fair value in each period and to financial liabilities that are measured at amortized cost, with residual allocated to equity instruments.
Issuance costs are allocated to each component pro rata to the amounts determined for each component in the unit.</span></p>

</ix:nonNumeric><p id="xdx_859_zRtOERVKebfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000715" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForGovernmentGrants_zcDBQgNNg834" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_869_zuSNbZwdztDk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governmental
grants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants received for the use of research and development activities, for which the Group undertook to pay royalties to the state, contingent
on future sales arising from this financing, were treated as forgivable loans. The grant was recognized as a liability in the financial
statements, except when there is reasonable assurance that the Group will comply with the conditions for the forgiveness of the loan,
then it would be recognized as a government grant. When the loan bears a below-market rate of interest, the liability is recognized at
its fair value in accordance with the market interest rate prevailing at the time of receiving the grant. The difference between the
consideration received and the liability recognized at inception was treated as a government grant and recognized as a reimbursement
of research expenses. The repayment of the liability to the state is reviewed every reporting period, with changes in the liability resulting
from a change in the expected royalties recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000717" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zYRE2c7C74T" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_860_z5t4eWS6wFkc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
value measurement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the principal market for the asset or liability; or</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the absence of a principal market, in the most advantageous market for the asset or liability.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal or the most advantageous market must be accessible to the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
fair value measurement of a non-financial asset takes into account a market participant&#8217;s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000719" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory_zUj6dSEC9HNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_864_z6CRlCZA9IVi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification
of financial instruments by fair value hierarchy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial instruments presented in the statements of financial position at fair value are grouped into classes with similar characteristics
using the following fair value hierarchy which is determined based on the source of input used in measuring fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.7in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted
    prices (unadjusted) in active markets for identical assets or liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs
    other than quoted prices included within Level 1 that are observable either directly or indirectly.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000721" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_znxbMajXKVyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86F_zqC6KG6dOCfa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
assets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group classifies its financial assets into one of the following categories, depending on the purpose for which the asset was acquired.
The Group&#8217;s accounting policy for each category is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
receivables: These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They arise principally through the provision of goods and services, but also incorporate other types of contractual monetary asset. These
assets are carried at amortized cost less any provision for impairment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has no financial assets classified at fair value through profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000723" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zG7bBmUyFg7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86A_zKp41SrRw78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
liabilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>financial
liabilities measured at amortized cost:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of financial liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest rate method, which ensures
that any interest expense over the period is at a constant interest rate on the balance of the liability carried in the statement of
financial position, except for financial liabilities which are measured at fair value through profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>measured
at fair value through profit or loss:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial liabilities comprise of derivatives that are options which are to be settled in equity instruments but nevertheless do not
meet the definitions of equity instruments. The Group measures those financial liabilities at fair value. Transaction costs are recognized
in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000725" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_z90QkzxLtOe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_868_zbwouNA5xcw" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
of non-financial assets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets and goodwill that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more
frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized
for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset&#8217;s
fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating
to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not
have independent cash flows are grouped together to form a cash-generating unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000727" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zmQTgd2PaNrc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_861_zWeGJjI5XHJa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
plant and equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
of property, plant and equipment are initially recognized at cost. Cost includes directly attributable costs and the estimated present
value of any future costs of dismantling and removing items. Depreciation is computed by the straight-line method, based on the estimated
useful lives of the assets, as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000729" name="SMX:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentDepreciationRateExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentDepreciationRateExplanatory_zIjfPd6SvuC8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_8B4_zyOr7GTKMG88" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF DEPRECIATION RATES OF PROPERTY, PLANT AND EQUIPMENT</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 0.25in">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Computers</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 20%; text-align: right"><span id="xdx_906_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--ComputerEquipmentMember_zl02PdJ3egZk" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_ComputerEquipmentMember" id="Fact000730" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Machines
    and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_906_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MachineryMember_z6KcM4RYus9h" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_MachineryMember" id="Fact000731" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Furniture
    and office equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_900_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--FurnitureAndOfficeEquipmentMember_zC6JiLAxGP81" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_FurnitureAndOfficeEquipmentMember" id="Fact000732" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zWx1KDDkqv6d" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseholdImprovementsMember" id="Fact000733" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zvpuXBhIncte" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
improvements are depreciated over the term of the expected lease including optional extension, or the estimated useful lives of the improvements,
whichever is shorter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000735" name="ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory_zVKEBndKEqol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_865_zXnfwmhd68l6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reimbursement
of research and development expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reimbursements
in proof of concept (POC) agreements of expenditures on research and development in order to achieve commercial agreement once this activity
will be successful, are offset in profit or loss against the related expenses (research and development expenses). Any intellectual property
generated from this activity remains at the ownership of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000737" name="SMX:DescriptionOfAccountingPolicyForRightOfUseAssetsExplanatory"><p id="xdx_847_ecustom--DescriptionOfAccountingPolicyForRightOfUseAssetsExplanatory_zw5NTPcDadk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_863_zUNceoq8Xslk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Right-of-use
assets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
leases are accounted for by recognizing a right-of-use asset and a lease liability, excluding leases where the lease term is 12 months
or less, or where the underlying asset is of low-value. These leases expenditures are recognized on a straight-line basis over the lease
term. A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises
the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net
of any lease incentives received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever
is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over
its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.</span></p>

</ix:nonNumeric><p id="xdx_855_z1H2OVhuKBz3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000739" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zarCEXN9HEB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86D_z3VAIktHl7Li" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lease
liabilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
leases are accounted for by recognizing a right-of-use asset and a lease liability. Lease liabilities are measured at the present value
of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate implicit
in the lease unless (as is typically the case) this is not readily determinable, in which case the Group&#8217;s incremental borrowing
rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they
depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged
throughout the lease term. Other variable lease payments are expensed in the period to which they relate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
initial recognition, the carrying value of the lease liability also includes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amounts
    expected to be payable under any residual value guarantee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    exercise price of any purchase option granted in favor of the Group if it is reasonably certain to exercise that option; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being
    exercised.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are
reduced for lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from a change
in an index or rate or when there is a change in the assessment of the term of any lease the remeasurement being recognized in front
of the right of use assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000741" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_zOes4nMIOCK" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86F_zJDPkhts0rF2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalized
technology development costs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures
on research activities are recognized in profit or loss as incurred. Expenditures on internally developed products are mainly employee
salaries and legal fees for filing of patents and are capitalized when the Group demonstrates all the following criteria:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    technical feasibility of completing the intangible asset so that it will be available for use or sale.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    intention to complete the intangible asset and use or sell it.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability to use or sell the intangible asset.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    probability of the intangible asset to generate future economic benefits. Among other things, the Group considers the existence of
    a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness
    of the intangible asset.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ability to measure reliably the expenditures attributable to the intangible asset during its development.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
recognition criteria above are considered by the Group at each stage of development to determine when the criteria have been initially
met in full.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
technical feasibility criteria is determined to be met when a milestone of initial marking and reading capabilities is satisfied. The
milestone&#8217;s identification occurs only following a detailed broad mapping of the raw material characteristics and establishing
the formula for the chemical marker architecture to be embedded into the raw material based on industry standards and regulations. The
result is the initial evidence that the x-ray algorithm of the designated reader is in a stage that can identify the marker and convey
information. At this stage, the Group believes that the technical feasibility of completing the development for use is probable.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group notes that technical feasibility has been established and the achieved technology is ready for the next stage which consists of
performing a proof-of-concept pilot with an industry partner, in order to adapt the technology for the relevant industry and adjust the
development to meet the industry&#8217;s needs.</span></p>

</ix:nonNumeric><p id="xdx_852_z6kKQk6l6IFd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 138; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Capitalized
technology development costs (Cont.)&#160;</b></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Currently,
the Group&#8217;s capitalized development activities focus on:</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">1.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Development
    of marker architecture to be embedded topically or in-situ (application) for each material/product within the optimal industrial
    manufacturing phase, based on industry standards and regulations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font: normal 10pt Times New Roman, Times, Serif">2.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Semi
    Industrial scale &#8211; technology implementation in semi-industrial production.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font: normal 10pt Times New Roman, Times, Serif">3.</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Development
    of a digital platform to support the end-to-end traceability from raw material to final product to recycling.</span></td></tr>
  </table>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group&#8217;s management has the full intention to complete the development of the technology and ultimately to sell it. This intention
is demonstrated by initiating partnerships with industry market leaders and continuing the development into the next phase. The Group&#8217;s
intention is also reflected in the Group&#8217;s approved budget.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group&#8217;s management intends to concentrate its future sales and marketing efforts in the U.S. market, including recruitment of sales
and marketing personnel. It plans to advance successful proof-of-concept pilots performed with industry leading partners, and further
advance its innovative technology and commercialization efforts and collaborations in the segments relevant to its technology.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group&#8217;s business model targets leading brands and manufacturers in order to create a new market standard for circular economy solutions,
brand authentication and supply chain integrity. The Group&#8217;s technology is applicable for multiple industries such as gold, fashion,
electronics and circular economy &#8211; plastic and rubber. The Group is able to provide an adaptive solution for multiple market segments,
based on a unified technology solution, through collaborative relationships with leading market companies which provide it with access
to various potential entities to sell its solution. This is part of the Group&#8217;s strategy to create strategic partnerships with
market leaders across its main segments of activity. The Group believes that this close collaboration with market leaders, and developing
a product that meets their requests, suggest that there is a strong potential market for its development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Adequate
technical and financial resources are available to complete the development; the development will be completed by the Group&#8217;s technology
team which consists of professional experienced scientists and engineers, with a track record in the industrial sector and with financial
resources successfully raised through the issuance of ordinary shares and loans. The Group has already accomplished its core technology
development and is currently focused on development of specific adjustments for different market segments. This stage is focused and
short-termed, therefore, management believes that limited financial resources are required for completing the development and that there
is high probability for commencing commercial agreements following the successful proof-of-concept pilots.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group has financial systems in place that allow it to maintain records in sufficient detail that enable it to measure reliably the expenditures
attributable to the intangible asset during its development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Development
expenditures not satisfying all the above criteria are recognized in the consolidated statement of comprehensive income as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subsequent
measurement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">In
subsequent periods, capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment
losses.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">An
asset is ready for its intended use, when the developed technology becomes operational and the Group completes an initial customization
for a client&#8217;s specific needs, which means that the technology is fully implemented in the customer&#8217;s manufacturing processes
and ready for its intended use. The management estimates that in approximately two years such customization will be completed, and amortization
will commence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Capitalized
technology development costs (Cont.)&#160;</b></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Intangible
assets with a finite useful life are amortized over their estimated useful lives and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for intangible assets are reviewed at least at each
year end.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
carrying amount of these assets is reviewed whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between
the carrying value and the fair value of the impaired asset. An expenditure incurred in development activities, including the Group&#8217;s
software development is capitalized only where it clearly increases the economic benefits to be derived from the asset to which it relates,
the expenditure will lead to new or substantially improved products, the products are technically and commercially feasible and the Group
has sufficient resources to complete the development and reach the stage for which the product is ready for use.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">All
other expenditure, including those incurred in order to maintain an intangible assets current level of performance, is expensed as incurred.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000743" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_zFpcV7aGMCUi" style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86B_z4IvE3WnQXPk" style="font: normal 10pt Times New Roman, Times, Serif"><b>Share-based
compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group measures the share-based expense and the cost of equity-settled transactions with employees and service providers by reference
to the fair value of the equity instruments at the date at which they are granted. The Group selected the Black-Scholes model as the
Group&#8217;s option pricing model to estimate the fair value of the Group&#8217;s options awards. The model is based on share price,
grant date and on assumptions regarding expected volatility, expected life of the options, expected dividend, and a no risk interest
rate. As for granted options which are settled in equity instruments, the fair value of the options at the grant date is charged to the
statement of comprehensive loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number
of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting
period is based on the number of options that eventually vest.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000745" name="SMX:DescriptionOfAccountingPolicyNewStandardsInterpretationsAndAmendmentsAdoptedExplanatory"><p id="xdx_849_ecustom--DescriptionOfAccountingPolicyNewStandardsInterpretationsAndAmendmentsAdoptedExplanatory_zX0jMHnorLuh" style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86C_zDYO2vuw0fmc" style="font: normal 10pt Times New Roman, Times, Serif"><b>New
standards, interpretations and amendments adopted from January 1, 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following amendments are effective for the period beginning January 1, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements);</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">In
February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2. The amendments aim to make accounting policy disclosures
more informative by replacing the requirement to disclose &#8216;significant accounting policies&#8217; with &#8216;material accounting
policy information&#8217;. The amendments also provide guidance under what circumstance, the accounting policy information is likely
to be considered material and therefore requiring disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">These
amendments have no effect on the measurement or presentation of any items in the consolidated financial statements of the Group but affect
the disclosure of accounting policies of the Group.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definition
of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors);</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
amendments to IAS 8, which added the definition of accounting estimates, clarify that the effects of a change in an input or measurement
technique are changes in accounting estimates</span><span style="font: normal 10pt Times New Roman, Times, Serif"><b>,
</b><span style="font-weight: normal">unless resulting from the correction of prior period errors. These amendments clarify how entities
make the distinction between changes in accounting estimate, changes in accounting policy and prior period errors. These amendments had
no effect on the consolidated financial statements of the Group.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000747" name="SMX:DescriptionOfAccountingPolicyNewStandardsInterpretationsAndAmendmentsNotYetEffectiveExplanatory"><p id="xdx_849_ecustom--DescriptionOfAccountingPolicyNewStandardsInterpretationsAndAmendmentsNotYetEffectiveExplanatory_zW5RZcaUXnIg" style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_863_zRvcsHdEwcjc" style="font: normal 10pt Times New Roman, Times, Serif"><b>New
standards, interpretations and amendments not yet effective</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">There
are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future
accounting periods that the Group has decided not to adopt early.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
following amendments are effective for the period beginning January 1, 2024:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">IFRS
    16 Leases (Amendment &#8211; Liability in a Sale and Leaseback);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">IAS
    1 Presentation of Financial Statements (Amendment &#8211; Classification of Liabilities as Current or Non-current);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Non-current
    Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Supplier
    Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
following amendments are effective for the period beginning January 1, 2025:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Lack
                                            of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).</span></td></tr></table>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any other standards
issued by the IASB, but not yet effective, to have a material impact on the Group.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            significant accounting judgments, estimates and assumptions followed in the preparation of
                                            the financial statements, on a consistent basis, are:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the process of applying the significant accounting policies, the Group has made the following judgments which have the most significant
effect on the amounts recognized in the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements requires management to make estimates and assumptions that have an effect on the application
of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses. Changes in accounting estimates
are reported in the period of the change in estimate. The key assumptions made in the financial statements are discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000749" name="SMX:DescriptionOfAccountingPolicyForShareBasedCompensationExplanatory"><p id="xdx_846_ecustom--DescriptionOfAccountingPolicyForShareBasedCompensationExplanatory_zqhlqz9ip6Kc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86D_zSfskGpC0izf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
based compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has a share-based remuneration scheme for employees. The fair value of share options is estimated by using the Black-Scholes model,
which was derived to model the value of the firm&#8217;s equity over time. The simulation model was designed to take into account the
unique terms and conditions of the performance shares and share options, as well as the capital structure of the firm and the volatility
of its assets, on the date of grant based on certain assumptions. Those conditions are described in the share-based compensation note
and include, among others, the dividend growth rate, expected share price volatility and expected life of the options. The fair value
of the equity settled options granted is charged to statement of profit or loss over the vesting period of each tranche and the credit
is taken to equity, based on the consolidated entity&#8217;s estimate of shares that will eventually vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000751" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_zBWGO49Nyj4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_86A_z7NPtkNG1Uil" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intangible
assets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group capitalizes costs for its developed projects when specific criteria are met. Initial capitalization of costs is based on management&#8217;s
judgement that technological and economic feasibility is achievable, usually when a product development project has reached a defined
milestone according to an established project management model. The management makes assumptions regarding the expected future economic
benefit to be derived from the intangible asset and therefore whether the capitalized costs are expected to be recovered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
amount of capitalized costs includes significant investment in the development of marking and reading capabilities in the subject material.
Prior to being marketed, the Group will obtain a proof-of-concept pilot with an industry leading partner. The innovative nature of the
product gives rise to some judgement as to whether the proof-of-concept will be successful such that it will lead to obtaining commercial
contracts with customers. See also Note 7.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management bases its estimates on historical experience, assumptions, and information currently available and deemed to be reasonable
at the time the financial statements are prepared. However, actual amounts may differ from the estimated amounts as more detailed information
becomes available. Estimates and assumptions are reviewed on an ongoing basis and, if necessary, changes are recognized in the period
in which the estimate is revised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>
<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000753" name="SMX:DescriptionOfAccountingPolicyForFinancialLiabilitiesAtFairValueExplanatory"><p id="xdx_844_ecustom--DescriptionOfAccountingPolicyForFinancialLiabilitiesAtFairValueExplanatory_z8NDAtgTwAGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_864_zoXTDzzTlfR1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
liability at fair value</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of financial liabilities at fair value was estimated by using a Black Scholes model and Monte-Carlo simulation approach, which
was aimed to model the value of the Company&#8217;s assets over time. The simulation approach was designed to take into account the terms
and conditions of the financial liability, which are described in Note 22 and Note 23, as well as the capital structure of the Company
and the volatility of its assets. The valuation was performed based on management&#8217;s assumptions and projections.</span></p>

</ix:nonNumeric><p id="xdx_851_z0GPcB5twird" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000755" name="ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory"><p id="xdx_80C_eifrs-full--DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_zrx3K6YwWla8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; <span id="xdx_82F_zQMDoUXRPpag">TRUE GOLD BUSINESS COMBINATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2023 (acquisition date), the Company signed an agreement with True Gold Consortium Pty Ltd. (&#8220;TrueGold&#8221;) shareholders
to acquire an additional <span id="xdx_906_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zVlj0ZdhevGh"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000756" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
which will increase the Company&#8217;s holdings to <span id="xdx_907_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20231003__20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zeJSdWnjAtO8"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-10-032023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906406" id="Fact000757" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51.9</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
in TrueGold and result in the Company&#8217;s gain control over TrueGold. TrueGold uses the Company&#8217;s advanced next-generation
technology to invisibly mark and store multiple data types at a molecular level as well as its blockchain digital platform. This strategic
transaction through gaining control of TrueGold diversifies the Company&#8217;s operations into TrueGold&#8217;s pioneering ventures
in research and development and revenue commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company previously held <span id="xdx_905_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20231002__20231002__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zMFw8ZWXPaSd"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-10-022023-10-02_custom_TrueGoldConsortiumPtyLtdMember" id="Fact000758" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">44.4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the shares of TrueGold which, up to the acquisition date and the beginning of consolidation, were treated as an investment in a joint
venture which accounted for under the equity method. At the time the transaction was completed and control was obtained, the balance
of the investment was remeasured at fair value of $<span id="xdx_905_eifrs-full--AcquisitiondateFairValueOfEquityInterestInAcquireeHeldByAcquirerImmediatelyBeforeAcquisitionDate_iI_pn3n3_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_z8HZMDZ3nS82"><ix:nonFraction name="ifrs-full:AcquisitiondateFairValueOfEquityInterestInAcquireeHeldByAcquirerImmediatelyBeforeAcquisitionDate" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000759" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,164</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and a gain was recognized in the amount of $<span id="xdx_900_eifrs-full--GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination_pn3n3_c20231003__20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zyyFwE2t7DIi"><ix:nonFraction name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" contextRef="From2023-10-032023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906406" id="Fact000760" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,164</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which was recorded in the statement of comprehensive loss (the carrying amount of the previous investment in TrueGold was approximately
nil). This fair value amount was added to the consideration transferred for the calculation of goodwill, as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to measure the non-controlling interests in TrueGold at full fair value which includes also the non-controlling interests&#8217;
share in the entire goodwill of TrueGold. The fair value of the non-controlling interests in TrueGold was based on the fair value of
TrueGold as a whole, as described above, and was estimated using the discounted cash flow method of the income approach, as TrueGold
is a private company and therefore quoted market prices of its share were unavailable. The fair value has been determined by management
with the assistance of a valuation performed by an external and independent valuation specialist using valuation techniques and assumptions
as to estimates of projected net future cash flows of TrueGold and estimate of the suitable discount rate for these cash flows. The significant
assumptions used in estimating the fair value of TrueGold are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After-tax
                                            net cash flow discount rate (weighted average cost of capital) of <span id="xdx_90B_ecustom--WeightedAverageCostOfCapitalPercentage_iI_pid_dp_uPure_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zHh5VeTeX4T9" title="Weighted average cost of capital percentage"><ix:nonFraction name="SMX:WeightedAverageCostOfCapitalPercentage" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000762" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">24.8</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminal
                                            value cash flow multiple of <span id="xdx_906_ecustom--TerminalPerShares_iI_pid_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zF6JYoZsEGul" title="Terminal per shares"><ix:nonFraction name="SMX:TerminalPerShares" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000764" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.59</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            terminal growth rate of <span id="xdx_90F_ecustom--TerminalGrowthRatePercentage_iI_pid_dp_uPure_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zDrDNik6jC81" title="Terminal growth rate percentage"><ix:nonFraction name="SMX:TerminalGrowthRatePercentage" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000766" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
                                            for lack of marketability of <span id="xdx_900_ecustom--DiscountForLackOfMarketabilityPercentage_iI_pid_dp_uPure_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zUsb9CKrYsue" title="Discount for lack of marketability percentage"><ix:nonFraction name="SMX:DiscountForLackOfMarketabilityPercentage" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000768" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.2</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            (or $<span id="xdx_908_ecustom--DiscountForLackOfMarketabilityValue_iI_pid_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zTb1rdRQQOOk" title="Discount for lack of marketability value"><ix:nonFraction name="SMX:DiscountForLackOfMarketabilityValue" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000770" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.17</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
                                            resulting in a fair value of $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pid_c20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zR8zB6cTtpIc"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000771" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">33.12</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            ordinary share of TrueGold).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total cost of the business combination comprised a full forgiveness of the outstanding payables from TrueGold to the Company which amounted
to AUD <span id="xdx_90A_ecustom--ForgivenessOfOutstandingPayables_uAUD_c20231003__20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zvKT73RZNDe2" title="Forgiveness of outstanding payables"><ix:nonFraction name="SMX:ForgivenessOfOutstandingPayables" contextRef="From2023-10-032023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906406" id="Fact000773" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">475</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(approximately $<span id="xdx_903_ecustom--ForgivenessOfOutstandingPayables_c20231003__20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_z4cl9ZkfdSVh" title="Forgiveness of outstanding payables"><ix:nonFraction name="SMX:ForgivenessOfOutstandingPayables" contextRef="From2023-10-032023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906406" id="Fact000775" format="ixt:numdotdecimal" decimals="0" unitRef="USD">307</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
at acquisition date. The calculating of any goodwill upon acquisition included also the fair value of the previous investment in TrueGold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; TRUE GOLD BUSINESS COMBINATION (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000777" name="ifrs-full:DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationExplanatory_z3pvk6Cafhaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the identifiable assets and liabilities of TrueGold on the acquisition date:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span id="xdx_8BF_zLkMYO4jfJf5" style="display: none; font-family: Times New Roman, Times, Serif">SCHEDULE
OF FAIR VALUE OF THE IDENTIFIABLE ASSETS AND LIABILITIES</span></p>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 0.3in">
  <tr style="font-family: Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_490_20231003__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zujgfjoEQQXa" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">US$
    in thousands</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_iI_pn3n3_zU2Xqv6IjTl8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 56%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"/><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000779" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--CurrentAssetsRecognisedAsOfAcquisitionDate_iI_pn3n3_zNMt75TCF5w6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    current receivables</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000781" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">155</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_iI_pn3n3_zvGtGmXcFbQg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible
    asset (core technology license)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000783" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,449</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_iI_pn3n3_zjKDqj27gEPa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade
    payables</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000785" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">277</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--IdentifiableAssetsAcquiredLiabilitiesAssumed_iI_pn3n3_zu2dUCicp8Ck" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    identifiable assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000787" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,340</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_iNI_pn3n3_di_zuHhWj09JS7c" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="ifrs-full:NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" contextRef="AsOf2023-10-03_custom_TrueGoldConsortiumPtyLtdMember67906390" id="Fact000789" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,826</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_zdbzFn6A9wD7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
only intangible asset identified in the purchase price allocation, and recognized as shown in the table above, represents a core technology
license that reflects the existence of underlying technology that has value through its continued use or re-use in many products or many
generations of a singular product (that is, a product family). As mentioned above, this licensee represents the current right of TrueGold
to use the Company&#8217;s intellectual property of technology under a license agreement signed in 2020. For the purpose of the purchase
price allocation, this right was treated as a reacquired right and accordingly was recognized separately from goodwill and valued on
the basis of the remaining contractual term of the related contract, regardless of whether market participants would consider potential
contractual renewals. After acquisition, this intangible asset should be amortized in according to its economic useful life. The Company
has not yet began amortizing the asset and is assessing the economic useful life of it. See also Note 7.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goodwill arising from acquisition is attributed to the expected benefits from the synergies of the combination of the activities of the
Company and TrueGold. The goodwill recognized is not expected to be deductible for income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
the acquisition date, TrueGold has contributed $<span id="xdx_902_eifrs-full--ProfitLossOfAcquiree_c20231003__20231231__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zYbg9A3Wqw8i"><ix:nonFraction name="ifrs-full:ProfitLossOfAcquiree" contextRef="From2023-10-032023-12-31_custom_TrueGoldConsortiumPtyLtdMember" id="Fact000798" format="ixt:numdotdecimal" decimals="0" unitRef="USD">155</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the consolidated net loss. If the business
combination had taken place at the beginning of the year 2023, the consolidated net loss would have been increased by $<span id="xdx_90B_eifrs-full--ProfitLossOfAcquiree_c20230101__20231002__ifrs-full--BusinessCombinationsAxis__custom--TrueGoldConsortiumPtyLtdMember_zRSgEbzbBoY3"><ix:nonFraction name="ifrs-full:ProfitLossOfAcquiree" contextRef="From2023-01-012023-10-02_custom_TrueGoldConsortiumPtyLtdMember" id="Fact000799" format="ixt:numdotdecimal" decimals="0" unitRef="USD">692</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after elimination the Company&#8217;s&#8217;
share of TrueGold&#8217;s net loss until acquisition date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000801" name="ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfOtherCurrentAssetsExplanatory_z6CkBTBi8Tfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 - <span id="xdx_827_z5wD7l0WpPik">OTHER CURRENT ASSETS</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000803" name="SMX:DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutOtherCurrentAssetsExplanatory_z0wYPsSuLhZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span id="xdx_8BB_zdigpUmxJtA4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">SCHEDULE
OF OTHER CURRENT ASSETS</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="SMX:ProofOfConceptReceivablesCurrent" contextRef="AsOf2022-12-31" id="Fact000811" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">86</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:OtherCurrentFinancialAssets" contextRef="AsOf2022-12-31" id="Fact000814" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">72</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td id="xdx_F06_zfmtFxcYwtn3" style="font-family: Times New Roman, Times, Serif; width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zYNGsU8NOASd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000818" xml:lang="en-US">Includes $<span id="xdx_90F_eifrs-full--CurrentPrepaidExpenses_iI_c20221231__ifrs-full--BusinessCombinationsAxis__custom--SpecialPurposeAcquisitionCompanyMember_zVqGvBUFRc9j" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE9USEVSIFJFQ0VJVkFCTEVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" title="Anticipated transaction costs"><ix:nonFraction name="ifrs-full:CurrentPrepaidExpenses" contextRef="AsOf2022-12-31_custom_SpecialPurposeAcquisitionCompanyMember" id="Fact000820" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,123</ix:nonFraction></span>
for December 31, 2022, which related to the anticipated SPAC transaction costs (refer to Note 1.B).</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A4_z8faoc0PDFWl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 144; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000822" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zMnLWpiCwS9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - <span id="xdx_82F_zFTCT93uQqy5">PROPERTY, PLANT AND EQUIPMENT, NET:</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000824" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_894_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_z1cGD4QoUARe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_8BE_zqoutNO4j7Yf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 35%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 145; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
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<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001046" name="SMX:DisclosureOfInvestmentInAssociatedCompaniesExplanatory"><p id="xdx_80C_ecustom--DisclosureOfInvestmentInAssociatedCompaniesExplanatory_zoah7Z50uBt" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001048" name="ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory"><p id="xdx_89D_eifrs-full--DisclosureOfSignificantInvestmentsInAssociatesExplanatory_z4UTwGOvX4e6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B4_zwCvyA5mgnY6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">SCHEDULE
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__ifrs-full--SignificantInvestmentsInAssociatesAxis__custom--TrueGoldConsortiumPtyLtdMember_zbfcNoe9Hmel" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_TrueGoldConsortiumPtyLtdMember" id="Fact001054" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">44.4</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zMnDOTIwmXi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proportion of ownership interest is equal to the proportion of voting power held.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Yahaloma
Technologies Inc</span><b>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 30, 2019, Security Matters Ltd. signed an agreement with Trifecta Industries Inc. (&#8220;Trifecta&#8221;) for the commercialization
of Security Matters Ltd.&#8217;s trace technology in the diamonds and precious stone industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the agreement, Security Matters Ltd. and Trifecta established a new entity &#8211; Yahaloma Technologies Inc. (&#8220;Yahaloma&#8221;),
which is equally held by Security Matters Limited and Trifecta.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yahaloma
will have the exclusive rights and responsibility to commercialize the Group&#8217;s intellectual property in the area of diamonds or
precious stone. Management has assessed the transaction and reached the conclusion that the new entity is jointly controlled by Security
Matters Limited and Trifecta. Management has further determined that the contractual arrangement provides the parties to the joint arrangement
with rights to the net assets of the arrangement. The contractual arrangement establishes each party&#8217;s share in the profit or loss
relating to the activities of the arrangement. The arrangement is a joint venture and the Company&#8217;s interests in this joint venture
is accounted for using the equity method of accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">True
                                            Gold Consortium Pty Ltd</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2020, the Company signed a shareholders&#8217; agreement with W.A. Mint Pty Ltd. and TrueGold. The purpose of the agreement
is to set the framework for TrueGold&#8217;s activity. TrueGold&#8217;s goal is to establish an industry standard with the development
of an innovative system that can mark (at a molecular level), track and trace gold bars and gold through every stage of the supply chain
with blockchain technology. Under the terms of the agreement, TrueGold will be equally held by the above two-mentioned entities, with
the goal of adding other shareholders.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has assessed the transaction and reached the conclusion that the new entity is jointly controlled by Security
Matters Limited, and W.A. Mint Pty Ltd. The Company&#8217;s management has further determined that the contractual arrangement provides
the parties to the joint arrangement with rights to the net assets of the arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual arrangement establishes each party&#8217;s share in the profit or loss relating to the activities of the arrangement. The
arrangement is a joint venture and the Company&#8217;s interests in this joint venture is accounted for using the equity method of accounting.
During 2023 the Company acquired an additional <span id="xdx_906_eifrs-full--ProportionOfOwnershipInterestInJointVenture_pid_dp_uPure_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--TrueGoldConsortiumPtyLtdMember_zOWq0DXvSqve"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" contextRef="From2021-12-232021-12-24_custom_TrueGoldConsortiumPtyLtdMember" id="Fact001055" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and gained control in TrueGold. See also note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">SMX
Beverages Pty Ltd</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 10, 2020, the Company signed an agreement with Global BevCo Pty Ltd. (&#8220;Global BevCo&#8221;), an Australian company for
the commercialization of Group&#8217;s trace technology in the alcoholic beverages industry. Under the terms of the agreement, the Company
and Global BevCo established a new private entity, SMX Beverages Pty Ltd (&#8220;SMX-B&#8221;), which is equally held by the above two-mentioned
entities. The Company has the exclusive rights and responsibility to commercialize the Group&#8217;s intellectual property in the area
of alcoholic beverages.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
joint arrangement is a joint venture and the Company&#8217;s interests in its associate is accounted for using the equity method of accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 24, 2021, the Company signed an agreement with Global BevCo to acquire the remaining <span id="xdx_90C_eifrs-full--ProportionOfOwnershipInterestInJointVenture_pid_dp_uPure_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_z8UvXHjv2GSe"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" contextRef="From2021-12-232021-12-24_custom_SMXBeveragesPtyLtdMember" id="Fact001056" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
shares in SMX-B in exchange for <span id="xdx_90F_ecustom--SharesIssuedForExerciseOfStockOptionsShares_pid_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zlI4stzMlwCk" title="Shares issued for exercise of stock options, shares"><ix:nonFraction name="SMX:SharesIssuedForExerciseOfStockOptionsShares" contextRef="From2021-12-232021-12-24_custom_SMXBeveragesPtyLtdMember" id="Fact001058" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,000,001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options of the Company at exercise price of AUD
<span id="xdx_90B_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pid_uAUDPShares_c20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zUGhwBDPOmq6"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-12-24_custom_SMXBeveragesPtyLtdMember" id="Fact001059" format="ixt:numdotdecimal" decimals="INF" unitRef="AUDPShares">0.4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
with an expiration date of <span id="xdx_906_ecustom--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zUTXorzga9h" title="Weighted average remaining contractual life of outstanding share options"><ix:nonNumeric contextRef="From2021-12-232021-12-24_custom_SMXBeveragesPtyLtdMember" format="ixt:datemonthdayyearen" id="Fact001061" name="SMX:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions">March
25, 2027</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Total fair value is AUD <span id="xdx_90E_eifrs-full--AcquisitiondateFairValueOfTotalConsiderationTransferred_iI_uAUD_c20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zn1BjLwSO5S8"><ix:nonFraction name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" contextRef="AsOf2021-12-24_custom_SMXBeveragesPtyLtdMember" id="Fact001062" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">960,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD <span id="xdx_906_eifrs-full--AcquisitiondateFairValueOfTotalConsiderationTransferred_iI_uUSD_c20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zFStq44Rwqb8"><ix:nonFraction name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" contextRef="AsOf2021-12-24_custom_SMXBeveragesPtyLtdMember" id="Fact001063" format="ixt:numdotdecimal" decimals="0" unitRef="USD">721,424</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
and the acquisition was settled on March 25, 2022. The Company assigned the consideration to technology license intellectual property.
The total fair value of the options was determined according to Black-Scholes model, free rate interest of <span id="xdx_902_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zBZWBjh4lR66"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2021-12-232021-12-24_custom_SMXBeveragesPtyLtdMember" id="Fact001064" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
expected life <span id="xdx_900_ecustom--OptionsExpectedLife_dtY_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zb5bqejB3W69" title="Options expected life"><ix:nonNumeric contextRef="From2021-12-232021-12-24_custom_SMXBeveragesPtyLtdMember" format="ixt-sec:duryear" id="Fact001066" name="SMX:OptionsExpectedLife">5</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years. The acquisition agreement also provides
a five-year consulting agreement to Global BevCo including AUD <span id="xdx_90B_ecustom--ConsultingFees_uAUD_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--GlobalBevCoPtyLtdMember__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_zhcjnc4zmuDj" title="Consulting fees"><ix:nonFraction name="SMX:ConsultingFees" contextRef="From2021-12-232021-12-24_custom_GlobalBevCoPtyLtdMember_custom_ConsultingAgreementMember" id="Fact001068" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">13,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month and a <span id="xdx_901_eifrs-full--PercentageOfEntitysRevenue_pid_dp_uPure_c20211223__20211224__ifrs-full--JointVenturesAxis__custom--GlobalBevCoPtyLtdMember__ifrs-full--TypesOfContractsAxis__custom--ConsultingAgreementMember_zNAQW35fsOs1"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-12-232021-12-24_custom_GlobalBevCoPtyLtdMember_custom_ConsultingAgreementMember" id="Fact001069" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
revenue share for referred clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 146; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001071" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfIntangibleAssetsExplanatory_zCcyG78sShpe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 - <span id="xdx_820_zQJwllN7oCKc" style="text-transform: uppercase">INTANGIBLE ASSETS, NET</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001073" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p id="xdx_894_eifrs-full--DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_zyE6zf8i20la" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span id="xdx_8B8_zd6UxWkfXnn1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">SUMMARY
OF INTANGIBLE ASSETS NET</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BC_ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full--CapitalisedDevelopmentExpenditureMember_zJg5BnEBjsp3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization
    of development cost</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B2_ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full--LicencesMember_zAKZYm0vW2A" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchased
    license</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_434_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--IntangibleAssetsOtherThanGoodwillGross_iS_pn3n3_zRrQJnKerc5j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_LicencesMember" id="Fact001076" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">655</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001078" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,027</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_436_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--IntangibleAssetsOtherThanGoodwillGross_iS_pn3n3_zaW0dTp8XTOk" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cost,
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_LicencesMember" id="Fact001081" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">655</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1082">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001083" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,027</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40E_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_znfW7J4EeCjc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="Fact001085" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">977</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_LicencesMember" id="Fact001086" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">157</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TechnologyLicenseMember" id="Fact001087" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,449</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001088" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,583</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_iN_pn3n3_di_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zOZ7Bs3MRvh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="Fact001090" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_LicencesMember" id="Fact001091" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1092">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1093">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_43B_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--IntangibleAssetsOtherThanGoodwillGross_iE_pn3n3_zv4srPbePujc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 147; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 - <span style="text-transform: uppercase">Intangible assets, NET</span> (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    in thousands</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COST</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of January 1, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="Fact001145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1146">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001147" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost,
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="Fact001149" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1150">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:IntangibleAssetsOtherThanGoodwillGross" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zHcsjuGkJwFb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_LicencesMember" id="Fact001154" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">721</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001155" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,696</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<tr id="xdx_40E_eifrs-full--AmortisationIntangibleAssetsOtherThanGoodwill_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationAmortisationMember_zsHRBqp6ScYh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

</ix:nonNumeric><p id="xdx_8A6_ztAalUe0avDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
intangible asset at the amount of <span id="xdx_90B_eifrs-full--AmortisationIntangibleAssetsOtherThanGoodwill_pn3n3_c20230101__20231231_z2vSjMq8zU41"><ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-01to2023-12-31" id="Fact001200" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is being amortized. The rest of the intangible
assets have not yet commenced amortization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets as of December 31, 2023, consist of capitalized development costs of the Group&#8217;s technology as well as the cost of the exclusive
license intellectual property (<span id="xdx_903_eifrs-full--IntangibleAssetsUnderDevelopment_iI_pn3n3_c20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--OtherIntangibleAssetsMember__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zwT9j7VyPXg3"><ix:nonFraction name="ifrs-full:IntangibleAssetsUnderDevelopment" contextRef="AsOf2023-12-31_ifrs-full_OtherIntangibleAssetsMember_custom_SMXBeveragesPtyLtdMember" id="Fact001201" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">662</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
which includes the addition amount as a result of the acquisition of additional <span id="xdx_902_eifrs-full--ProportionOfOwnershipInterestInJointVenture_pid_dp_uPure_c20230101__20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--OtherIntangibleAssetsMember__ifrs-full--JointVenturesAxis__custom--SMXBeveragesPtyLtdMember_zLAL6UEXnlQl"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" contextRef="From2023-01-012023-12-31_ifrs-full_OtherIntangibleAssetsMember_custom_SMXBeveragesPtyLtdMember" id="Fact001202" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
interest in SMX Beverages Pty Ltd. The acquired rights have not yet commenced amortization as the license was not yet commenced usage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, intangible asset as of December 31, 2023, consist also of core technology license raised from the TrueGold business combination
that reflects the existence of underlying technology that has value through its continued use or re-use in many products or many generations
of a singular product (that is, a product family). See also Note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001204" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfFinancialInstrumentsExplanatory_zELrqSv4wjol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 - <span id="xdx_822_zoCWbPaFUyM6">CONVERTIBLE NOTES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            January 25, 2023, the Company received an amount of $<span id="xdx_909_eifrs-full--IssueOfConvertibleInstruments_c20230124__20230125__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertibleNotesMember_zxFSFapZr3Oh"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2023-01-242023-01-25_custom_ConvertibleNotesMember" id="Fact001205" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            consideration for issuance of convertible notes (the &#8220;Convertible Notes&#8221;) and
                                            two types of warrants. The Convertible Notes principal amount is $<span id="xdx_907_eifrs-full--NotionalAmount_iI_c20230125__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertibleNotesMember_z3p78UZCpGub"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-01-25_custom_ConvertibleNotesMember" id="Fact001206" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            maturity date is the earlier between <span id="xdx_90B_eifrs-full--BorrowingsMaturity_c20230124__20230125__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertibleNotesMember_zALCBazi7rL1"><ix:nonNumeric contextRef="From2023-01-242023-01-25_custom_ConvertibleNotesMember" id="Fact001207" name="ifrs-full:BorrowingsMaturity">December
                                            31, 2024</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            and the date of any change in control (excluding the Business Combination). The Convertible
                                            Notes have an interest rate of <span id="xdx_909_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230125__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertibleNotesMember_zZB2szdymAbk"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-01-25_custom_ConvertibleNotesMember" id="Fact001208" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            per annum and shall be converted into ordinary shares: (1) at the note holder&#8217;s discretion,
                                            at a fixed conversion price of USD <span id="xdx_90B_ecustom--FixedConversionPrice_iI_pid_c20230125__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zX82alsoAPj" title="Fixed conversion price"><ix:nonFraction name="SMX:FixedConversionPrice" contextRef="AsOf2023-01-25_ifrs-full_OrdinarySharesMember" id="Fact001210" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            ordinary share, or (2) through issuance of the Company&#8217;s ordinary shares at a <span id="xdx_90B_ecustom--DiscountRate_pid_dp_uPure_c20230124__20230125__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertibleNotesMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zKq2JS0hqO54"><ix:nonFraction name="SMX:DiscountRate" contextRef="From2023-01-242023-01-25_custom_ConvertibleNotesMember_ifrs-full_OrdinarySharesMember" id="Fact001211" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            discount.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Convertible Note agreements, the investor was granted two types of warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Bonus Warrants - <span id="xdx_90B_ecustom--WarrantsToPurchaseOrdinaryShares_pid_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--BonusWarrantsMember_zHXj3Rw44wPe" title="Warrants to purchase ordinary shares"><ix:nonFraction name="SMX:WarrantsToPurchaseOrdinaryShares" contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_BonusWarrantsMember" id="Fact001213" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants to purchase ordinary shares of the Company
at an exercise price of USD <span id="xdx_904_ecustom--ExercisePriceOfWarrants_pid_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--BonusWarrantsMember_zOQFNxCJvWh8" title="Exercise price of warrants"><ix:nonFraction name="SMX:ExercisePriceOfWarrants" contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_BonusWarrantsMember" id="Fact001215" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. The Bonus Warrants have a term of
<span id="xdx_902_ecustom--WarrantsTerm_dc_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--BonusWarrantsMember_ztMQgZqe4iMd" title="Warrants term"><ix:nonNumeric contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_BonusWarrantsMember" format="ixt-sec:durwordsen" id="Fact001217" name="SMX:WarrantsTerm">five
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencing upon the closing of the Business
Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Redeemable Warrants &#8211; <span id="xdx_900_ecustom--WarrantsToPurchaseOrdinaryShares_pid_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_z7J7N3iPhTQa" title="Warrants to purchase ordinary shares"><ix:nonFraction name="SMX:WarrantsToPurchaseOrdinaryShares" contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_RedeemableWarrantsMember" id="Fact001219" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants to purchase ordinary shares of the Company
at a purchase price of USD <span id="xdx_90E_ecustom--SharePurchasePrice_pid_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zXl4NrX403ci" title="Share purchase price"><ix:nonFraction name="SMX:SharePurchasePrice" contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_RedeemableWarrantsMember" id="Fact001221" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. The Redeemable Warrants have a term
of <span id="xdx_905_ecustom--WarrantsTerm_dc_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zNaeHj5qkQ62" title="Warrants term"><ix:nonNumeric contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_RedeemableWarrantsMember" format="ixt-sec:durwordsen" id="Fact001223" name="SMX:WarrantsTerm">five
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencing upon the closing of the Business
Combination. The Redeemable Warrants shall be redeemable on a non-cumulative basis at the option of the holder, according to a schedule
for USD <span id="xdx_90B_eifrs-full--ParValuePerShare_iI_pid_c20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zZNqo0bln2G9"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-01-25_custom_ConvertibleNoteAgreementsMember_custom_RedeemableWarrantsMember" id="Fact001224" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant. <span id="xdx_904_eifrs-full--DescriptionOfApproachUsedToDetermineDiscountRates_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zUH3N5dA0MH7" title="Description of approach used to determine discount rates"><ix:nonNumeric contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_RedeemableWarrantsMember" id="Fact001226" name="ifrs-full:DescriptionOfApproachUsedToDetermineDiscountRates">The
investor has the option to decide that the Company will satisfy any or each redemption through the issuance of ordinary shares of
the Company based upon a <span id="xdx_90E_ecustom--DiscountRate_pid_dp_uPure_c20230124__20230125__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNoteAgreementsMember__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_z9rmwi1mFtv8" title="Discount rate"><ix:nonFraction name="SMX:DiscountRate" contextRef="From2023-01-242023-01-25_custom_ConvertibleNoteAgreementsMember_custom_RedeemableWarrantsMember" id="Fact001228" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>%
discount to the 20-trading day VWAP preceding each such anniversary</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 148; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 - <span id="xdx_822_zQnGUNy2LQfk">CONVERTIBLE NOTES</span></b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(CONT.):</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible Notes are recorded in accordance with their fair value. The Redeemable Warrants are accounted for as a derivative financial
liability. Management utilized a third-party appraiser to assist them in valuing the Convertible Notes and Redeemable Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to calculate the fair value of the Convertible Notes, the Company discounted the payment schedule by a discount rate of <span id="xdx_90B_ecustom--DiscountRate_pid_dp_uPure_c20230124__20230125__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertibleNotesMember_zIgasvlvhUf4"><ix:nonFraction name="SMX:DiscountRate" contextRef="From2023-01-242023-01-25_custom_ConvertibleNotesMember" id="Fact001229" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">32.2</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Redeemable Warrants was calculated using Monte-Carlo simulation model with expected volatility of <span id="xdx_90D_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230124__20230125__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_ziGpAMmsc09h"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-242023-01-25_custom_RedeemableWarrantsMember" id="Fact001230" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">73.74</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and the risk-free interest rate used is <span id="xdx_90C_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230124__20230125__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zejgt94hA4gl"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-242023-01-25_custom_RedeemableWarrantsMember" id="Fact001231" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.91</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.
As of December 31, 2023, the fair value of the Convertible Notes was $<span id="xdx_90F_ecustom--FairValueOfConvertibleNotes_iI_pn3n3_c20231231_zIPMZUzLSYH2" title="Fair value of convertible notes"><ix:nonFraction name="SMX:FairValueOfConvertibleNotes" contextRef="AsOf2023-12-31" id="Fact001233" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">304</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the fair value of the Redeemable Warrants
was $<span id="xdx_90A_ecustom--FairValueOfRedeemableWarrants_iI_pn3n3_c20231231_z2b9iGz56bRh" title="Fair value of redeemable warrants"><ix:nonFraction name="SMX:FairValueOfRedeemableWarrants" contextRef="AsOf2023-12-31" id="Fact001235" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">73</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            May 2022, Security Matters PTY Ltd. issued <span id="xdx_908_ecustom--NumberOfConvertibleNotesIssued_pid_c20220501__20220531_zh4A4xSxSkth"><ix:nonFraction name="SMX:NumberOfConvertibleNotesIssued" contextRef="From2022-05-012022-05-31" id="Fact001236" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">828,240</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convertible
                                            notes (the &#8220;2022 Convertible Notes&#8221;), with a face value of AUD <span id="xdx_901_ecustom--FaceValueOfConvertibleNotes_iI_pn3n3_uAUD_c20220531_zziHRXlMucMg"><ix:nonFraction name="SMX:FaceValueOfConvertibleNotes" contextRef="AsOf2022-05-31" id="Fact001237" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="AUD">1</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD
                                            <span id="xdx_90C_ecustom--FaceValueOfConvertibleNotes_iI_pn2n3_c20220531_zWXzdq0DDVx2"><ix:nonFraction name="SMX:FaceValueOfConvertibleNotes" contextRef="AsOf2022-05-31" id="Fact001238" format="ixt:numdotdecimal" decimals="-2" scale="3" unitRef="USD">0.7</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
                                            per each 2022 Convertible Note, for an aggregate amount of AUD <span id="xdx_909_eifrs-full--IssueOfConvertibleInstruments_pn3n3_uAUD_c20220501__20220531_z8hhKZvrrW3f"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-05-012022-05-31" id="Fact001239" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="AUD">828</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand
                                            (USD <span id="xdx_906_eifrs-full--IssueOfConvertibleInstruments_pn3n3_uUSD_c20220501__20220531_zFrmgbFCa818"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2022-05-012022-05-31" id="Fact001240" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">569</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).
                                            The 2022 Convertible Notes have a maturity date of <span id="xdx_907_ecustom--ConvertibleNotesMaturityPeriod_dc_c20220501__20220531_zeJQQZCblMCc"><ix:nonNumeric contextRef="From2022-05-012022-05-31" format="ixt-sec:durwordsen" id="Fact001241" name="SMX:ConvertibleNotesMaturityPeriod">six
                                            months</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">from
                                            issuance date. The conversion price is as follows: <span id="xdx_906_ecustom--ConvertibleNoteConversionPriceDescription_c20220501__20220531_zVL5lrokmR51"><ix:nonNumeric contextRef="From2022-05-012022-05-31" id="Fact001242" name="SMX:ConvertibleNoteConversionPriceDescription">(i)
                                            if Security Matters PTY Ltd. executes a binding agreement for an M&amp;A transaction or receives
                                            USD 20 million or more in return for the issuance of shares on or before December 31, 2022,
                                            the principal amount of each 2022 Convertible Note will automatically be converted into shares
                                            in Security Matters PTY Ltd. The issuance price per share will be calculated at a 20% discount
                                            to the higher of the offer price or price paid by the investors participating in the qualified
                                            transaction, as such term is defined in the 2022 Convertible Notes agreement, subject to
                                            a floor cap of no lower than AUD 0.15 (USD 0.11) per share. In July 2022, Security Matters
                                            PTY Ltd. entered into the Business Combination Agreement that will be subject to de-listing
                                            of the Company&#8217;s ordinary share capital from the Australian Stock Exchange following
                                            receiving an Australian court approval of the future merger (ii) if Security Matters PTY
                                            Ltd. has not executed a binding agreement for a qualified transaction until December 31,
                                            2022, the 2022 Convertible Notes balance will automatically convert into ordinary shares
                                            at that date. The issuance price per share will be calculated at a 20% discount to the 5-21
                                            day volume weighted average price to December 31, 2022, as such term is defined in the Convertible
                                            Notes agreement, subject to a cap of no lower than AUD 0.15 (USD 0.11) per share, and on
                                            December 31, 2022 the investors will also be issued unlisted two year options on a 1:2 basis
                                            with an exercise price of AUD 0.45 (USD 0.32) per share</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">..
                                            As of December 31, 2022, the 2022 Convertible Note amounted to <span id="xdx_902_ecustom--ConvertibleNote_iI_pn3n3_uUSD_c20221231_zl4iknZRV05a" title="Convertible note"><ix:nonFraction name="SMX:ConvertibleNote" contextRef="AsOf2022-12-31" id="Fact001244" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">563</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            In July 2022, an amendment to the 2022 Convertible Notes agreements was signed between Security
                                            Matters PTY Ltd. and the investors which prescribes a cancellation of the 2022 Convertible
                                            Notes and replacing them with the issuance of <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20220731__ifrs-full--TypesOfContractsAxis__custom--ConvertibleNotesAgreementsMember_zfk5wNgJsgue"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-07-31_custom_ConvertibleNotesAgreementsMember" id="Fact001245" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares of Security Matters PTY Ltd. (with the occurrence of the Business Combination as described
                                            in Note 1.B). On March 7, 2023, the 2022 Convertible Notes were converted to <span id="xdx_90B_ecustom--ConvertibleNotesConveredIntoOrdinaryShares_iI_pid_c20230307__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zhuoEZxPmVhe"><ix:nonFraction name="SMX:ConvertibleNotesConveredIntoOrdinaryShares" contextRef="AsOf2023-03-07_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001246" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares of Security Matters PTY Ltd.</span></td></tr>
                                                                                 </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            September 6, 2023, the Company consummated the transactions pursuant to a Securities Purchase
                                            Agreement dated as of September 5, 2023 and issued and sold to an institutional investor
                                            a convertible promissory note with a fixed conversion price of $<span id="xdx_909_ecustom--ConversionPrice_pid_c20230906__20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zamY2qn4j92i" title="Conversion price"><ix:nonFraction name="SMX:ConversionPrice" contextRef="From2023-09-062023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001248" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.6378</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember_zizBwggNiTEj"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantAMember" id="Fact001249" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,929,051</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrant
                                            As and <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zbqS15uVk4v8"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantBMember" id="Fact001250" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,367</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrant
                                            Bs, for gross proceeds to SMX of approximately $<span id="xdx_90C_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20230906__20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zMlCzCnllPid"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-09-062023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001251" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,358</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            before deducting fees and other offering expenses payable by the Company to their service
                                            providers. The warrant As are exercisable into <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zonNEqAzIp0l"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_ifrs-full_OrdinarySharesMember" id="Fact001252" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,929,051</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares at an exercise price of $<span id="xdx_90B_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember_zrG2300c2vLi" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantAMember" id="Fact001254" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0022</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per,
                                            share subject to customary adjustments and may be exercised at any time until the five year
                                            anniversary of the warrant As. The warrant Bs are exercisable into <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zyp5R93NZEnd"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantAMember_ifrs-full_OrdinarySharesMember" id="Fact001255" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,367</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares at an exercise price of $<span id="xdx_90A_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zRKdwR9JBrlf" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantBMember" id="Fact001257" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.6378</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share, subject to customary adjustments and may be exercised at any time until the five year
                                            anniversary of the warrant Bs. The warrant As and the warrant Bs meet the fixed-for-fixed
                                            criterion of IAS 32, resulting in being classified as equity. The note is in the principal
                                            amount of $<span id="xdx_903_eifrs-full--NetDebt_iI_pn3n3_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zoylES9Jy7xh"><ix:nonFraction name="ifrs-full:NetDebt" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001258" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,290</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            The actual amount loaned by the investor pursuant to the Note is $<span id="xdx_90E_eifrs-full--BorrowingCostsIncurred_pn3n3_c20230906__20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_z5Ofas9RKx66"><ix:nonFraction name="ifrs-full:BorrowingCostsIncurred" contextRef="From2023-09-062023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001259" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,574</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
                                            a <span id="xdx_90F_ecustom--OriginalIssueDiscount_iI_pid_dp_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_z8mmUg3Zfz69" title="Original issue discount"><ix:nonFraction name="SMX:OriginalIssueDiscount" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001261" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            original issue discount. The maturity date of the note is the 12-month anniversary of the
                                            Effective Date, and is the date upon which the principal amount, as well as any accrued and
                                            unpaid interest and other fees, shall be due and payable. Interest accrues in the amount
                                            of <span id="xdx_902_ecustom--InterestAccruedPercent_iI_pid_dp_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zmMwMez2y8Qc" title="Interest accrued percent"><ix:nonFraction name="SMX:InterestAccruedPercent" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001263" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            per year and shall be payable on the maturity date or upon acceleration or by prepayment
                                            or otherwise. The investor has the right, at any time, to convert all or any portion of the
                                            then outstanding and unpaid principal amount and interest (including any costs, fees and
                                            charges) into the Company&#8217;s ordinary shares, at a fixed conversion price of $<span id="xdx_90D_ecustom--ConversionPrice_pid_c20230906__20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_z1vSAwJFd2K6" title="Conversion price"><ix:nonFraction name="SMX:ConversionPrice" contextRef="From2023-09-062023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001265" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.6378</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share. <span id="xdx_909_eifrs-full--DescriptionOfConversionOfDebtToEquity_pid_c20230906__20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zI3nmUnDNO54"><ix:nonNumeric contextRef="From2023-09-062023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact001266" name="ifrs-full:DescriptionOfConversionOfDebtToEquity">Any
                                            such conversion is subject to customary conversion limitations set forth in the Purchase
                                            Agreement so the investor beneficially owns less than 4.99% of the Company&#8217;s ordinary
                                            shares. Additionally, the Company has the right to convert in whole or in part the note into
                                            ordinary shares; provided that in no case shall the Company so convert the note if the result
                                            of the issuance of Ordinary Shares thereby would result in the beneficial ownership of the
                                            investor of ordinary shares in excess of 4.99%</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 149; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 - CONVERTIBLE NOTES (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
promissory note was recognized base on the amortized cost method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the note principle amounted to $<span id="xdx_903_eifrs-full--NotionalAmount_iI_pn6n6_c20231231__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--PromissoryNoteMember_z4F8N2XC5iAe"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-12-31_custom_SecuritiesPurchaseAgreementMember_custom_PromissoryNoteMember" id="Fact001267" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and during the period $<span id="xdx_90D_ecustom--NumberOfValueConverted_iI_pn5n6_c20231231__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--PromissoryNoteMember_zBZg9OhBboUk" title="Number of value converted"><ix:nonFraction name="SMX:NumberOfValueConverted" contextRef="AsOf2023-12-31_custom_SecuritiesPurchaseAgreementMember_custom_PromissoryNoteMember" id="Fact001269" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of promissory note was converted to shares.
As of the date of publication of these financial statements, the Company&#8217;s institutional investor has converted all of the principal
of the convertible promissory note into an aggregate of <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20231231__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zMvbwN6AHOo8"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_SecuritiesPurchaseAgreementMember" id="Fact001270" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,377</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares and exercised the Warrant A and
Warrant B for <span id="xdx_908_ecustom--NumberOfSharesExercisedWarrantsClassA_iI_pid_c20231231__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zxDtaeI5zIEh" title="Exercised the warrant"><ix:nonFraction name="SMX:NumberOfSharesExercisedWarrantsClassA" contextRef="AsOf2023-12-31_custom_SecuritiesPurchaseAgreementMember" id="Fact001272" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,789,264</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_908_ecustom--NumberOfSharesExercisedWarrantsClassB_iI_pid_c20231231__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_zV50cRwHs3G4" title="Exercised the warrant"><ix:nonFraction name="SMX:NumberOfSharesExercisedWarrantsClassB" contextRef="AsOf2023-12-31_custom_SecuritiesPurchaseAgreementMember" id="Fact001274" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,367</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares, respectively. See note 24(11).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001276" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfDerivativeFinancialInstrumentsExplanatory_zkNGMlJlXT96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 - <span id="xdx_826_zW2hWlQc20Z4">BRIDGE LOANS LIABILITIES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
August 2022 to January 2023, Security Matters PTY Ltd. entered into bridge loan agreements (the &#8220;Bridge Loans&#8221;) with eleven
lenders, which lent Security Matters PTY Ltd. an aggregate amount of $<span id="xdx_901_ecustom--ProceedsFromLoansAndWarrants_pn3n3_c20220801__20230131__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ElevenLendersMember_zivl2ChPDZTa" title="Proceeds from loans and warrants"><ix:nonFraction name="SMX:ProceedsFromLoansAndWarrants" contextRef="From2022-08-012023-01-31_custom_BridgeLoanAgreementsMember_custom_ElevenLendersMember" id="Fact001278" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,860</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The Bridge Loans have a maturity date of up to <span id="xdx_90D_eifrs-full--BorrowingsMaturity_c20220801__20230131__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zkEzq8DP4Bu7"><ix:nonNumeric contextRef="From2022-08-012023-01-31_ifrs-full_TopOfRangeMember_custom_BridgeLoanAgreementsMember" id="Fact001279" name="ifrs-full:BorrowingsMaturity">two
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and bear an interest rate of <span id="xdx_902_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230131__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zSK4prorpDe6"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-01-31_custom_BridgeLoanAgreementsMember" id="Fact001280" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum. The Bridge Loans were accounted for in accordance with the amortized cost method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2023, the principal and the accumulated interest of the bridge loans were $<span id="xdx_906_ecustom--AccumulatedInterest_pn3n3_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zpzJplMN8Aak" title="Accumulated interest"><ix:nonFraction name="SMX:AccumulatedInterest" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001282" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,739</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Bridge Loans agreements, some of the lenders were granted two types of warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bonus
                                            Warrants - <span id="xdx_90B_ecustom--WarrantsToPurchaseShares_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--BonusWarrantsMember_z62ynVI5j5C3"><ix:nonFraction name="SMX:WarrantsToPurchaseShares" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_BonusWarrantsMember" id="Fact001283" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,045</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(after
                                            reverse stock split) warrants to purchase ordinary shares of the Company at an exercise price
                                            of USD <span id="xdx_904_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--BonusWarrantsMember_zOxcmGaPF19b"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_BonusWarrantsMember" id="Fact001284" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">253</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share and a first priority security interest in the shares of Security Matters PTY&#8217;s
                                            interest in trueGold Consortium Pty Ltd.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
                                                                                                                                                   <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Bonus Warrants term is <span id="xdx_904_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsMember_zHj3eivN7wDh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NonadjustingEventMember_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsMember" id="Fact001285" name="ifrs-full:BorrowingsMaturity">five
                                            years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencing
                                            upon the closing of the Business Combination.</span></td></tr>
                                                                                                                                                   <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
                                                                                                                                                   <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
                                            utilized a third-party appraiser to assist them in valuing the Bonus Warrants The fair value
                                            of the Bonus Warrants was calculated using the Black and Scholes model.</span></td></tr>
                                                                                                                                                   <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
                                                                                                                                                   <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of December 31, 2023, and as of December 31, 2022, the fair value of the Bonus Warrants was
                                            <span id="xdx_902_ecustom--FairValueOfBonusWarrants_iI_dxL_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zzWyapnD0SF4" title="Fair value of bonus warrants::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1287">nil
                                            </span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            $<span id="xdx_908_ecustom--FairValueOfBonusWarrants_iI_pn3n3_c20221231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zb2lVorPvlR8"><ix:nonFraction name="SMX:FairValueOfBonusWarrants" contextRef="AsOf2022-12-31_custom_BridgeLoanAgreementsMember" id="Fact001288" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively.</span></td></tr>
                                                                                                                                                   </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable
                                            Warrants Type 1 - <span id="xdx_90C_ecustom--WarrantsToPurchaseShares_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember_zE1NekaRh0Tl"><ix:nonFraction name="SMX:WarrantsToPurchaseShares" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember" id="Fact001289" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,545</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(after
                                            reverse stock split) warrants to purchase ordinary shares of SMX at a purchase price of USD
                                            <span id="xdx_90D_eifrs-full--WeightedAverageSharePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember_znyFUADxSk81"><ix:nonFraction name="ifrs-full:WeightedAverageSharePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember" id="Fact001290" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">253</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share. The Redeemable Warrants Type 1 term is <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember_zxeceeulPQ77"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember" id="Fact001291" name="ifrs-full:BorrowingsMaturity">five
                                            years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencing
                                            upon the BCA (see to Note 1B<b>)</b>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90A_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember_zgkUnE3zhvx9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember" id="Fact001292" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50.00</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option
                                            of the holder, during the 30 days following the Business Combination for USD <span id="xdx_90D_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember_z6pBCvTwH6x2"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember" id="Fact001293" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">110</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            warrant.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_906_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember__ifrs-full--CreationDateAxis__custom--ThirdAnniversaryMember_zVjTzl1UhJt6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember_custom_ThirdAnniversaryMember" id="Fact001294" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.00</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option
                                            of the holder for the 30 days following the third anniversary of the Business Combination
                                            for</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_909_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember__ifrs-full--CreationDateAxis__custom--FourthAnniversaryMember_zp9m3NSnyFT4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember_custom_FourthAnniversaryMember" id="Fact001295" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.00</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option
                                            of the holder for the 30 days following the fourth anniversary of the Business Combination
                                            for USD <span id="xdx_907_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember__ifrs-full--CreationDateAxis__custom--FourthAnniversaryMember_ztkaGdiQVeAc"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember_custom_FourthAnniversaryMember" id="Fact001296" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">110</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            warrant.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
utilized a third-party appraiser to assist them in valuing the Redeemable Warrants Type 1. The fair value of the Redeemable Warrants
Type 1 was calculated using Monte-Carlo simulation model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and as of December 31, 2022, the fair value of the Redeemable Warrants Type 1 was $<span id="xdx_90C_ecustom--FairValueOfWarrants_pn3n3_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember__ifrs-full--MeasurementAxis__custom--MonteCarloSimulationModelMember_zskh3q73vkZj"><ix:nonFraction name="SMX:FairValueOfWarrants" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember_custom_MonteCarloSimulationModelMember" id="Fact001297" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">72</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_ecustom--FairValueOfWarrants_pn3n3_c20220101__20221231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeOneMember__ifrs-full--MeasurementAxis__custom--MonteCarloSimulationModelMember_zaQXxEcqX6x1"><ix:nonFraction name="SMX:FairValueOfWarrants" contextRef="From2022-01-012022-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeOneMember_custom_MonteCarloSimulationModelMember" id="Fact001298" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,973</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 150; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 - BRIDGE LOANS LIABILITIES (CONT.):</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable
                                            Warrants Type 2 &#8211; <span id="xdx_904_ecustom--WarrantsToPurchaseShares_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember_zO3gKOwELAY3" title="Warrants to purchase shares"><ix:nonFraction name="SMX:WarrantsToPurchaseShares" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember" id="Fact001300" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,454</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(after
                                            reverse stock split) warrants to purchase ordinary shares of SMX at a purchase price of USD
                                            <span id="xdx_90B_eifrs-full--WeightedAverageSharePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember_zo4or8PSzOUf"><ix:nonFraction name="ifrs-full:WeightedAverageSharePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember" id="Fact001301" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">253</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share. The Redeemable Warrants Type 2 term is <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember_zB2QjkO0nxN3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember" id="Fact001302" name="ifrs-full:BorrowingsMaturity">five
                                            years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencing
                                            upon the SPAC transaction (see also Note 1B<b>)</b>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_903_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember__ifrs-full--CreationDateAxis__custom--FirstAnniversaryMember_zJSXyY8zJOVc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember_custom_FirstAnniversaryMember" id="Fact001303" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50.00</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            of the Redeemable Warrants Type 2 shall be redeemable on a non-cumulative basis at the option
                                            of the holder, during the 30 days following the first anniversary of the Business Combination
                                            for USD <span id="xdx_907_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember__ifrs-full--CreationDateAxis__custom--FirstAnniversaryMember_zAfmESmzGl9d"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember_custom_FirstAnniversaryMember" id="Fact001304" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">110</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            warrant.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90E_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember__ifrs-full--CreationDateAxis__custom--SecondAnniversaryMember_zPYebmG370Dj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember_custom_SecondAnniversaryMember" id="Fact001305" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50.00</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            of the Redeemable Warrants Type 2 shall be redeemable on a non-cumulative basis at the option
                                            of the holder, during the 30 days following the second anniversary of the Business Combination
                                            for USD <span id="xdx_90B_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember__ifrs-full--CreationDateAxis__custom--SecondAnniversaryMember_zgyKzXA2pkha"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember_custom_SecondAnniversaryMember" id="Fact001306" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">110</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            warrant.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
utilized a third-party appraiser to assist them in valuing the Redeemable Warrants Type 2. The fair value of the Redeemable Warrants
Type 2 was calculated using Monte-Carlo simulation model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and as of December 31, 2022, the fair value of the Redeemable Warrants Type 2 was <span id="xdx_90E_ecustom--FairValueOfWarrants_pn3n3_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember__ifrs-full--MeasurementAxis__custom--MonteCarloSimulationModelMember_zY5wfbQkJP07">$<ix:nonFraction name="SMX:FairValueOfWarrants" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember_custom_MonteCarloSimulationModelMember" id="Fact001307" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">421</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_905_ecustom--FairValueOfWarrants_pn3n3_c20220101__20221231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember__ifrs-full--MeasurementAxis__custom--MonteCarloSimulationModelMember_zkTq7zNshMhi" title="Fair value of warrants"><ix:nonFraction name="SMX:FairValueOfWarrants" contextRef="From2022-01-012022-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember_custom_MonteCarloSimulationModelMember" id="Fact001309" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">696</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span id="xdx_90C_eifrs-full--DescriptionOfApproachUsedToDetermineDiscountRates_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember__ifrs-full--BusinessCombinationsAxis__custom--RedeemableWarrantsTypeTwoMember_zCtiWWx9lj9g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember_custom_RedeemableWarrantsTypeTwoMember" id="Fact001310" name="ifrs-full:DescriptionOfApproachUsedToDetermineDiscountRates">Each
investor has the option to decide that the Company will satisfy any or each redemption through the issuance of ordinary shares of the
Company based upon a 20% discount to the 20-trading day VWAP preceding each such anniversary</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main assumptions used in the three valuation models as of December 31, 2023 described above were: (1) risk free rate <span id="xdx_90D_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--ThreeValuationModelsMember_zTyaA1WYhRBe"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_ThreeValuationModelsMember" id="Fact001311" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.91</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
(2) volatility of assets <span id="xdx_901_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--ThreeValuationModelsMember_zezrRf4Lwre5"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_ThreeValuationModelsMember" id="Fact001312" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">73.74</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
and (3) excepted terms of the warrants <span id="xdx_901_ecustom--DescriptionOfExpectedTermWarrants_dtY_c20230101__20231231__ifrs-full--MeasurementAxis__custom--ThreeValuationModelsMember_zO3ER3HBKoDb" title="Description of expected term warrants"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ThreeValuationModelsMember" format="ixt-sec:duryear" id="Fact001314" name="SMX:DescriptionOfExpectedTermWarrants">4.18</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years. All warrants were classified as a derivative
financial liability and are re-measured each reporting date, with changes in fair value recognized in finance expense (income), net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main assumptions used in the three valuation models as of December 31, 2022 described above were: (1) risk free rate <span id="xdx_900_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--ThreeValuationModelsMember_zNsAiWAHqh8h"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_ThreeValuationModelsMember" id="Fact001315" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.99</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
(2) volatility of assets <span id="xdx_90B_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--ThreeValuationModelsMember_zIvIqnVzLRxj"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_ThreeValuationModelsMember" id="Fact001316" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">81.03</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
and (3) excepted terms of the warrants -<span id="xdx_906_ecustom--DescriptionOfExpectedTermWarrants_dtY_c20220101__20221231__ifrs-full--MeasurementAxis__custom--ThreeValuationModelsMember_zxmu3BrfFxUg" title="Description of expected term warrants"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_ThreeValuationModelsMember" format="ixt-sec:duryear" id="Fact001318" name="SMX:DescriptionOfExpectedTermWarrants">5.18</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years. All warrants were classified as a derivative
financial liability and are re-measured each reporting date, with changes in fair value recognized in finance expense (income), net.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 2023, the Company signed an addendum to the Bridge Loans agreements which convert principal amount of $<span id="xdx_900_eifrs-full--IssueOfConvertibleInstruments_pn3n3_c20230301__20230331__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zZ80CyQxceee"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2023-03-012023-03-31_custom_BridgeLoanAgreementsMember" id="Fact001319" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,350</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and redeemable warrants at the amount of $<span id="xdx_901_ecustom--RedeemableWarrants_iI_pn3n3_c20230331__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_z1Gs9VO7mgli"><ix:nonFraction name="SMX:RedeemableWarrants" contextRef="AsOf2023-03-31_custom_BridgeLoanAgreementsMember" id="Fact001320" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">into <span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_c20230331__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zQEE4XZ59Lm7"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-31_custom_BridgeLoanAgreementsMember" id="Fact001321" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">872,418</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares</span><span style="font-family: Times New Roman, Times, Serif">.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            December 31, 2023, the Company signed an addendum to the Bridge Loans agreements which convert
                                            principal amount of $<span id="xdx_903_eifrs-full--IssueOfConvertibleInstruments_pn3n3_c20231231__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zCMTb5Sskm92"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2023-12-312023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001322" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">750</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            redeemable warrants at the amount of $<span id="xdx_905_ecustom--RedeemableWarrants_iI_pn3n3_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_z9OBN43EH9s9" title="Redeemable warrants"><ix:nonFraction name="SMX:RedeemableWarrants" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001324" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,450</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">into
                                            <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_z9E0Mphakukb"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001325" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,032,256</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares. According to the addendum the company has issued to the lenders an aggregate of fully
                                            paid <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zMGEF0LXdGs8"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001326" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,032,256</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants
                                            to purchase up to an aggregate of <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_c20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zVifospg0cH9"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001327" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,032,256</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares at an exercise price of $<span id="xdx_906_ecustom--SharePurchasePrice_pid_c20231231__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_z4Fln6RjZmDj" title="Share purchase price"><ix:nonFraction name="SMX:SharePurchasePrice" contextRef="From2023-12-312023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001329" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.17</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share. The Warrants were exercisable immediately upon issuance and will expire three years
                                            following their issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrants include a cashless exercise mechanism, according to the terms specified in the addendum and it&#8217;s according to the lender
election (the &#8220;Cashless Warrants&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
the Company accounts for the Cashless Warrants as financial liability instruments that measured at fair value and recognized financial
expenses or income through profit and loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company valued each Cashless Warrants at $<span id="xdx_904_ecustom--WarrantPerShare_iI_pid_c20231231_zPmz8tDOyJRe"><ix:nonFraction name="SMX:WarrantPerShare" contextRef="AsOf2023-12-31" id="Fact001330" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.25</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant by using the Black-Scholes option-pricing model
The key inputs that were used in the Cashless Warrants fair value as of December 31, 2023 were:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risk-free
    interest rate <span id="xdx_907_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zIOs4kpCu84c"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001331" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.13</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    volatility <span id="xdx_90E_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zcofCpF5ND2"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001332" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">70.39</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    dividend yield of <span id="xdx_90F_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zbYFbbVivIRd"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember" id="Fact001333" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    term of warrants &#8211; <span id="xdx_90A_ecustom--DescriptionOfExpectedTermWarrants_dtY_c20230101__20231231__ifrs-full--TypesOfContractsAxis__custom--BridgeLoanAgreementsMember_zg9WnnK5wY7f" title="Expected term of warrants"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BridgeLoanAgreementsMember" format="ixt-sec:duryear" id="Fact001335" name="SMX:DescriptionOfExpectedTermWarrants">3</ix:nonNumeric>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 the Cashless Warrants fair value was $<span id="xdx_902_ecustom--ProceedsFromWarrants_c20230101__20231231_zlZ8c9DOoxVf"><ix:nonFraction name="SMX:ProceedsFromWarrants" contextRef="From2023-01-01to2023-12-31" id="Fact001336" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,023</ix:nonFraction></span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 151; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001338" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfPrepaymentsAndOtherAssetsExplanatory_zWpTSMPcjhZj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - <span id="xdx_825_znHDaPhW7VFb">PRE-PAID ADVANCE</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2023, the Company entered into a Standby Equity Purchase Agreement (&#8220;SEPA&#8221;) to raise up to $<span id="xdx_90D_eifrs-full--IssuedCapitalOrdinaryShares_iI_pn3n3_c20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zFMHpfzeY2nb"><ix:nonFraction name="ifrs-full:IssuedCapitalOrdinaryShares" contextRef="AsOf2023-02-28_custom_StandbyEquityPurchaseAgreementMember" id="Fact001339" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in consideration of the issuance of ordinary
shares over the course of 36 months with Yorkville. According to the SEPA, the Company may issue Yorkville ordinary shares at a purchase
price as one of two options <span id="xdx_902_eifrs-full--ExplanationOfShareOptionsInSharebasedPaymentArrangement_c20230201__20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zeX0FWIXSB44"><ix:nonNumeric contextRef="From2023-02-012023-02-28_custom_StandbyEquityPurchaseAgreementMember" id="Fact001340" name="ifrs-full:ExplanationOfShareOptionsInSharebasedPaymentArrangement">(i)
equal to 96% of the weighted average price (&#8220;VWAP&#8221;) of the common stock during the applicable pricing period or (ii) equal
to 97% of the lowest VWAP of the common stock during a pricing period of 3 consecutive trading days commencing on the relevant period.</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yorkville advanced to the Company an aggregate
principal amount of $<span id="xdx_905_eifrs-full--NotionalAmount_iI_pn3n3_c20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zJTANj47PXXc"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-02-28_custom_StandbyEquityPurchaseAgreementMember" id="Fact001341" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Pre-Paid Advance&#8221;). The Pre-Paid
Advance was disbursed in two separate installments evidenced as convertible loans, the first for $<span id="xdx_90C_eifrs-full--NotionalAmount_iI_pn3n3_c20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--FirstInstallmentMember_zrrlvD3ZIUBd"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-02-28_custom_StandbyEquityPurchaseAgreementMember_custom_FirstInstallmentMember" id="Fact001342" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at the closing of the Business Combination, and
the second, as subsequently amended, for $<span id="xdx_905_eifrs-full--NotionalAmount_iI_pn3n3_c20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--SecondInstallmentMember_zB68aubADJQc"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-02-28_custom_StandbyEquityPurchaseAgreementMember_custom_SecondInstallmentMember" id="Fact001343" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon the effectiveness of a registration statement.
The purchase price for the Pre-Paid Advance is <span id="xdx_90A_ecustom--PrepaidAdvancePercentage_iI_pid_dp_c20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--SecondInstallmentMember_zGdfxi3PKEfb" title="Prepaid advance percentage"><ix:nonFraction name="SMX:PrepaidAdvancePercentage" contextRef="AsOf2023-02-28_custom_StandbyEquityPurchaseAgreementMember_custom_SecondInstallmentMember" id="Fact001345" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">92.0</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Pre-Paid Advance. Such Pre-Paid Advances
will be offset upon the issuance of ordinary shares to Yorkville at a price per share equal to the lower of (a) 100% of the daily VWAP
of the ordinary shares on The Nasdaq Stock Market as of the trading day immediately prior to the date of the disbursement of the Pre-Paid
Advance (the &#8220;Fixed Price&#8221;) (in the case of the first Pre-Paid Advance, $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_c20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zwBCvwuu5Q5d"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-02-28_custom_StandbyEquityPurchaseAgreementMember" id="Fact001346" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.65</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
or (b) 93.0% of the lowest daily VWAP of the Ordinary Shares on Nasdaq during the seven trading days immediately prior to each purchase
(the &#8220;Variable Price&#8221; and the lower of the Fixed Price and the Variable Price shall be referred to as the &#8220;Purchase
Price&#8221;); however, in no event shall the Purchase Price be less than $<span id="xdx_903_ecustom--PurchasePriceOfPerShare_c20230201__20230228__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zXGKMDKOgnO6" title="Purchase price"><ix:nonFraction name="SMX:PurchasePriceOfPerShare" contextRef="From2023-02-012023-02-28_custom_StandbyEquityPurchaseAgreementMember" id="Fact001348" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Floor Price&#8221;). On July 27,
2023, the Company amended the promissory note evidencing the remaining Pre-Paid Advance to decrease the Floor Price to $<span id="xdx_902_ecustom--FloorPricePricePerShare_iI_pid_c20230727_zEcVF98exVs8" title="Floor price"><ix:nonFraction name="SMX:FloorPricePricePerShare" contextRef="AsOf2023-07-27" id="Fact001350" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as adjusted for reverse stock split which occurred
on August 21, 2023, see also Note 14.4), after the Company was required to repay in cash $<span id="xdx_909_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230727__20230727__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_z4tET1j2rM7a"><ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-07-272023-07-27_custom_StandbyEquityPurchaseAgreementMember" id="Fact001351" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of principal amount as a result of the Company&#8217;s
share price being below the original Floor Price. The Company made additional change to the Yorkville agreement which effectively eliminates
the floor price - see also note 24(4). The maturity date will be 12-months after the initial closing of each Pre-Paid Advance. In July
2023, the Company repaid in full the first Pre-Paid Advance in the amount of $<span id="xdx_90E_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230701__20230731__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zQLm4r1DDCF9"><ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-07-012023-07-31_custom_StandbyEquityPurchaseAgreementMember" id="Fact001352" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and as of December 31, 2023 the Company repaid
the second Pre-Paid Advance in the amount of $<span id="xdx_90B_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20231231__20231231__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zH203uycJc1l"><ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-12-312023-12-31_custom_StandbyEquityPurchaseAgreementMember" id="Fact001353" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,300</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
In the period, the Company issued ordinary shares in net consideration of $<span id="xdx_90C_eifrs-full--IssuedCapitalOrdinaryShares_iI_pn3n3_c20230731__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember_zRCVAd4EPeAf"><ix:nonFraction name="ifrs-full:IssuedCapitalOrdinaryShares" contextRef="AsOf2023-07-31_custom_StandbyEquityPurchaseAgreementMember" id="Fact001354" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,979</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in accordance with the terms of the SEPA and
subsequent to the period, the Company repaid approximately $<span id="xdx_900_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230731__20230731__ifrs-full--TypesOfContractsAxis__custom--StandbyEquityPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zK4m0tnr8v6h"><ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-07-312023-07-31_custom_StandbyEquityPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact001355" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">377</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as of the date of the authorization of these
financial statements. <span style="background-color: white">On April 13, 2024, the Company exercised its right of termination under the
SEPA and sent Yorkville a written termination letter, which is effective </span>upon five trading days thereafter. On April 19, 2024,
the Company entered into a similar agreement with an institutional investor, which will enable the Company to raise up to $<span id="xdx_900_eifrs-full--NotionalAmount_iI_pn3n3_c20240419__ifrs-full--TypesOfContractsAxis__custom--EquityPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zB1VvP1UdXU3"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2024-04-19_custom_EquityPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact001356" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
See also note 24(10).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001358" name="ifrs-full:DisclosureOfLeasesExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfLeasesExplanatory_zH3uz8upOoog" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 - <span id="xdx_82D_zi4oBSvwFxTi">LEASES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has lease contracts for office facilities (including a lab) and motor vehicles used in its operations. Leases of office and lab
facilities generally have lease term of <span id="xdx_909_ecustom--LeaseExpiration_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember_zkHNnqhN5fAd" title="Lease expiration"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_OfficeEquipmentMember" format="ixt-sec:duryear" id="Fact001360" name="SMX:LeaseExpiration">12</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years, motor vehicles generally have lease terms
of <span id="xdx_904_ecustom--LeaseExpiration_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zQcoiix00QFg" title="Lease expiration"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MotorVehiclesMember" format="ixt-sec:duryear" id="Fact001362" name="SMX:LeaseExpiration">3</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001364" name="SMX:DisclosureOfDetailedInformationAboutRightofuseAssetsTextBlock"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutRightofuseAssetsTextBlock_zkZjs0w2f92f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
out below are the carrying amounts of right-of-use assets recognized and the movements during the period:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zojtf7h2aT6k" style="display: none">SCHEDULE
OF RIGHT OF USE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_430_c20220101__20221231_eifrs-full--RightofuseAssets_iS_zNvWW9Lf4eIb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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  <tr id="xdx_40A_eifrs-full--AdditionsToRightofuseAssets_zSQIoxIJO1yk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001370" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1371">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40F_ecustom--RightofuseAssetsEffectofForeignExchange_iN_di_zjrgNxbD0mFh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:RightofuseAssetsEffectofForeignExchange" contextRef="From2022-01-012022-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001374" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:RightofuseAssetsEffectofForeignExchange" contextRef="From2022-01-012022-12-31_ifrs-full_MotorVehiclesMember" id="Fact001375" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:RightofuseAssetsEffectofForeignExchange" contextRef="From2022-01-012022-12-31" id="Fact001376" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">41</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_ecustom--DeductionsToRightofuseAssets_iN_di_zElwj1PBs1X2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deductions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:DeductionsToRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001378" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:DeductionsToRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_MotorVehiclesMember" id="Fact001379" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:DeductionsToRightofuseAssets" contextRef="From2022-01-012022-12-31" id="Fact001380" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_iN_di_zlzJOSXWVnW9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001382" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31" id="Fact001384" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_432_c20230101__20231231_eifrs-full--RightofuseAssets_iS_zoTJHoDyvgTi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001386" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">414</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_436_c20230101__20231231_eifrs-full--RightofuseAssets_iS_zmLSU8Eg77qb" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
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<tr id="xdx_400_eifrs-full--AdditionsToRightofuseAssets_zmm4dPabcf4a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

</ix:nonNumeric><p id="xdx_8A5_zk4vM7Ojbgu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 152; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 - LEASES (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001418" name="ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory_zWIRFbEnPOLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
on leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B9_z25BV3GhkQ51" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF INFORMATION ON LEASE </span></p>

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_z3MdNLs3ZvDa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense on lease liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001420" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001421" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--CashOutflowForLeases_pn3n3_zZ2fxuIyhUe9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashOutflowForLeases" contextRef="From2023-01-01to2023-12-31" id="Fact001423" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashOutflowForLeases" contextRef="From2022-01-012022-12-31" id="Fact001424" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zIP8rZkBKR94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
an analysis of maturity dates of lease liabilities, see Note 22 on liquidity risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001426" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zyVkmfXqQqtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 - <span id="xdx_822_zDJSip0Ikxz2">OTHER PAYABLES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001428" name="SMX:DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory"><p id="xdx_89F_ecustom--DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory_zz1Frt6yOa32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span id="xdx_8BC_z30HRTUyqwij" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">SCHEDULE
OF OTHER PAYABLES</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" id="xdx_498_20221231_zJDqS7nZEcl9" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--ShorttermEmployeeBenefitsAccruals_iI_pn3n3_maTAOPzSMC_zoiXH3zmZzok" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees,
    salaries and related liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermEmployeeBenefitsAccruals" contextRef="AsOf2023-12-31" id="Fact001430" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">726</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermEmployeeBenefitsAccruals" contextRef="AsOf2022-12-31" id="Fact001431" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">392</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_pn3n3_maTAOPzSMC_zkflCC3jfsvb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    party</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2023-12-31" id="Fact001433" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2022-12-31" id="Fact001434" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">56</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--LiabilitiesForGrantsReceived_iI_pn3n3_maTAOPzSMC_zhLLC7POyCSk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
    for grants received (see also note 20)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:LiabilitiesForGrantsReceived" contextRef="AsOf2023-12-31" id="Fact001436" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:LiabilitiesForGrantsReceived" contextRef="AsOf2022-12-31" id="Fact001437" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--CurrentExciseTaxPayables_iI_pn3n3_maTAOPzSMC_z5uZ2rs8ANcg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excise
    Tax</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentExciseTaxPayables" contextRef="AsOf2023-12-31" id="Fact001439" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,569</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1440">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--OtherPayables_iI_pn3n3_maTAOPzSMC_z3LQv86RdAbi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherPayables" contextRef="AsOf2023-12-31" id="Fact001442" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherPayables" contextRef="AsOf2022-12-31" id="Fact001443" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">152</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--OtherCurrentPayables_iTI_pn3n3_mtTAOPzSMC_zuhkpBXIU5Mj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact001445" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,483</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact001446" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">650</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zhu1sD1Sa0Cd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001448" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfBorrowingsExplanatory_z8T1HCC8OPeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 - <span id="xdx_821_z8hp55L0MqNd">BORROWINGS FROM RELATED PARTIES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">In
2015, the Group signed an agreement to receive a loan of ILS <span id="xdx_901_eifrs-full--CashAdvancesAndLoansFromRelatedParties_pn6n6_uILS_c20150101__20151231_z2U9e2Pm0GN3"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansFromRelatedParties" contextRef="From2015-01-012015-12-31" id="Fact001449" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="ILS">2</ix:nonFraction>
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">million
(approximately <span id="xdx_90B_eifrs-full--CashAdvancesAndLoansFromRelatedParties_pn3n3_c20150101__20151231_zgRanQKI9VQ1"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansFromRelatedParties" contextRef="From2015-01-012015-12-31" id="Fact001450" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">513</ix:nonFraction></span></span><span style="font: normal 10pt Times New Roman, Times, Serif">)
from its shareholders. These loan bears interest at an annual rate of <span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231231_zUUitfseuxDi"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31" id="Fact001451" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction>%</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001453" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfDetailedInformationAboutBorrowingsExplanatory_zInb3jrwSmU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B0_zjl1yJbreOub" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF BORROWINGS FROM RELATED PARTIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20220101__20221231_zVY3oSoXujub" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--ShorttermBorrowings_iS_pn3n3_z9Puc0C4Mcza" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    at January 1,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2021-12-31" id="Fact001456" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">270</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--ShorttermBorrowings_iS_pn3n3_zdhxO2M1DTh5" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings
    from related parties, beginning balance</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact001458" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">710</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2021-12-31" id="Fact001459" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">270</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_400_ecustom--PaymentOfBorrowings_iN_pn3n3_di_zgKYMsqgkmW7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of borrowings</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:PaymentOfBorrowings" contextRef="From2023-01-01to2023-12-31" id="Fact001461" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">657</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:PaymentOfBorrowings" contextRef="From2022-01-012022-12-31" id="Fact001462" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">172</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_ecustom--ProvisionOfBorrowingToRelatedParties_pn3n3_zRb9Ll1K2qIl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
    for bonus (include interest)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1464">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:ProvisionOfBorrowingToRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact001465" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">621</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_pn3n3_zynSJrxWwCE2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    rate differences</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact001467" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">53</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact001468" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_400_eifrs-full--ShorttermBorrowings_iE_pn3n3_zJMdQoXdk7Al" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1470">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact001471" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">710</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--ShorttermBorrowings_iE_pn3n3_ztte6n8JXDQ7" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact001474" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">710</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AB_zQb6nYVsmsI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of providing funding as a seed capitalist, the Company agreed to provide, as additional consideration, a bonus payments
(the &#8220;Bonus Payments&#8221;) on the occurrence of an exit or major liquidity event. In any way, the Bonus Payments are capped at
ILS <span id="xdx_903_ecustom--BonusPayments_pn6n6_uILS_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LenderTwoMember_zyAJZTUj1s6a"><ix:nonFraction name="SMX:BonusPayments" contextRef="From2023-01-012023-12-31_custom_LenderTwoMember" id="Fact001475" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="ILS">3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (approximately <span id="xdx_905_ecustom--BonusPayments_pn3n3_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LenderTwoMember_z4bqONBmo6Gh"><ix:nonFraction name="SMX:BonusPayments" contextRef="From2023-01-012023-12-31_custom_LenderTwoMember" id="Fact001476" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">965</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
per each of the two lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bonus Payments are intended to operate in one of the two trigger events:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividend
                                            distributions paid by the Company; or</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            sale of shares by a lender in Security Matters Ltd. (either in the event of a takeover or
                                            otherwise).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
if the aggregate amounts of one of the two trigger events exceeds the investment of the lenders in the Company (in a way of loan or shares),
then the lender would be entitled the Bonus Payments based on a formula set forth in the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of the Bonus Payments is the amount that exceeds the aggregate sum invested in the Company (in a way of loan or shares) by the
lender divided by several factors according to the formula as set forth in the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 153; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 - BORROWINGS FROM RELATED PARTIES (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no time limit to pay the Bonus Payments. Once the Company has paid each Bonus Payment in its entirety (i.e., the cap of ILS <span id="xdx_90E_ecustom--BonusPayments_pn6n6_uILS_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LenderTwoMember_zn7Od93rkyNf"><ix:nonFraction name="SMX:BonusPayments" contextRef="From2023-01-012023-12-31_custom_LenderTwoMember" id="Fact001477" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="ILS">3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million has been paid to each Lender), then the
Company has fulfilled its obligations. When the Bonus Payments are not expected to be made, the resulting cash flows will not affect
profit and loss until the point in which the Company estimates that the liquidity events will take place. As of December 31, 2021, the
Company estimated that is more likely than not that the shareholders will sell their shares in 2022 which will entitle them to the Bonus
Payments. The amount of the Bonus Payment is subject to assumptions that were made with the assistance of external appraisal. As a result,
the increase in the carrying amount of the liability was charged as expense of <span id="xdx_907_ecustom--IncreaseInCarryingAmountOfLiability_pn3n3_c20210101__20211231_zecmY9VGQclc" title="Increase in the carrying amount of the liability"><ix:nonFraction name="SMX:IncreaseInCarryingAmountOfLiability" contextRef="From2021-01-012021-12-31" id="Fact001479" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">87</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to profit and loss in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022 the loan from related party has been fully repaid and the Company signed an addendum to the loan agreement that reduces the
total amount of the Bonus Payments to ILS <span id="xdx_90C_ecustom--BonusPayments_pn5n6_uILS_c20220801__20220831_znKCyx2qoEMc"><ix:nonFraction name="SMX:BonusPayments" contextRef="From2022-08-012022-08-31" id="Fact001480" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="ILS">2.5</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (approximately <span id="xdx_90B_ecustom--BonusPayments_pn3n3_c20220801__20220831_z62gRqx2433"><ix:nonFraction name="SMX:BonusPayments" contextRef="From2022-08-012022-08-31" id="Fact001481" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">710</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
to be paid upon the completion of the business combination. As of December 31, 2022, the liability was <span id="xdx_90B_ecustom--BonusPayments_pn3n3_c20220801__20220831_z3PYSbvmW0aa" title="Bonus payments"><ix:nonFraction name="SMX:BonusPayments" contextRef="From2022-08-012022-08-31" id="Fact001483" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">710</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 19, 2023, the Company amended its loan agreements dated September 7, 2015, by and between the Company, its shareholders and
Kamea Fund (the &#8220;Loan Agreements&#8221;). Pursuant to the amendment to the Loan Agreements, Kamea agreed to convert $<span id="xdx_90A_eifrs-full--DebtSecurities_iI_pn3n3_c20230919__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zcLJX945stnh"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-09-19_custom_LoanAgreementMember" id="Fact001484" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">657</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of indebtedness under the Loan Agreements (the
&#8220;Indebtedness Amount&#8221;) into <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_pid_c20230919__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementsMember_z4S0xwOnwMO1"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-19_custom_LoanAgreementsMember" id="Fact001485" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">487,281</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares (post Reverse Stock Split) of
the Company, as payment in full for the Indebtedness Amount; provided however, that in the event the proceeds received from Kamea with
respect to any sales of such shares are not at least equal to the Indebtedness Amount, the Company will remain liable to Kamea for the
balance of the Indebtedness Amount. In accordance with management estimation the FV of this Indebtedness is immaterial.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001487" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zK5L2HiXTHVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - <span id="xdx_82E_z1eHl0MiaH24">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
                                            capital:</b></span></td></tr></table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001489" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><p id="xdx_89C_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_z5fhXQl6uCok" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zBKnyP9YYY5e"><i style="display: none">SCHEDULE
OF SHARE CAPITAL</i></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of shares</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2022</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    and outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    and outstanding</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares <br/>USD <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIQVJFIENBUElUQUwgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eifrs-full--ParValuePerShare_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zS8ADYt9HQOk"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember" id="Fact001490" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0022</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par value</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zK9Pj1fuM6hi" title="Number of shares authorized" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember" id="Fact001492" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,363,636,364</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--NumberOfSharesIssuedAndOutstanding_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zW3ygCWtZod9" title="Number of shares issued and outstanding" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:NumberOfSharesIssuedAndOutstanding" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember" id="Fact001494" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,185,909</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zKS5MJjcgtE8" title="Number of shares authorized" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_ifrs-full_OrdinarySharesMember" id="Fact001496" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">22,727,272</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--NumberOfSharesIssuedAndOutstanding_iI_pid_c20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJzz0KYxrj76" title="Number of shares issued and outstanding" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1498">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--NumberOfSharesIssuedAndOutstanding_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--PreferenceSharesMember_zpyUSJQAxnBd" title="Number of shares issued and outstanding" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1503">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--PreferenceSharesMember_z9U0kW7diYBi" title="Number of shares authorized" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1505">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--NumberOfSharesIssuedAndOutstanding_iI_pid_c20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--PreferenceSharesMember_zkwg9oyqnmbi" title="Number of shares issued and outstanding" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1507">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    shares <br/>Euro <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIQVJFIENBUElUQUwgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eifrs-full--ParValuePerShare_iI_pid_uEuroPerShare_c20231231_ziOF934WEim7"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31" id="Fact001508" format="ixt:numdotdecimal" decimals="INF" unitRef="EuroPerShare">1</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--DeferredSharesMember_z3YSTiZVA4xj" title="Number of shares authorized" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_DeferredSharesMember" id="Fact001510" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_ecustom--NumberOfSharesIssuedAndOutstanding_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--DeferredSharesMember_zGIOLJAMB3C" title="Number of shares issued and outstanding" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:NumberOfSharesIssuedAndOutstanding" contextRef="AsOf2023-12-31_custom_DeferredSharesMember" id="Fact001512" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DeferredSharesMember_zepfvoWkz0xc" title="Number of shares authorized" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_DeferredSharesMember" id="Fact001514" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_ecustom--NumberOfSharesIssuedAndOutstanding_iI_pid_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DeferredSharesMember_zA7KaRCT4PD8" title="Number of shares issued and outstanding" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:NumberOfSharesIssuedAndOutstanding" contextRef="AsOf2022-12-31_custom_DeferredSharesMember" id="Fact001516" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zZVtRxzYsgWh" style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of
and amounts paid on the shares held. The fully paid ordinary shares have a par value per share of $<span id="xdx_90F_ecustom--ParValuePerSharePostReverseSplit_iI_c20231231_zYiC5IuyGjQ3" title="Par value per share post reverse split."><ix:nonFraction name="SMX:ParValuePerSharePostReverseSplit" contextRef="AsOf2023-12-31" id="Fact001518" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0022</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the Company does not have a limited amount
of authorised capital.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Preferred
                                            shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
shares with such designation, rights and preferences as may be determined from time to time by the Company&#8217;s Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred
shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
Ordinary Shares are non-voting shares and do not convey upon the holder the right to be paid a dividend or to receive notice of or to
attend, vote or speak at a general meeting. The Deferred Shares confer the right on a return of capital, on a winding-up or otherwise,
only to the repayment of the nominal value paid up on the Deferred Shares after repayment of the nominal value of the Ordinary Shares.</span></p>


<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 154; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>NOTE
14 - SHAREHOLDERS&#8217; EQUITY (CONT.):</b></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
                                            in Share capital</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            March 7, 2023 (the &#8220;Closing Date&#8221;), the Company consummated the Business Combination
                                            as described in Note 1B. Beginning on the day immediately prior to the Closing Date and ending
                                            on the day immediately after the Closing Date, the following transactions occurred:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    AUD <span id="xdx_90C_eifrs-full--NotesAndDebenturesIssued_iI_uAUD_c20230307_zEU1qDP0Hq9b"><ix:nonFraction name="ifrs-full:NotesAndDebenturesIssued" contextRef="AsOf2023-03-07" id="Fact001519" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="AUD">828,240</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
    the 2022 Convertible Notes have been cancelled in consideration for the issuance of <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_c20230307_z8GJhtJ6bena"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07" id="Fact001520" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares in Security Matters PTY Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    Matters PTY Ltd. performed acceleration of vesting for all unvested warrants and options, the expense for the acceleration amounted
    to $<span id="xdx_90E_eifrs-full--ShareIssueRelatedCost_pn3n3_c20230307__20230307_z4Q1WeD3Hmr4"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2023-03-072023-03-07" id="Fact001521" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">186</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_901_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_pid_uShares_c20230307__20230307__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zrpoANNsO605" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2023-03-072023-03-07_ifrs-full_WarrantsMember" id="Fact001522" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,211,716</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants and options have been exercised on cashless
    basis to <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_pid_c20230307__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zCzFSAkiFqhe"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07_ifrs-full_WarrantsMember" id="Fact001523" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">24,568,773</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares in Security Matters PTY Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_90E_eifrs-full--NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230307__20230307_zsJ3CkrzQUCj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" contextRef="From2023-03-072023-03-07" id="Fact001524" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">848,784</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(post reverse stock split) ordinary shares of the
    Company have been issued to Security Matters PTY Ltd.&#8217;s shareholders in return for their <span id="xdx_908_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_pid_uShares_c20230307__20230307_zSlUcpPY1Enf"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2023-03-072023-03-07" id="Fact001525" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">193,500,379</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares in Security Matters PTY Ltd.
    that were cancelled. Security Matters PTY Ltd.&#8217;s <span id="xdx_909_eifrs-full--DescriptionOfConversionOfDebtToEquity_uShares_c20230307__20230307_z9tE1anljiw2"><ix:nonNumeric contextRef="From2023-03-072023-03-07" id="Fact001526" name="ifrs-full:DescriptionOfConversionOfDebtToEquity">shareholders
    received as consideration 1 ordinary share of the Company per 10.3624 Security Matters PTY Ltd.&#8217;s ordinary shares</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company issued <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_c20230307__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5DpGWBv9fhc"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07_ifrs-full_OrdinarySharesMember" id="Fact001527" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">160,227</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares, <span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_pid_c20230307__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__custom--PrivateWarrantsMember_zGgWHYiV3gma"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07_custom_PrivateWarrantsMember" id="Fact001528" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,200,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">private warrants and <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_pid_c20230307__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__custom--PublicWarrantsMember_zJdruGnKmAr9"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07_custom_PublicWarrantsMember" id="Fact001529" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,250,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">public warrants to Lionheart&#8217;s stockholders,
    in exchange for their existing Lionheart shares and warrants. The warrants exercise price is $<span id="xdx_906_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_pid_c20230307__20230307__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zSArklMeLXN4"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019" contextRef="From2023-03-072023-03-07_ifrs-full_WarrantsMember" id="Fact001530" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.5</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, expiring in March 2028. The warrants
    are considered to be a derivative financial liability and measured at fair value, which is the market price as of the end of the
    period, amounted to $<span id="xdx_903_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230307__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zwh2c04r4cA5" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-03-07_ifrs-full_WarrantsMember67922343" id="Fact001532" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0204</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company issued <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20230307__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesTwoMember_z3T9LCI0CV86"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07_custom_OrdinarySharesTwoMember" id="Fact001533" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">303,053</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares for an aggregate of $<span id="xdx_90E_eifrs-full--ProceedsFromIssueOfOrdinaryShares_pn3n3_c20230307__20230307__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesTwoMember_zFF73KW56fwe"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-03-072023-03-07_custom_OrdinarySharesTwoMember" id="Fact001534" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,110</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">net proceeds.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company issued <span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_pid_uShares_c20230307__ifrs-full--TypesOfContractsAxis__custom--BridgeLoansMember_z3BugdzOMJeh"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-07_custom_BridgeLoansMember" id="Fact001535" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">872,418</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares for the conversion of bridge
    loan at principal amount of $<span id="xdx_90F_eifrs-full--DebtInstrumentsHeld_iI_pn3n3_c20230307__ifrs-full--TypesOfContractsAxis__custom--BridgeLoansMember_zsyTrH3ahpsd"><ix:nonFraction name="ifrs-full:DebtInstrumentsHeld" contextRef="AsOf2023-03-07_custom_BridgeLoansMember" id="Fact001536" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,350</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_909_eifrs-full--NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement_pid_uShares_c20230307__20230307__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_z5TCSosyT5Y7"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" contextRef="From2023-03-072023-03-07_custom_RedeemableWarrantsMember" id="Fact001537" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">redeemable warrants ($<span id="xdx_906_ecustom--WarrantPricePerShare_iI_pid_c20230307__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zhTDU80fGque" title="Warrant price per share"><ix:nonFraction name="SMX:WarrantPricePerShare" contextRef="AsOf2023-03-07_custom_RedeemableWarrantsMember" id="Fact001539" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant, <span id="xdx_90C_ecustom--WarrantsTerm_pid_dtY_c20230307__20230307__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zSU3IeL6nsc6" title="Warrants term"><ix:nonNumeric contextRef="From2023-03-072023-03-07_custom_RedeemableWarrantsMember" format="ixt-sec:duryear" id="Fact001541" name="SMX:WarrantsTerm">5</ix:nonNumeric>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years, exercise price of $<span id="xdx_901_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019_pid_c20230307__20230307__ifrs-full--ComponentsOfEquityAxis__custom--RedeemableWarrantsMember_zl3uotPDACz5"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement2019" contextRef="From2023-03-072023-03-07_custom_RedeemableWarrantsMember" id="Fact001542" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.5</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            2023, the Company issued <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_pid_c20231231_zrNNDa4V0Vx3"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31" id="Fact001543" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,237,751</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares (<span id="xdx_909_ecustom--NumberOfSharesCommitmentFees_iI_pid_c20231231_zRHOSrfB8ofb"><ix:nonFraction name="SMX:NumberOfSharesCommitmentFees" contextRef="AsOf2023-12-31" id="Fact001544" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,196</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
                                            as commitment fees) to Yorkville post reverse stock split, for an aggregate of $<span id="xdx_903_eifrs-full--ProceedsFromIssueOfOrdinaryShares_pn3n3_c20230101__20231231_zvnQbvG778Vd"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact001545" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,979</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">net
                                            proceeds (see also Note 10).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            June 22, 2023, the Company entered into an underwriting agreement (the &#8220;Underwriting
                                            Agreement&#8221;) with EF Hutton, LLC (the &#8220;Underwriter&#8221;) relating to the public
                                            offering of (i) <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zcEyKBSBBFS2"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_EFHuttonLLCMember_ifrs-full_OrdinarySharesMember" id="Fact001546" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,061</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares of the Company, at a subscription price per share of $<span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zWA4MRNlubM5"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_EFHuttonLLCMember_ifrs-full_OrdinarySharesMember" id="Fact001547" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the
                                            &#8220;Firm Shares&#8221;), (ii) <span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember_z0b7Znp2AEtf"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantAMember_custom_EFHuttonLLCMember" id="Fact001548" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,061</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants
                                            in the form of Warrant A to subscribe for <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember_zU5tIpQWdXMi"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_EFHuttonLLCMember_ifrs-full_OrdinarySharesMember" id="Fact001549" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,061</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares, at an exercise price of $<span id="xdx_90F_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember_zqP42bjPwnH8" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantAMember_custom_EFHuttonLLCMember" id="Fact001551" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share (&#8220;Warrant A&#8221;), and (iii) <span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember_zhko6nX2dRDl"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantBMember_custom_EFHuttonLLCMember" id="Fact001552" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,061</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants
                                            in the form of Warrant B to subscribe for <span id="xdx_909_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z95kaHh21Q9e"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantAMember_ifrs-full_OrdinarySharesMember" id="Fact001553" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,061</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares, at an exercise price of $<span id="xdx_90C_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember__ifrs-full--CounterpartiesAxis__custom--EFHuttonLLCMember_zK2ITyIhc9a" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantBMember_custom_EFHuttonLLCMember" id="Fact001555" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share (&#8220;Warrant B&#8221; and together with Warrant A, the &#8220;Firm Warrants&#8221;
                                            and, collectively with the Firm Shares, the &#8220;Firm Securities&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also granted the Underwriter a 45-day option to subscribe for, in the aggregate, <span id="xdx_900_eifrs-full--ExplanationOfShareOptionsInSharebasedPaymentArrangement_pp0d_c20230622__20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_z5JbMTTwQTJg" title="Description of share-based payment arrangement"><ix:nonNumeric contextRef="From2023-06-222023-06-22_custom_UnderwritingAgreementMember_custom_PublicOfferingMember" id="Fact001557" name="ifrs-full:ExplanationOfShareOptionsInSharebasedPaymentArrangement">(a) up to <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zPUgsrHBEnT4" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_PublicOfferingMember" id="Fact001559" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,909</ix:nonFraction></span> additional ordinary shares
(15% of the Firm Shares) at a subscription price per share of $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zCYfaaR3Tagb" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_PublicOfferingMember" id="Fact001561" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction></span> (100% of the public offering price allocated to each Firm Share)
(the &#8220;Option Shares&#8221; and together with the Firm Shares, the &#8220;Shares&#8221;) or Pre-Funded Warrants to subscribe for
up to <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--PrefundedWarrantMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_z0j07cCvw4L1" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_PrefundedWarrantMember_custom_PublicOfferingMember" id="Fact001563" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,909</ix:nonFraction></span> ordinary shares at a price per share of $<span id="xdx_907_ecustom--WarrantsPricePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--PrefundedWarrantMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zAeaWG5mvqPl" title="Warrants price per share"><ix:nonFraction name="SMX:WarrantsPricePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_PrefundedWarrantMember_custom_PublicOfferingMember" id="Fact001565" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.2399</ix:nonFraction></span> (100% of the public offering price allocated to each Firm Share less
$0.0001) and the remaining non pre-funded exercise price of each pre-funded warrant will be $<span id="xdx_901_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--PrefundedWarrantMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_z4tLC4VAjzA8" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_PrefundedWarrantMember_custom_PublicOfferingMember" id="Fact001567" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0</ix:nonFraction> 001</span> per share, and/or (b) <span id="xdx_909_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantAMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_z6wolaluiUn6" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantAMember_custom_PublicOfferingMember" id="Fact001569" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,909</ix:nonFraction></span>
warrants in the form of Warrant A to subscribe for an aggregate of <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zVDMICw3Kyw" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_PublicOfferingMember" id="Fact001571" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,909</ix:nonFraction></span> ordinary shares (15% of the Firm Warrants) at an exercise
price of $<span id="xdx_90C_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantAMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_z2nGinkZVxwd" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantAMember_custom_PublicOfferingMember" id="Fact001573" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction></span> per warrant (100% of the public offering price allocated to each set of warrants in the form of Warrant A), and/or (c)
<span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantBMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zvojrBX9Rlmg" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantBMember_custom_PublicOfferingMember" id="Fact001575" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,909</ix:nonFraction></span> warrants in the form of Warrant B to purchase an aggregate of <span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zvEYXq4IKEHd" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_PublicOfferingMember" id="Fact001577" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,909</ix:nonFraction></span> ordinary shares (15% of the Firm Warrants) at a purchase
price of $<span id="xdx_907_ecustom--WarrantsPricePerShare_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantBMember__ifrs-full--ComponentsOfEquityAxis__custom--PublicOfferingMember_zJr19Y0ffhB4" title="Warrants price per share"><ix:nonFraction name="SMX:WarrantsPricePerShare" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_custom_WarrantBMember_custom_PublicOfferingMember" id="Fact001579" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction></span> per warrant (100% of the public offering price allocated to each set of warrants in the form of Warrant B) (the &#8220;Option
Warrants&#8221; and together with the Firm Warrants and Pre-Funded Warrants, if any, the &#8220;Warrants&#8221;), which may be subscribed
for in any combination of Option Shares and/or the Option Warrants</ix:nonNumeric></span>. The Option Shares and the Option Warrants are referred to as the
&#8220;Option Securities&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering closed on June 27, 2023. The Company delivered the Firm Shares (or Firm Share equivalents in the form of Pre-Funded Warrants),
the Firm Warrants and the Option Warrants to the Underwriter on the same day.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant A terms specify that the warrants may be exercised at any time on or before June 27, 2028. On or after the earlier of <span id="xdx_90E_ecustom--WarrantTermDescription_pp0d_c20230622__20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember_zGHWd032Cxej" title="Warrant term description"><ix:nonNumeric contextRef="From2023-06-222023-06-22_custom_UnderwritingAgreementMember" id="Fact001581" name="SMX:WarrantTermDescription">(i) the
thirty day anniversary of the date of the Underwriting Agreement and (ii) the date on which the aggregate composite trading volume of
the Company&#8217;s ordinary shares as reported by Bloomberg LP beginning on the date of the Underwriting Agreement exceeds 681,818
ordinary shares, a holder of Warrant A warrants may also provide notice and elect a &#8220;cashless exercise&#8221; pursuant to which
the holder would receive an aggregate number of ordinary shares equal to the product of (x) the aggregate number of ordinary shares that
would be issuable upon a cash exercise and (y) $0.50. As of the date of the authorization of these financial statements, an aggregate of <span id="xdx_90D_ecustom--WarrantCashlessExercised_pid_c20230622__20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantAMember_zgDGaIf5nrWc" title="Warrant cashless exercised"><ix:nonFraction name="SMX:WarrantCashlessExercised" contextRef="From2023-06-222023-06-22_custom_UnderwritingAgreementMember_custom_WarrantAMember" id="Fact001583" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">690,096</ix:nonFraction></span>
Warrant A warrants were cashless exercised into an aggregate of <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_c20230622__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z300hEa3m77g" title="Warrant cashless exercised"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-06-22_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember" id="Fact001585" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">345,349</ix:nonFraction></span> ordinary shares.</ix:nonNumeric></span> The Warrant B terms specify that the warrants
may be exercised at any time on or before June 27, 2028.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 155; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - SHAREHOLDERS&#8217; EQUITY (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 8, 2023, the Company consummated an inducement offer letter agreement with certain holders of the Company&#8217;s outstanding
Warrant Bs to purchase Ordinary Shares of the Company. The Warrant Bs were issued on June 27, 2022 and had an exercise price of $<span id="xdx_903_ecustom--WarrantsExercisePricePerShare_iI_pid_c20220627__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_z2yGlT7oZbE7" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2022-06-27_custom_WarrantBMember" id="Fact001587" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.28</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (after taking into account the Company&#8217;s
1:22 reverse share split).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the inducement letter, the holders agreed to exercise for cash their Warrant Bs to purchase an aggregate of <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_c20231208__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_znaRQB0LsVTd" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-08_custom_WarrantBMember" id="Fact001589" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,060</ix:nonFraction></span> shares of the
Company&#8217;s Ordinary Shares at a reduced exercise price of $<span id="xdx_90D_ecustom--WarrantsExercisePricePerShare_iI_pid_c20231208__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zZQ7A4wGQCNl" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-12-08_custom_WarrantBMember" id="Fact001591" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.15</ix:nonFraction></span> per share in consideration for the Company&#8217;s agreement to
issue new warrants to purchase, in the aggregate, up to <span id="xdx_906_ecustom--WarrantsToPurchaseOrdinaryShares_pid_c20231208__20231208__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zey5EathMCtg" title="Warrants to purchase ordinary shares"><ix:nonFraction name="SMX:WarrantsToPurchaseOrdinaryShares" contextRef="From2023-12-082023-12-08_custom_WarrantBMember" id="Fact001593" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">909,090</ix:nonFraction></span> of the Company&#8217;s Ordinary Shares at an exercise price of either
<span id="xdx_905_ecustom--WarrantTermDescription_pp0d_c20231208__20231208_zmUeqk29YUGg" title="Warrant term description"><ix:nonNumeric contextRef="From2023-12-082023-12-08" id="Fact001595" name="SMX:WarrantTermDescription">(i) $0.0022 per share in an amount not to exceed 75% of the New Warrant Shares, or (ii) $1.15 per share, in the discretion of the warrant
holders. The Company received aggregate gross proceeds, before payment of transaction fees and expenses, of $<span id="xdx_906_eifrs-full--ProceedsFromIssuingShares_pid_c20231208__20231208__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zsJVA24i64B5" title="Gross proceeds of warrants"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-12-082023-12-08_custom_WarrantBMember" id="Fact001597" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">697</ix:nonFraction></span> from the exercise
of the Warrant Bs by the holders, and the carrying amount of those warrants, was classified to ordinary shares and premium together with
the proceeds the Company received from the exercise price</ix:nonNumeric></span>. See also note 24(3).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with IAS 32, the Company measured the difference between the fair value of the consideration the holder receives on conversion
of the instrument under the revised terms and the fair value of the consideration the holder would have received under the original terms,
was recognized as a loss in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilized Black-Scholes valuation model to calculate the fair values of the repriced warrants both before and after the repricing
and recognized the incremental fair value of $<span id="xdx_90D_eifrs-full--IncrementalFairValueGrantedModifiedSharebasedPaymentArrangements_c20231208__20231208_zIR0rM2ydx2k"><ix:nonFraction name="ifrs-full:IncrementalFairValueGrantedModifiedSharebasedPaymentArrangements" contextRef="From2023-12-082023-12-08" id="Fact001598" format="ixt:numdotdecimal" decimals="0" unitRef="USD">209</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as finance expense in the statement of comprehensive
income against an increase in the carrying amount of the warrants (presented within issued capital and additional paid-in capital). In
addition, fair value was also calculated for the new <span id="xdx_907_ecustom--WarrantsToPurchaseOrdinaryShares_pid_c20231208__20231208__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zlv6zaieVQuf" title="Warrants to purchase ordinary shares"><ix:nonFraction name="SMX:WarrantsToPurchaseOrdinaryShares" contextRef="From2023-12-082023-12-08_custom_WarrantBMember" id="Fact001600" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">909,090</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued warrants at the amount of $<span id="xdx_90A_ecustom--WarrantsToPurchaseOrdinaryAmount_pid_c20231208__20231208__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_z8HCuBhlI6e4" title="Warrants to purchase ordinary amount"><ix:nonFraction name="SMX:WarrantsToPurchaseOrdinaryAmount" contextRef="From2023-12-082023-12-08_custom_WarrantBMember" id="Fact001602" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">865</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which was recognized as finance expense against an increase in equity. Warrant Bs are classified as equity instruments according to IAS
32.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--WarrantExerciseDescription_c20230101__20231231_zKuxVRm6Y8G9" title="Warrant exercise description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001604" name="SMX:WarrantExerciseDescription">Warrant
A was valued at $0.067 which is half of the share market price at the end of the period, assuming cashless exercise. Warrants A were
considered to be a derivative financial liability. The terms of the Warrant Bs specify that each warrant has a cash exercise price
of $<span id="xdx_90F_ecustom--WarrantCashExercisePrice_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantBMember_z8r9eE1bcNSk" title="Warrant cash exercise price"><ix:nonFraction name="SMX:WarrantCashExercisePrice" contextRef="AsOf2023-12-31_custom_WarrantBMember" id="Fact001606" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction></span>.
The Warrant Bs were valued at $<span id="xdx_907_ecustom--WarrantsExercisePrice_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantBMember_zoShRH6K5zok" title="Warrant exercise price"><ix:nonFraction name="SMX:WarrantsExercisePrice" contextRef="AsOf2023-12-31_custom_WarrantBMember" id="Fact001608" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0602</ix:nonFraction></span>
by using the Black-Scholes option-pricing</ix:nonNumeric></span> model, with expected volatility of <span id="xdx_90B_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_c20230101__20231231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zCJ5H10QbZgb" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember" id="Fact001610" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">70.39</ix:nonFraction></span>%
and the risk-free interest rate used is <span id="xdx_90A_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_c20230101__20231231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_znjZtU9SSNl9" title="Risk-free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_ifrs-full_WarrantsMember" id="Fact001612" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.13</ix:nonFraction></span>%.
Warrant As and Bs expire in June 2028. The net proceeds to the Company upon the closing of this offering were approximately $<span id="xdx_90E_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20230101__20231231_z3UJGSU7UETd" title="Net proceeds from offering"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2023-01-01to2023-12-31" id="Fact001614" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,580</ix:nonFraction></span>.
The capital raise fee amounted to $<span id="xdx_909_ecustom--CapitalRaiseFee_iI_pn3n3_c20231231_zkFfW3aegIne" title="Capital raise fee"><ix:nonFraction name="SMX:CapitalRaiseFee" contextRef="AsOf2023-12-31" id="Fact001616" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">660</ix:nonFraction></span>.
The Company also granted to the Underwriter, <span id="xdx_902_ecustom--WarrantsIssued_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--UnderwriterWarrantMember_zpaKqkxwLAQk" title="Warrants issued"><ix:nonFraction name="SMX:WarrantsIssued" contextRef="AsOf2023-12-31_custom_UnderwriterWarrantMember" id="Fact001618" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">666,667</ix:nonFraction></span>
warrants at an exercise price of $<span id="xdx_90E_ecustom--WarrantsExercisePrice_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--UnderwriterWarrantMember_zoGUBnANeFLl" title="Warrant exercise price"><ix:nonFraction name="SMX:WarrantsExercisePrice" contextRef="AsOf2023-12-31_custom_UnderwriterWarrantMember" id="Fact001620" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.264</ix:nonFraction></span>
per share, which expires after 5 years. The Underwriter&#8217;s warrants were valued at $<span id="xdx_906_ecustom--WarrantsPricePerShare_iI_pid_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--UnderwriterWarrantMember_zDiA8fZZC1tf" title="Warrants price per share"><ix:nonFraction name="SMX:WarrantsPricePerShare" contextRef="AsOf2023-12-31_custom_UnderwriterWarrantMember" id="Fact001622" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0575</ix:nonFraction></span>
per option by using the Black &amp; Scholes option-pricing, with expected volatility of <span id="xdx_90E_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--UnderwriterWarrantMember_z7BiNIFkvzp2" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_UnderwriterWarrantMember" id="Fact001624" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">70.39</ix:nonFraction></span>%
and the risk-free interest rate used is <span id="xdx_90D_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--UnderwriterWarrantMember_zxyvqxQUOfck" title="Risk-free interest rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_UnderwriterWarrantMember" id="Fact001626" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.13</ix:nonFraction></span>%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            August 8, 2023, at the Extraordinary General Meeting of Shareholders of the Company, the
                                            Company&#8217;s shareholders voted in favor of consolidating every twenty-two ordinary shares
                                            in the authorized but unissued and in the authorized and issued share capital of the Company
                                            into one ordinary share (the &#8220;Reverse Stock Split&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 21, 2023, the Company&#8217;s ordinary shares began trading on the Nasdaq Global Market on a post-Reverse Stock Split basis under
the current symbol &#8220;SMX&#8221;.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001628" name="SMX:DisclosureOfWeightedAverageLossPerShareExplanatory"><p id="xdx_89D_ecustom--DisclosureOfWeightedAverageLossPerShareExplanatory_zIkTxjVoKP0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            September 19, 2023, the Company amended its loan agreements dated September 7, 2015, by and
                                            between the Company, its shareholders and Kamea Fund (the &#8220;Loan Agreements&#8221;).
                                            Pursuant to the amendment to the Loan Agreements, Kamea agreed to convert $<span id="xdx_90D_eifrs-full--DebtSecurities_iI_pn3n3_c20230919__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zxtmzav4k9T2"><ix:nonFraction name="ifrs-full:DebtSecurities" contextRef="AsOf2023-09-19_custom_LoanAgreementMember" id="Fact001629" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">657</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            indebtedness under the Loan Agreements (the &#8220;Indebtedness Amount&#8221;) into <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_c20230919__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementsMember_z5A7Bs6UAU02"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-19_custom_LoanAgreementsMember" id="Fact001630" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">487,281</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            shares of the Company, as payment in full for the Indebtedness Amount; provided however,
                                            that in the event the proceeds received from Kamea with respect to any sales of such shares
                                            are not at least equal to the Indebtedness Amount, the Company will remain liable to Kamea
                                            for the balance of the Indebtedness Amount (see also note 13).</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 156; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - SHAREHOLDERS&#8217; EQUITY (CONT.):</b></span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            December 31,2023 The Company also issued <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_pid_c20231231__ifrs-full--TypesOfContractsAxis__custom--ServiceProviderAgreementsMember_zYh2fPDZPlXh"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_ServiceProviderAgreementsMember" id="Fact001631" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">457,682</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
                                            Shares to a service provider as payment in full for $<span id="xdx_90A_ecustom--PaymentForService_iI_pid_c20231231__ifrs-full--TypesOfContractsAxis__custom--ServiceProviderAgreementsMember_zswk8OOSVt9i" title="Payment for service"><ix:nonFraction name="SMX:PaymentForService" contextRef="AsOf2023-12-31_custom_ServiceProviderAgreementsMember" id="Fact001633" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">260</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worth
                                            of legal services which previously provided to the Company.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options
                                            granted to employees and service providers:</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            June 2018, Security Matters PTY Ltd. has adopted a Share Option Plan (the &#8220;Plan&#8221;)
                                            to provide an incentive to retain, in the employment or service or directorship of the Group
                                            and provide the ability to attract new employees, directors or consultants whose services
                                            are considered valuable. The persons eligible to participate in the Plan include employees,
                                            directors and consultants of Security Matters PTY Ltd. or any subsidiary. On March 7, 2023
                                            as part of the SPAC transaction. These options were exercised on a cashless basis and then
                                            after replaced to the Company&#8217;s shares. See also note 14B1(c-d).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            March 7, 2023 Security Matters PTY Ltd. performed acceleration of vesting for all unvested
                                            warrants and options, the expense for the acceleration amounted to $<span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20230307__20230307_zkhYyh5KaHMc"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2023-03-072023-03-07" id="Fact001634" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">186</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            April 25, 2023, the Company&#8217;s board of directors and its shareholders approved and
                                            adopted the SMX Public Limited Company 2022 Incentive Equity Plan, which was subsequently
                                            amended the Company&#8217;s board of directors, subject to applicable Nasdaq requirements,
                                            which reserved for grant a number of ordinary shares equal to <span id="xdx_905_ecustom--SharesIssuedAndOutstandingPercent_iI_pid_dp_c20230425__ifrs-full--ComponentsOfEquityAxis__custom--IncentiveEquityPlanMember_z6hNSW7GU3Ui" title="Number of ordinary shares, percentage"><ix:nonFraction name="SMX:SharesIssuedAndOutstandingPercent" contextRef="AsOf2023-04-25_custom_IncentiveEquityPlanMember" id="Fact001636" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            of the number of issued and outstanding ordinary shares on a fully diluted basis immediately
                                            after the closing of the Business Combination, or <span id="xdx_908_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20230425__ifrs-full--ComponentsOfEquityAxis__custom--IncentiveEquityPlanMember_zMHawKrmaQ96"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-04-25_custom_IncentiveEquityPlanMember" id="Fact001637" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,082,417</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorized
                                            ordinary shares.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the period ended December 31, 2023, the Company granted <span id="xdx_906_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uShares_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember_zqhOu1KtvnZb"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2023-01-012023-12-31_custom_EmployeesDirectorsAndServiceMember_ifrs-full_RestrictedShareUnitsMember" id="Fact001638" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">197,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSUs
                                            to employees, directors and service providers. The fair value at grant date of RSUs granted
                                            in the period were $<span id="xdx_905_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_pid_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z8OIU4pdub0f"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_EmployeesDirectorsAndServiceMember_ifrs-full_RestrictedShareUnitsMember_ifrs-full_BottomOfRangeMember" id="Fact001639" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-$<span id="xdx_903_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019_pid_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zP9xOHtii1Ge"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_EmployeesDirectorsAndServiceMember_ifrs-full_RestrictedShareUnitsMember_ifrs-full_TopOfRangeMember" id="Fact001640" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.09</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            Related share-based expenses recognized for the period totaled $<span id="xdx_904_eifrs-full--ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_pn3n3_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember_zjWZ80M3vlcc"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" contextRef="From2023-01-012023-12-31_custom_EmployeesDirectorsAndServiceMember_ifrs-full_RestrictedShareUnitsMember" id="Fact001641" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,820</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RSUs
granted to employees, directors and service providers:</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001643" name="SMX:DisclosureOfRestrictedStockUnitExplanatory"><p id="xdx_890_ecustom--DisclosureOfRestrictedStockUnitExplanatory_zBdtEJUfrElh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B5_ziUpn9ViFbn6" style="display: none">SCHEDULE
OF RESTRICTED STOCK UNIT</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pn3n3_uShares_c20220101__20221231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember_zTkhDYVkDj1e" title="Number of outstanding, Beginning" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1647">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eifrs-full--NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement_iN_pn3n3_di_uShares_c20220101__20221231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember_z0p45J5OJTn8" title="Number of outstanding, Forfeited" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1659">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pn3n3_uShares_c20230101__20231231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember_zZVPqKlB47A3" title="Number of outstanding, Ending" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_ifrs-full_RestrictedShareUnitsMember_custom_EmployeesDirectorsAndServiceMember" id="Fact001661" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">136</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pn3n3_uShares_c20220101__20221231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesDirectorsAndServiceMember_z9TJpjDSLx81" title="Number of outstanding, Ending" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1663">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric></ix:nonNumeric><p id="xdx_8A9_z9AdQB04SB49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>



<ix:exclude><!-- Field: Page; Sequence: 157; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - SHAREHOLDERS&#8217; EQUITY (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the year ended December 31, 2023, the Company granted <span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_pid_uShares_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesMember_zK73V1REFgS1"><ix:nonFraction name="ifrs-full:DescriptionOfOptionLifeShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_EmployeesMember" id="Fact001664" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,656</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options
                                            to employees and service providers. These grants carry an exercise price of between $<span id="xdx_900_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pid_c20231231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesMember_zr6wmPD70GA2"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2023-12-31_ifrs-full_BottomOfRangeMember_custom_EmployeesMember" id="Fact001665" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">22.71</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
                                            $<span id="xdx_903_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pid_c20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesMember_z8Z7X39FgON2"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2023-12-31_ifrs-full_TopOfRangeMember_custom_EmployeesMember" id="Fact001666" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">88</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            vesting period up to <span id="xdx_90A_ecustom--StockOptionVestingPeriod_dtY_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesMember_zsrniTfs9Dbg" title="Stock option vesting period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmployeesMember" format="ixt-sec:duryear" id="Fact001668" name="SMX:StockOptionVestingPeriod">4</ix:nonNumeric>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years
                                            from the grant date, contractual life of the options under the plan is <span id="xdx_90C_eifrs-full--WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019_dtY_c20230101__20231231_zskmN7tAW7l4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001669" name="ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">5</ix:nonNumeric>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years.
                                            The fair value of the grant at grant date is $<span id="xdx_90B_eifrs-full--WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesMember_zIrGaeDQpbjl"><ix:nonFraction name="ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" contextRef="AsOf2023-12-31_custom_EmployeesMember" id="Fact001670" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">219</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            The related share-based expenses that were recognized in the year ended December 31, 2023,
                                            amounted to $<span id="xdx_90F_eifrs-full--ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_pn3n3_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EmployeesMember_zWyCGAJ4M4hf"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" contextRef="From2023-01-012023-12-31_custom_EmployeesMember" id="Fact001671" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">184</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><br/>
                                            <span style="font-size: 10pt">A summary of the status of the Company&#8217;s Share Option
                                            Plan granted to employees and service providers (including performance-based awards) and
                                            changes during the relevant period ended on that date is presented below:</span></span></p></td></tr></table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001673" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_zkqznwgGHG05" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zaPXBaHdpPMd" style="display: none">SCHEDULE
OF SHARE OPTION GRANTED</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    December 31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    December 31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            options (in thousands)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iS_pn3n3_uShares_c20230101__20231231_zA4kKaVE4xci" title="Number of options outstanding Beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31" id="Fact001675" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">57</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20230101__20231231_zcbju1BkWS6l" title="Weighted average exercise price, outstanding beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31" id="Fact001677" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">44.22</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eifrs-full--NumberOfOutstandingShareOptions_iS_pn3n3_uShares_c20220101__20221231_zvLoLUwg23bj" title="Number of options outstanding Beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-12-31" id="Fact001679" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">73</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_uAUDPShares_c20220101__20221231_zq5RVHFd5QR6" title="Weighted average exercise price, outstanding beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2021-12-31" id="Fact001681" format="ixt:numdotdecimal" decimals="INF" unitRef="AUDPShares">41.85</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pn3n3_uShares_c20230101__20231231_z1d3vIsFYgKj" title="Number of issue of options" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-01to2023-12-31" id="Fact001683" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">38</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pn3n3_uShares_c20220101__20221231_zQheINC4Ojra" title="Number of issue of options" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31" id="Fact001687" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_pid_uAUDPShares_c20220101__20221231_zjL0fP2hES8c" title="Weighted average exercise price, outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31" id="Fact001705" format="ixt:numdotdecimal" decimals="INF" unitRef="AUDPShares">54.25</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    options</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iE_pn3n3_uShares_c20220101__20221231_zM0Rhj3eTO22" title="Number of options, Exercisable" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31" id="Fact001711" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">38</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019_iE_pid_uAUDPShares_c20220101__20221231_zDh9fnAWBnJd" title="Weighted average exercise price, Exercisable" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31" id="Fact001713" format="ixt:numdotdecimal" decimals="INF" unitRef="AUDPShares">43.40</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_z3Z9OsUuaUAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001715" name="ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory_zJk8IrnleQ1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
options to employees and service providers outstanding as of December 31, 2023, are comprised, as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 23.05pt"><span id="xdx_8BF_zPqOMwKjPmaf" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF OPTIONS TO EMPLOYEES OUTSTANDING</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
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                                            as of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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                                            term</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eifrs-full--NumberOfOutstandingShareOptions_iI_pn3n3_uShares_c20231231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--OptionsOutstandingSevenMember_za1dkp81moh9" title="Number of outstanding shares" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31_custom_OptionsOutstandingSevenMember" id="Fact001769" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">7</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eifrs-full--NumberOfOutstandingShareOptions_iI_pn3n3_uShares_c20231231_zMU3RwANv00k" title="Number of outstanding shares" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31" id="Fact001777" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">65</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A1_zzd146N2Nfi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            options issued in 2023, were valued using the Black-Scholes pricing model. The main parameters
                                            which were used are: (1) risk-free rate: <span id="xdx_90F_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zdaIBnyVvnqd"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BlackScholesPricingModelMember_ifrs-full_TopOfRangeMember" id="Fact001780" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.58</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_90E_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zxgBuHbgR6pe"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BlackScholesPricingModelMember_ifrs-full_BottomOfRangeMember" id="Fact001781" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.42</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
                                            (2) expected volatility: <span id="xdx_907_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zOHsPiUwGKx8"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BlackScholesPricingModelMember_ifrs-full_TopOfRangeMember" id="Fact001782" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">78.35</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_908_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zwhNn8S4Gt8d"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BlackScholesPricingModelMember_ifrs-full_BottomOfRangeMember" id="Fact001783" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">73.01</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%:
                                            (3) expected term: up to <span id="xdx_90D_ecustom--DescriptionOfExpectedTermWarrants_dtY_c20230101__20231231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember_zIj4AATCo3x6" title="Expected term"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BlackScholesPricingModelMember" format="ixt-sec:duryear" id="Fact001785" name="SMX:DescriptionOfExpectedTermWarrants">5</ix:nonNumeric>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years;
                                            and (4) expected dividend yield: <span id="xdx_90E_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember_zZl3SUaWaJZ"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_BlackScholesPricingModelMember" id="Fact001786" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            options issued in 2022, were valued using the Black-Scholes pricing model. The main parameters
                                            which were used are: (1) risk-free rate: <span id="xdx_90C_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zzsse4VtfLi6"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_BlackScholesPricingModelMember_ifrs-full_TopOfRangeMember" id="Fact001787" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.09</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_90A_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zwrhecUsMP69"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_BlackScholesPricingModelMember_ifrs-full_BottomOfRangeMember" id="Fact001788" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.68</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
                                            (2) expected volatility: <span id="xdx_909_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zhiOQGJoKTl8"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_BlackScholesPricingModelMember_ifrs-full_BottomOfRangeMember" id="Fact001789" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62.06</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_90D_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zkkykAwHYz6e"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_BlackScholesPricingModelMember_ifrs-full_TopOfRangeMember" id="Fact001790" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85.03</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%:
                                            (3) expected term: up to <span id="xdx_903_ecustom--DescriptionOfExpectedTermWarrants_dtY_c20220101__20221231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember_zpmStCky8PU9" title="Expected term"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_BlackScholesPricingModelMember" format="ixt-sec:duryear" id="Fact001792" name="SMX:DescriptionOfExpectedTermWarrants">5</ix:nonNumeric>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years;
                                            and (4) expected dividend yield: <span id="xdx_909_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_dp_uPure_c20220101__20221231__ifrs-full--MeasurementAxis__custom--BlackScholesPricingModelMember_zueSbN1qAg0l"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2022-01-012022-12-31_custom_BlackScholesPricingModelMember" id="Fact001793" format="ixt:numdotdecimal" decimals="-3" scale="1" unitRef="Pure">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.</span></td></tr></table>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>



<ix:exclude><!-- Field: Page; Sequence: 158; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001795" name="ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfResearchAndDevelopmentExpenseExplanatory_zWatlg7MpBK" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 - <span id="xdx_829_zp0iVzW9tkFf">RESEARCH AND DEVELOPMENT EXPENSES, NET</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001797" name="SMX:DisclosureOfDetailedInformationAboutResearchAndDevelopmentExpenseExplanatory"><p id="xdx_89A_ecustom--DisclosureOfDetailedInformationAboutResearchAndDevelopmentExpenseExplanatory_zfEsdwQZUrU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B5_zlMLokING7R2" style="display: none">SCHEDULE
OF RESEARCH AND DEVELOPMENT EXPENSE</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:SubcontractorsAndConsultants" contextRef="From2023-01-012023-12-31_custom_ResearchAndDevelopmentExpensesMember" id="Fact001803" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">344</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:ResearchExpense" contextRef="From2021-01-012021-12-31_custom_ResearchAndDevelopmentExpensesMember" id="Fact001809" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">252</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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</ix:nonNumeric><p id="xdx_8AC_zwAL69GGR0ih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001839" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zb95mhHYgN03" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 - <span id="xdx_82B_zjXxEpAKU6n5">GENERAL AND ADMINISTRATIVE EXPENSES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001841" name="SMX:DisclosureOfDetailedInformationAboutGeneralAndAdministrativeExpenseExplanatory"><p id="xdx_89A_ecustom--DisclosureOfDetailedInformationAboutGeneralAndAdministrativeExpenseExplanatory_z1rsHMzH9bp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BC_z1OV6kQPSMQh" style="display: none">SCHEDULE
OF GENERAL AND ADMINISTRATIVE EXPENSES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></b></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2023-01-012023-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001875" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2022-01-012022-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001876" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-01-012021-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001877" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByNature" contextRef="From2023-01-012023-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001879" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByNature" contextRef="From2022-01-012022-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001880" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">83</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByNature" contextRef="From2021-01-012021-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001881" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--GeneralAndAdministrativeExpense_iT_pn3n3_hifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--GeneralAndAdministrativeExpensesMember_mtGAAEz4rn_zEYHchAmh0mc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31_custom_GeneralAndAdministrativeExpensesMember" id="Fact001885" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,482</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001887" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfIncomeTaxExplanatory_zJWzgzwpREh4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17 - <span id="xdx_82E_zzylPHN6ijV5">TAXES ON INCOME</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
                                            Company is incorporated and domiciled in Ireland where the applicable tax rate is <span id="xdx_902_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231_z1o2iTtNNTdb"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact001888" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.5</ix:nonFraction>%</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font: normal 10pt Times New Roman, Times, Serif">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Theoretical
                                            tax:</span></td></tr></table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001890" name="SMX:DisclosureOfDetailedInformationAboutComponentsOfIncomeTaxExpenseExplanatory"><p id="xdx_890_ecustom--DisclosureOfDetailedInformationAboutComponentsOfIncomeTaxExpenseExplanatory_zQGoFuZUwTlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B1_z7hNNfGC87vd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">SCHEDULE
OF COMPONENTS OF INCOME TAX EXPENSE</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20230101__20231231_zSm2GPnJD5Ub" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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    <td colspan="2" id="xdx_49C_20220101__20221231_zmzzn5tx2Mb9" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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    <td colspan="2" id="xdx_49A_20210101__20211231_zF3yX29o4kri" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
    of income tax at the statutory rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--ProfitLossBeforeTax_pn3n3_zd1mt4OYNu84" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
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    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact001892" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">20,989</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact001893" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,184</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31" id="Fact001894" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,939</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_pn3n3_maITECOzgxM_zURBdejPy7g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Theoretical
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrecognized
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    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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</ix:nonNumeric><p id="xdx_8AC_zjfbZcrk7IJj" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">As
                                            of December 31, 2023, the Group has estimated carry forward tax losses of approximately <span id="xdx_90C_eifrs-full--TaxEffectOfTaxLosses_pn3n3_c20230101__20231231_z1J2eQnMclRb">$<ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2023-01-01to2023-12-31" id="Fact001916" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,095</ix:nonFraction>
                                            </span></span><span style="font: normal 10pt Times New Roman, Times, Serif">(2022:
                                            <span id="xdx_901_eifrs-full--TaxEffectOfTaxLosses_pn3n3_c20220101__20221231_zdXc4emPw7e">$<ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2022-01-012022-12-31" id="Fact001917" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,106</ix:nonFraction>
                                            </span></span><span style="font: normal 10pt Times New Roman, Times, Serif">2021<span id="xdx_901_eifrs-full--TaxEffectOfTaxLosses_pn3n3_c20210101__20211231_zJlCtaCLBd27">:$<ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2021-01-012021-12-31" id="Fact001918" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,659</ix:nonFraction></span></span><span style="font: normal 10pt Times New Roman, Times, Serif">)
                                            which may be carried forward and offset against taxable income for an indefinite period in
                                            the future. The Group did not recognize deferred tax assets relating to carry forward losses
                                            in the financial statements because their utilization in the foreseeable future is not probable.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 159; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001920" name="ifrs-full:EarningsPerShareExplanatory"><p id="xdx_802_eifrs-full--EarningsPerShareExplanatory_z518OkTWZ7S4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
18 - <span id="xdx_821_zvJK5Qc3Anya">LOSS PER SHARE</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001922" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_893_eifrs-full--DisclosureOfEarningsPerShareExplanatory_ztyoJuw2W8R9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zyNkd3gAGvS7" style="display: none">SCHEDULE
OF LOSS PER SHARE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40D_ecustom--NetIncomeLossAttributableToOwners_pn3n3_zVCFkXUroeO7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
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    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*<span id="xdx_90D_eifrs-full--DilutedEarningsLossPerShare_pid_c20210101__20211231_fKg_____zEfoBK3Mjzwg">(<ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2021-01-012021-12-31" id="Fact001929" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">7.41</ix:nonFraction></span></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eifrs-full--AdjustedWeightedAverageShares_pid_c20230101__20231231_zjNCOYue9nNl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustedWeightedAverageShares" contextRef="From2023-01-01to2023-12-31" id="Fact001930" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,676</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eifrs-full--AdjustedWeightedAverageShares_pid_c20220101__20221231_zDZWzRoq1Yl8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustedWeightedAverageShares" contextRef="From2022-01-012022-12-31" id="Fact001931" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">730</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eifrs-full--AdjustedWeightedAverageShares_pid_c20210101__20211231_zzjhWKfkmQD2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustedWeightedAverageShares" contextRef="From2021-01-012021-12-31" id="Fact001932" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">666</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td id="xdx_F0B_zKThmTiLt2se" style="font-family: Times New Roman, Times, Serif; width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zB4hM0OmEqN4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001933" xml:lang="en-US">Restated
                                            as a result of the SPAC transaction and the reverse share split described in Note 14B(4),
                                            the calculation of the basic and diluted loss per share for all past periods presented have
                                            been adjusted retrospectively based on the new number of shares as derived from the conversion
                                            ratio.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A9_z2zavQqoQYs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001935" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfRelatedPartyExplanatory_zwOj6IoBOOmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
19 - <span id="xdx_829_zPseOlkI5fa6">RELATED PARTIES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
Management Personnel Compensation and other related party transactions and balances:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key management personnel, among others includes board members, CEO and CFO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001937" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zUBJXzmauMP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
totals of remuneration paid to Key Management Personnel and related parties during the years are as follows<b>:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zjk3AwZUz5pl" style="display: none">SCHEDULE
OF KEY MANAGEMENT PERSONNEL</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    Transactions with related parties:</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20220101__20221231_z7nJlBZ9rQI3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--KeyManagementIssuanceOfOptionsToRelatedParty_maKMPCzriq_zlZBf9P4unc3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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</ix:nonNumeric><p id="xdx_8A6_zlA7Xa1CC268" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001978" name="SMX:DisclosureOfDetailedInformationAboutBalanceWithRelatedPartiesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutBalanceWithRelatedPartiesExplanatory_zQzOApmqTCo" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span id="xdx_8BB_zP4OtwEVofn9" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF BALANCE WITH RELATED PARTIES</span></p>

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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eifrs-full--InvestmentsInSubsidiaries_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesMember_z0KjU5xqjWx6" title="Investment in subsidiary" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InvestmentsInSubsidiaries" contextRef="AsOf2022-12-31_ifrs-full_JointVenturesMember" id="Fact002010" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">221</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--BalanceWithRelatedParties_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zUT6YMOuoZD1" title="Total" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="SMX:BalanceWithRelatedParties" contextRef="AsOf2023-12-31_ifrs-full_RelatedPartiesMember" id="Fact002012" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">626</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A5_ziyWylh612Sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 160; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002016" name="ifrs-full:DisclosureOfGovernmentGrantsExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfGovernmentGrantsExplanatory_zRPomJJxZeSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
20 - <span id="xdx_823_zIEV3lGiu6t4">GOVERNMENT GRANTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Government of Israel encourages research and development projects oriented towards products for export or projects which will otherwise
benefit the Israeli economy. This is conducted via the Israel Innovation Authority (IIA), which replaced the former Office of the Chief
Scientist (OCS). The Group has an approved project with the IIA under which it received a total of $<span id="xdx_900_ecustom--ProceedsFromGovernmentGrantsReceived_pn3n3_c20230101__20231231_zqf2WOxU8Uz8" title="Proceeds from government grants received"><ix:nonFraction name="SMX:ProceedsFromGovernmentGrantsReceived" contextRef="From2023-01-01to2023-12-31" id="Fact002018" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">162</ix:nonFraction>
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">in
prior years. The Group is subject to paying <span id="xdx_909_ecustom--PercentageOfRevenue_pid_dp_c20230101__20231231_zzFG4RgHkdn5" title="Percentage of revenue"><ix:nonFraction name="SMX:PercentageOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact002020" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction>%
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">of
its relevant revenues until repayment of the entire grant. As of December 31, 2023, the Group paid an amount of <span id="xdx_90B_ecustom--PaymentsForGovernmentGrants_pn3n3_c20230101__20231231_zESJ2hcxpRG1" title="Payments for government grants"><ix:nonFraction name="SMX:PaymentsForGovernmentGrants" contextRef="From2023-01-01to2023-12-31" id="Fact002022" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span></span><span style="font: normal 10pt Times New Roman, Times, Serif">.
The difference between the consideration received and the liability recognized at inception (present value) was treated as a government
grant according to IAS 20 and recognized as a reimbursement of research expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">Until
October 25, 2023, the interest was calculated at a rate based on 12-month London Interbank Offered Rate, or LIBOR applicable to US Dollar
deposits. However, on October 25, 2023, the IIA published a directive concerning changes in royalties to address the expiration of the
LIBOR. Under such directive, regarding <span id="xdx_90B_ecustom--DescriptiontOfGovernmentGrants_c20231025__20231025_z0kxG1yOEgV8"><ix:nonNumeric contextRef="From2023-10-252023-10-25" id="Fact002023" name="SMX:DescriptiontOfGovernmentGrants">IIA
grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter, as of January 1, 2024 the annual interest will
be calculated at a rate based on 12-month Secured Overnight Financing Rate, the SOFR, or at an alternative rate published by the Bank
of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the annual interest will be the higher of (i) the 12
months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%</ix:nonNumeric></span></span><span style="font: normal 10pt Times New Roman, Times, Serif">.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002025" name="SMX:DisclosureOfDetailedInformationAboutGovernmentGrantsExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutGovernmentGrantsExplanatory_zuWAiV6p2nih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;<span id="xdx_8B6_zQ1eYWQa99Yg" style="display: none">SCHEDULE
OF GOVERNMENT GRANTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20231231_zLqQ39eXg4y3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20221231_zlgEAW3yB7bk" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--CurrentGovernmentGrants_iI_pn3n3_maGGzTVv_zYOVhXDSpmDb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
    term liability at year end</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentGovernmentGrants" contextRef="AsOf2023-12-31" id="Fact002027" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentGovernmentGrants" contextRef="AsOf2022-12-31" id="Fact002028" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--NoncurrentGovernmentGrants_iI_pn3n3_maGGzTVv_zyW4KnJorlfa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
    term liability at year end</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2030">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentGovernmentGrants" contextRef="AsOf2022-12-31" id="Fact002031" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">85</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--GovernmentGrants_iTI_pn3n3_mtGGzTVv_zmF5zFbNpLIe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GovernmentGrants" contextRef="AsOf2023-12-31" id="Fact002033" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GovernmentGrants" contextRef="AsOf2022-12-31" id="Fact002034" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">135</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zhvaDM1ozLv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002036" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_zV6osFHKt9V4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
21 - <span id="xdx_820_zA3ttKARieq8">COMMITMENTS AND CONTINGENT LIABILITIES</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Board&#8217;s ongoing regulatory compliance process, the Board continues to monitor legal and regulatory developments and
their potential impact on the Company. Management is not aware of any contingencies that may have a significant impact on the financial
position of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            January 2015, the Company entered an agreement with Isorad Ltd. (a company wholly owned by
                                            the State of Israel with rights to exclusively commercialize the Soreq Research Center technology
                                            for civilian uses), according to which the Company was granted technological license in return
                                            for future royalties based on <span id="xdx_909_ecustom--PercentageOfRoyalty_iI_pid_dp_c20150131_zAiTPVoSIp9a" title="Percentage of royalty"><ix:nonFraction name="SMX:PercentageOfRoyalty" contextRef="AsOf2015-01-31" id="Fact002038" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.2</ix:nonFraction>%
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            Gross sales by the Company and its affiliates and after 25 years the license becomes royalty-free.
                                            Upon the occurrence of an M&amp;A event (as such event is defined in the agreement to include
                                            mergers, sale of all or substantially all the assets of ours and similar event), in the first
                                            M&amp;A event, the Company is to pay a consideration equal to <span id="xdx_90B_ecustom--ContingentOfConsiderationPercentage_iI_pid_dp_c20150131_znMKa7AdHcej" title="Contingent of consideration percentage"><ix:nonFraction name="SMX:ContingentOfConsiderationPercentage" contextRef="AsOf2015-01-31" id="Fact002040" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            the amount received or transferred and in the second M&amp;A event, a consideration equal
                                            to <span id="xdx_905_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20150131_zc2YCSxLpi1c"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2015-01-31" id="Fact002041" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction>%
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            the amount received or transferred. This will not apply to any future offer of shares, merger
                                            or sale of assets thereafter.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">On
January 2023, the Company signed an amendment to the agreement that determine the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">(1)
for the BCA with Lionheart, Isorad was issued (a) <span id="xdx_906_eifrs-full--NumberOfSharesIssued_iI_pid_c20230131_zDm8IJMWXPyb"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-01-31" id="Fact002042" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">864,000</ix:nonFraction>
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">options
to purchase shares of the Company, the options were issued in January 2023 and valued using the Black-Scholes pricing model. The main
assumptions which were used are: (1) risk-free rate: <span id="xdx_909_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230129__20230131_zUjkdIceSQLi"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-292023-01-31" id="Fact002043" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.42</ix:nonFraction>%</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">;
(2) expected volatility: <span id="xdx_90A_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20230129__20230131_zmcjkq1q6Th3"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-292023-01-31" id="Fact002044" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">81.92</ix:nonFraction>%</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">:
(3) expected term: up to <span id="xdx_901_ecustom--DescriptionOfExpectedExpectedTermOptionsGranted_dtY_c20230129__20230131_zpMxKUpeaYWe" title="Expected term"><ix:nonNumeric contextRef="From2023-01-292023-01-31" format="ixt-sec:duryear" id="Fact002046" name="SMX:DescriptionOfExpectedExpectedTermOptionsGranted">3</ix:nonNumeric>
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">years;
and (4) expected dividend yield: <span id="xdx_908_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_pid_dp_uPure_c20230129__20230131_zbsYgALGc2Hl" title="Expected dividend yield"><ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2023-01-292023-01-31" id="Fact002048" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span><span style="font: normal 10pt Times New Roman, Times, Serif">%;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
fair value of these options was $<span id="xdx_900_ecustom--LicenseIntellectualProperty_iI_pn3n3_c20231231_zZP2wZGzksq7"><ix:nonFraction name="SMX:LicenseIntellectualProperty" contextRef="AsOf2023-12-31" id="Fact002049" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33</ix:nonFraction></span></span>
<span style="font: normal 10pt Times New Roman, Times, Serif">and
recognized as a technology license intellectual property.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 161; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
21 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">(2)
Additionally, Isorad will be entitled to <span id="xdx_902_ecustom--AddtionalEquityFundOfConvertiblePercent_iI_pid_dp_uPure_c20230131_zo9w0ImIPAa4" title="Addtional equity fund of convertible percent"><ix:nonFraction name="SMX:AddtionalEquityFundOfConvertiblePercent" contextRef="AsOf2023-01-31" id="Fact002051" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">of
any amount actually received against equity or other funding convertible into equity at the closing of the transaction and until 13 months
thereafter (to be paid after reaching an aggregated received amount of <span id="xdx_906_eifrs-full--ConsiderationPaidReceived_pn6n6_c20230129__20230131_z3SObQUiDIb1"><ix:nonFraction name="ifrs-full:ConsiderationPaidReceived" contextRef="From2023-01-292023-01-31" id="Fact002052" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">27</ix:nonFraction>
</span></span><span style="font: normal 10pt Times New Roman, Times, Serif">million,
or at the end of such 13 months, the earlier thereof).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">As
of December 31, 2023, based on the funds the Company actually received, the Company recognized a technology license intellectual property
at the amount of $<span id="xdx_907_eifrs-full--ChangesInInvestmentProperty_pn3n3_c20230101__20231231_z4KdxlaNkGD2"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact002053" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123</ix:nonFraction></span></span>
<span style="font: normal 10pt Times New Roman, Times, Serif">against
a liability that reflects the due amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">(3)
Exit fee - in the occurrence of the first M&amp;A event (as such event is defined in such agreement to include mergers, sale of all or
substantially all the assets of the Company and similar event) after the closing of the BCA, the Company is to pay a cash amount equal
to <span id="xdx_900_ecustom--PaymentOfCashPercent_iI_pid_dp_uPure_c20230131_z1R3TW5Rdw0j" title="Payment of cash percent"><ix:nonFraction name="SMX:PaymentOfCashPercent" contextRef="AsOf2023-01-31" id="Fact002055" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction>% </span></span><span style="font: normal 10pt Times New Roman, Times, Serif">of
the amount received or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002057" name="SMX:DisclosureOfFinancialInstrumentAndRiskManagementExplanatory"><p id="xdx_807_ecustom--DisclosureOfFinancialInstrumentAndRiskManagementExplanatory_zrXbW14iD5dk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
22 - <span id="xdx_823_zkO19FT5dxwl">FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002059" name="ifrs-full:DisclosureOfCreditRiskExposureExplanatory"><p id="xdx_896_eifrs-full--DisclosureOfCreditRiskExposureExplanatory_zyZbkSitVu2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
of the Group&#8217;s financial assets and financial liabilities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B1_zAPRatsovFbc" style="display: none">SCHEDULE
OF FINANCIAL ASSETS AND IMPACT OF CREDIT EXPOSURE</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20231231_zlX7DrkFLFlg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20221231_zZarTVYQvJQ" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--DisclosureOfFinancialAssetsAbstract_iB_zoXoY72cLDyi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    assets at amortized cost:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--CashAndCashEquivalents_i01I_hifrs-full--TypesOfRisksAxis__ifrs-full--CreditRiskMember_zxCBY20Igw4j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_ifrs-full_CreditRiskMember" id="Fact002064" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">168</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_ifrs-full_CreditRiskMember" id="Fact002065" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,398</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--OtherCurrentAssets_i01I_hifrs-full--TypesOfRisksAxis__ifrs-full--CreditRiskMember_zbRr19PhBXO5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    current receivables</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2023-12-31_ifrs-full_CreditRiskMember" id="Fact002067" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">424</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2022-12-31_ifrs-full_CreditRiskMember" id="Fact002068" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,673</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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</ix:nonNumeric><p id="xdx_8AE_z3hhYTdgO018" style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002073" name="SMX:DisclosureOfFinancialLiabilitiesRiskManagementExplanatory"><p id="xdx_895_ecustom--DisclosureOfFinancialLiabilitiesRiskManagementExplanatory_za3bYm8kCssi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B1_zFvOw4OKDovc" style="display: none">SCHEDULE
OF FINANCIAL LIABILITIES FAIR VALUE THROUGH PROFIT OR LOSS</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_TradeAndOtherPayablesMember" id="Fact002081" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,487</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40F_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--BridgeLoansMember_zgdDEQ3GnHU5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_BridgeLoansMember" id="Fact002085" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,682</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--PrePaidAdvanceMember_zN8eatBbtjM6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2088">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40D_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__ifrs-full--DerivativesMember_zsqJsLeb0iL3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivatives</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_ifrs-full_DerivativesMember" id="Fact002090" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,143</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2091">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--FinancialLiabilitiesAtFairValueThroughProfitOrLoss_i01I_zeeJNaT1pof4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLoss" contextRef="AsOf2022-12-31" id="Fact002094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,867</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--ConvertiblePromissoryNoteMember_zlgWdJ1Azk3l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    promissory note</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_ConvertiblePromissoryNoteMember" id="Fact002099" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,013</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2100">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__ifrs-full--LeaseLiabilitiesMember_zTi6011Mt8o9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002102" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">649</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2103">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--GovernmentGrantsMember_zl2x2tii84a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Government
    grants</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_GovernmentGrantsMember" id="Fact002105" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2106">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--FinancialLiabilities_i01I_hifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--BorrowingFromRelatedPartiesMember_z935Eei8CHTj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Borrowing
    from related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2108">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2109">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--FinancialLiabilitiesAtAmortisedCost_i01I_znGDODESmNsa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    financial liabilities at amortized cost</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact002111" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,815</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2112">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    financial liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31" id="Fact002114" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,755</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31" id="Fact002115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,867</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zC2irQ3ZiVp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
22 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
risk management objectives</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group&#8217;s activities expose it to a variety of financial risks such as market risks (foreign
                                            currency risk), credit risk and liquidity risk. The Company&#8217;s management oversees the
                                            management of these risks, focusing on the unpredictability of financial markets and seeks
                                            to minimize potential adverse effects on the financial performance of the Group. The Group
                                            uses different methods to monitor different types of risk to which it is exposed. These methods
                                            include sensitivity analysis in the case of foreign exchange, ageing analysis for credit
                                            risk and maturity analysis in respect of liquidity risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices,
which in the group&#8217;s case refers only to foreign currency risk. Financial instruments affected by this risk include, loans and
borrowings and short-term payables and receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
currency risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises
when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the functional currency.
The Group is exposed to foreign exchange risk arising from currency exposure primarily with respect to the NIS and Euro.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group has excess financial liabilities over financial assets in foreign currencies in relation to the NIS ,
AUD ,SGD and EUR totaling approximately $<span id="xdx_904_eifrs-full--IncreaseDecreaseInFinancialAssets_uILS_c20230101__20231231_zpCzTGFjeXyg"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002116" format="ixt:numdotdecimal" decimals="0" unitRef="ILS">1,651</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90E_eifrs-full--IncreaseDecreaseInFinancialAssets_uAUD_c20230101__20231231_z9Z5so2lVV6f"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002117" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">185</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90A_eifrs-full--IncreaseDecreaseInFinancialAssets_uSGD_c20230101__20231231_zECQcfzRqgG6"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002118" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">142</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90D_eifrs-full--IncreaseDecreaseInFinancialAssets_uEuro_c20230101__20231231_zULkMe7fQql5"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002119" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">101</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively (December 31, 2022: approximately $<span id="xdx_901_eifrs-full--IncreaseDecreaseInFinancialAssets_uILS_c20220101__20221231_zCSbuoVIKUad"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2022-01-012022-12-31" id="Fact002120" format="ixt:numdotdecimal" decimals="0" unitRef="ILS">729</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,$<span id="xdx_90A_eifrs-full--IncreaseDecreaseInFinancialAssets_uAUD_c20220101__20221231_z30Gw3OPAMmd"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2022-01-012022-12-31" id="Fact002121" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1265</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_900_eifrs-full--IncreaseDecreaseInFinancialAssets_uSGD_c20220101__20221231_zFSxzD9jQBDd"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2022-01-012022-12-31" id="Fact002122" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_908_eifrs-full--IncreaseDecreaseInFinancialAssets_uEuro_c20220101__20221231_zDYtJeI6frj"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInFinancialAssets" contextRef="From2022-01-012022-12-31" id="Fact002123" format="ixt:numdotdecimal" decimals="0" unitRef="Euro">34</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
currency sensitivity analysis</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table demonstrates the sensitivity test to a reasonably possible change of 10% in EUR and NIS exchange rates against the USD,
with all other variables held constant. The impact on the Group&#8217;s net loss (tax effect is not relevant) and equity is due to changes
in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives.
The Company&#8217;s exposure to foreign currency changes for all other currencies is immaterial<i>.</i></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002125" name="SMX:DisclosureOfSensitivityAnalysisForActuarialAssumptionExplanatory"><p id="xdx_89C_ecustom--DisclosureOfSensitivityAnalysisForActuarialAssumptionExplanatory_zD6Fgrvgf9u2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><i>&#160;<span id="xdx_8B3_ziCUc3gkeFh7" style="display: none">SCHEDULE
OF FOREIGN CURRENCY SENSITIVITY ANALYSIS</span></i></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    in NIS rate</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    on net loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_90D_eifrs-full--TaxRateEffectFromChangeInTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--NISMember_zuUOXsU2BwZd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxRateEffectFromChangeInTaxRate" contextRef="From2023-01-012023-12-31_custom_NISMember" id="Fact002126" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_90A_eifrs-full--NetForeignExchangeLoss_uILS_c20230101__20231231_zkcXelbu02q2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NetForeignExchangeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact002127" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="ILS">165</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eifrs-full--TaxRateEffectFromChangeInTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__custom--NISMember_zx8VLVt4b7R5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxRateEffectFromChangeInTaxRate" contextRef="From2022-01-012022-12-31_custom_NISMember" id="Fact002128" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eifrs-full--NetForeignExchangeLoss_uILS_c20220101__20221231_zJZmWKOgUlbc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NetForeignExchangeLoss" contextRef="From2022-01-012022-12-31" id="Fact002129" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="ILS">73</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in AUD rate</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    on net loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_902_eifrs-full--TaxRateEffectFromChangeInTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--AUDMember_zpvQsnoDaRk3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxRateEffectFromChangeInTaxRate" contextRef="From2023-01-012023-12-31_custom_AUDMember" id="Fact002130" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_902_eifrs-full--NetForeignExchangeLoss_uAUD_c20230101__20231231_zYR521u40EQi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NetForeignExchangeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact002131" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="AUD">19</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eifrs-full--NetForeignExchangeLoss_uAUD_c20220101__20221231_zbHqFBOZiwR1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NetForeignExchangeLoss" contextRef="From2022-01-012022-12-31" id="Fact002133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="AUD">127</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_903_eifrs-full--TaxRateEffectFromChangeInTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--SGDMember_zBDBqvmcLkI2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxRateEffectFromChangeInTaxRate" contextRef="From2023-01-012023-12-31_custom_SGDMember" id="Fact002134" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_903_eifrs-full--NetForeignExchangeLoss_uSGD_c20230101__20231231_zOPnkhTtJh1j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NetForeignExchangeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact002135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="SGD">14</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_909_eifrs-full--TaxRateEffectFromChangeInTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__custom--SGDMember_zzuejg281a91" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxRateEffectFromChangeInTaxRate" contextRef="From2022-01-012022-12-31_custom_SGDMember" id="Fact002136" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90D_eifrs-full--NetForeignExchangeLoss_uSGD_c20220101__20221231_z3MYzkcI0zRa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2137">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_906_eifrs-full--TaxRateEffectFromChangeInTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--EURMember_z0fmWAjNu5xd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxRateEffectFromChangeInTaxRate" contextRef="From2023-01-012023-12-31_custom_EURMember" id="Fact002138" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span id="xdx_900_eifrs-full--NetForeignExchangeLoss_uEuro_c20230101__20231231_z3QtYEnCef85" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NetForeignExchangeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact002139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Euro">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A6_zwyYWxUgMdJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
22 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT.):</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk that a counterparty will not meet its obligations as a customer or under a financial instrument leading to a loss to
the Group. The Group is exposed to credit risk from its operating activity (other receivables and cash balances). The Group&#8217;s main
financial assets are cash and cash equivalents as well as other receivables and their carrying amounts represent the Group&#8217;s maximum
exposure to credit risk. Credit risk from balances with banks and financial institutions is managed by the Group&#8217;s management in
accordance with the Group&#8217;s policy. Wherever possible and commercially practical, the Group holds cash with major financial institutions
in Israel and Australia which the Company&#8217;s management regards as financially solid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled
by delivering cash or another financial asset. The Group has procedures to minimize such loss by maintaining sufficient cash and other
highly liquid current assets and by having available an adequate amount of committed credit facilities. As of the balance sheet date,
the Group has a positive working capital.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables detail the Group&#8217;s remaining contractual maturity for its financial liabilities. The tables have been drawn up
based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
of December 31, 2023</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002143" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><p id="xdx_898_eifrs-full--DisclosureOfFinancialLiabilitiesExplanatory_za2bUTfqdp8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zyZtL2dKAnQ" style="display: none">SCHEDULE
OF UNDISCOUNTED FINANCIAL LIABILITIES</span></span></p>

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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--NotLaterThanOneToTwoYearMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--TradeAndOtherPayablesMember_zhuRoTSHZGF2" title="Financial liabilities at amortized cost" style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2147">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--NotLaterThanThreeToFourYearMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--TradeAndOtherPayablesMember_zpmcaMDrzrQ" title="Financial liabilities at amortized cost" style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2151">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--FinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--TradeAndOtherPayableMember__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsAndNotLaterThanSevenYearsMember_zTjbTc2n6ABg" title="Financial liabilities at amortized cost" style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_TradeAndOtherPayableMember_ifrs-full_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" id="Fact002283" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,622</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bridge
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--FinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--NotLaterThanOneToTwoYearMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--BridgeLoansMember_zrUuZsUGNaqg" title="Financial liabilities at amortized cost" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_NotLaterThanOneToTwoYearMember_custom_BridgeLoansMember" id="Fact002287" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eifrs-full--FinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--BridgeLoansMember__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsAndNotLaterThanSevenYearsMember_ztZxJ2Alxuvd" title="Financial liabilities at amortized cost" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_BridgeLoansMember_ifrs-full_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" id="Fact002297" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 164; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 90%"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$
in thousands)</b></span></p>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></td></tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>
</ix:nonNumeric><p id="xdx_8A4_zteGkcT8rpy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002355" name="ifrs-full:DisclosureOfFairValueMeasurementExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_zDXb600wXHSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
23 - <span id="xdx_82B_zUulvUbnl8L5">FAIR VALUE MEASUREMENT</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
value hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables detail the consolidated entity&#8217;s assets and liabilities, measured or disclosed at fair value, using a three-level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs for the asset or liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002357" name="ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory_zQpibflnrFMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B0_z7OdxCIc4015" style="display: none">SCHEDULE
OF UNOBSERVABLE FOR ASSETS OR LIABILITY</span></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eifrs-full--DerivativeFinancialLiabilities_iI_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level2OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zB4GVjsa1x8" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2361">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--DerivativeFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zLf9hSSzkMXe" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_ifrs-full_DerivativesMember" id="Fact002363" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,707</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eifrs-full--DerivativeFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_z7qWbGfWngs5" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2023-12-31_ifrs-full_DerivativesMember67945625" id="Fact002365" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,707</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tradable
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--ConvertiblePromissoryNote_iI_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level1OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zLeakSlKjT9k" title="Convertible promissory note" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:ConvertiblePromissoryNote" contextRef="AsOf2023-12-31_ifrs-full_Level1OfFairValueHierarchyMember_ifrs-full_DerivativesMember" id="Fact002367" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--ConvertiblePromissoryNote_iI_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level2OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zHdtffg0HRE2" title="Convertible promissory note" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2369">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_ecustom--ConvertiblePromissoryNote_iI_pn3n3_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zkhqtsCEYGw" title="Convertible promissory note" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2371">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_ecustom--ConvertiblePromissoryNote_iI_pn3n3_c20231231__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zJaDL1Fln2ld" title="Convertible promissory note" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="SMX:ConvertiblePromissoryNote" contextRef="AsOf2023-12-31_ifrs-full_DerivativesMember67945625" id="Fact002373" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eifrs-full--DerivativeFinancialLiabilities_iI_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level1OfFairValueHierarchyMember_zCbUvKh4hgd3" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2023-12-31_ifrs-full_Level1OfFairValueHierarchyMember" id="Fact002375" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--DerivativeFinancialLiabilities_iI_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level2OfFairValueHierarchyMember_zjQSjk438Yd2" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2377">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eifrs-full--DerivativeFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember_z0RrDUwKNSU5" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember" id="Fact002379" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,707</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eifrs-full--DerivativeFinancialLiabilities_iI_c20231231_zob6GekGBYW3" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2023-12-31" id="Fact002381" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,709</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eifrs-full--DerivativeFinancialLiabilities_iI_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level1OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zCp8Fh7ln6Ld" title="Derivative financial liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2383">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--DerivativeFinancialLiabilities_iI_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level2OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_z5jfwoUJMK5a" title="Derivative financial liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2385">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--DerivativeFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zn5saTAsvVMb" title="Derivative financial liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_ifrs-full_DerivativesMember" id="Fact002387" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eifrs-full--DerivativeFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfLiabilitiesAxis__ifrs-full--DerivativesMember_zGynPthVCgi2" title="Derivative financial liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2022-12-31_ifrs-full_DerivativesMember67945843" id="Fact002389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eifrs-full--DerivativeFinancialLiabilities_iI_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level1OfFairValueHierarchyMember_zyddWTz72NU" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2391">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eifrs-full--DerivativeFinancialLiabilities_iI_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level2OfFairValueHierarchyMember_zr7Z2pas8VBc" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2393">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--DerivativeFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember_zNrGuubIVqFd" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember" id="Fact002395" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eifrs-full--DerivativeFinancialLiabilities_iI_c20221231_zKZzpKu3cgDc" title="Derivative financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilities" contextRef="AsOf2022-12-31" id="Fact002397" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zUdeO9gOw0F3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002399" name="ifrs-full:DisclosureOfNonadjustingEventsAfterReportingPeriodExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfNonadjustingEventsAfterReportingPeriodExplanatory_zhz231e8gfAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
24 - <span id="xdx_820_z6cK2qdG4cM3">SUBSEQUENT EVENTS</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the reporting date the following significant events have occurred:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            financial statements were authorized for issuance on April 19, 2024.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            January 12, 2024, the Company announced that it entered into a $<span id="xdx_90C_eifrs-full--ContractualCapitalCommitments_iI_pn6n6_c20240112__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zXQdU4MagpO2"><ix:nonFraction name="ifrs-full:ContractualCapitalCommitments" contextRef="AsOf2024-01-12_custom_UnderwritingAgreementMember_custom_NonadjustingEventMember" id="Fact002400" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
                                            contract with R&amp;I Trading of New York. This project, spearheaded by the SMX team, will
                                            deploy SMX&#8217;s technology to enhance supply chain transparency with respect to a NATO
                                            government member state and with the expectation of expanding to further NATO government
                                            member states.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            January 2024, pursuant to the inducement letter described in note 14(3), the holders of the
                                            new <span id="xdx_90A_ecustom--NumberOfWarrants_c20240101__20240131__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zlEjTuurMaIb" title="Number of warrants"><ix:nonFraction name="SMX:NumberOfWarrants" contextRef="From2024-01-012024-01-31_custom_NonadjustingEventMember" id="Fact002402" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">909,090</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants
                                            exercised <span id="xdx_900_ecustom--WarrantsExercised_c20240101__20240131__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zbmxNvUQdIhb" title="Warrants exercised"><ix:nonFraction name="SMX:WarrantsExercised" contextRef="From2024-01-012024-01-31_custom_NonadjustingEventMember" id="Fact002404" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">454,544</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants
                                            for an aggregate of <span id="xdx_902_ecustom--AggregateOrdinaryShares_c20240101__20240131__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z8GlMXYAqlt2" title="Aggregate ordinary shares"><ix:nonFraction name="SMX:AggregateOrdinaryShares" contextRef="From2024-01-012024-01-31_custom_NonadjustingEventMember" id="Fact002406" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">454,544</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
                                            Shares.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            February 2024, the Company entered into a Letter Agreement with Yorkville dated February
                                            1, 2024 (the &#8220;Letter Agreement&#8221;), which amends the SEPA. Pursuant to the Letter
                                            Agreement, the Company agreed to make payments to Yorkville, which may include proceeds of
                                            Advances under the SEPA, to repay the amounts outstanding under the Pre-Paid Advance plus
                                            payment premium. The Company agreed to pay a fee to Yorkville equal to $<span id="xdx_907_ecustom--PaymentForFee_iI_pn6n6_c20240229__ifrs-full--TypesOfContractsAxis__custom--LetterAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zzDpPOUISX5i"><ix:nonFraction name="SMX:PaymentForFee" contextRef="AsOf2024-02-29_custom_LetterAgreementMember_custom_NonadjustingEventMember" id="Fact002407" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">200</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Company further agreed to issue to Yorkville a 5-year warrant to purchase <span id="xdx_902_ecustom--WarrantShares_iI_pid_c20240229__ifrs-full--TypesOfContractsAxis__custom--LetterAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zRG5P8BY2MMj"><ix:nonFraction name="SMX:WarrantShares" contextRef="AsOf2024-02-29_custom_LetterAgreementMember_custom_NonadjustingEventMember" id="Fact002408" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif">ordinary shares of
                                            the Company at an exercise price of $<span id="xdx_906_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20240201__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfContractsAxis__custom--LetterAgreementMember_zVnYyKbwLls8"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2024-02-012024-02-29_custom_NonadjustingEventMember_custom_LetterAgreementMember" id="Fact002409" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0022</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif">per share.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            February 20, 2024, the Company closed an underwritten public offering of <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_pid_c20240220__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_ziy0ZHiqz448"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-02-20_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_NonadjustingEventMember" id="Fact002410" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,124,666</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
                                            Shares at a subscription price per share of $<span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pid_c20240220__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zgjPIFJzXEll"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2024-02-20_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_NonadjustingEventMember" id="Fact002411" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.24</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            Pre-Funded Warrants convertible on a <span id="xdx_909_ecustom--PreFundedWarrantsConvertibleDescription_pid_c20240220__20240220__ifrs-full--TypesOfContractsAxis__custom--UnderwritingAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zmSXarutWCXe" title="Pre funded warrants convertible description"><ix:nonNumeric contextRef="From2024-02-202024-02-20_custom_UnderwritingAgreementMember_ifrs-full_OrdinarySharesMember_custom_NonadjustingEventMember" id="Fact002413" name="SMX:PreFundedWarrantsConvertibleDescription">1-for-1
                                            basis</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">into
                                            Ordinary Shares, at a price per Pre-Funded Warrant of $<span id="xdx_901_ecustom--WarrantExercisePriceShare_pid_c20240220__20240220__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zzs7hqjq7Gri" title="Warrant exercise price share"><ix:nonFraction name="SMX:WarrantExercisePriceShare" contextRef="From2024-02-202024-02-20_custom_NonadjustingEventMember" id="Fact002415" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.2378</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            The gross proceeds was approximately $<span id="xdx_908_eifrs-full--FeeAndCommissionIncome_pn5n6_c20240220__20240220__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zAbNfRtlUOVe"><ix:nonFraction name="ifrs-full:FeeAndCommissionIncome" contextRef="From2024-02-202024-02-20_custom_NonadjustingEventMember" id="Fact002416" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
                                            prior to deducting underwriting discounts and commissions and offering expenses payable by
                                            the Company. The net proceeds to the Company upon the closing of the offering, after deducting
                                            the underwriting commissions and estimated offering expenses payable by the Company, were
                                            approximately $<span id="xdx_906_ecustom--OfferingExpensesPayable_pn4n6_c20240220__20240220__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zx9A8j9rdaNb" title="Offering expenses payable"><ix:nonFraction name="SMX:OfferingExpensesPayable" contextRef="From2024-02-202024-02-20_custom_NonadjustingEventMember" id="Fact002418" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">2.66</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            February 28, 2024, in connection with a private placement binding term sheet, the Company
                                            issued <span id="xdx_900_ecustom--ConvertibleSecurityToInvestorDescription_c20240201__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z0yknxZNPu0f" title="Convertible security to investor, description"><ix:nonNumeric contextRef="From2024-02-012024-02-29_custom_NonadjustingEventMember" id="Fact002420" name="SMX:ConvertibleSecurityToInvestorDescription">(i) a convertible security to an investor relating to a loan in the principal amount
                                            of $<span id="xdx_90B_eifrs-full--IssueOfConvertibleInstruments_pn3n3_c20240201__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zOzGSddEGHhl" title="Aggregate amount of convertible instruments issued"><ix:nonFraction name="ifrs-full:IssueOfConvertibleInstruments" contextRef="From2024-02-012024-02-29_custom_NonadjustingEventMember" id="Fact002422" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">407</ix:nonFraction></span> and (ii) 100,000 warrants to the investor.</ix:nonNumeric></span> The warrants have an exercise price of
                                            $<span id="xdx_902_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_c20240201__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zj0C02kdbp7j" title="Exercise price of share"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2024-02-012024-02-29_custom_NonadjustingEventMember" id="Fact002424" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.5</ix:nonFraction></span> per share. The net proceeds to the Company upon the closing of the private placement
                                            was $<span id="xdx_90A_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20240201__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zicaYugBMPI5" title="Net proceeds from private placement"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2024-02-012024-02-29_custom_NonadjustingEventMember" id="Fact002426" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">350</ix:nonFraction></span>.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">7.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            February 29, 2024, the Company&#8217;s Board of Directors approved a grant of <span id="xdx_90F_ecustom--RestrictedStockUnitShares_pid_c20240229__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zILmckgf48Cc"><ix:nonFraction name="SMX:RestrictedStockUnitShares" contextRef="From2024-02-292024-02-29_custom_NonadjustingEventMember" id="Fact002427" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif">RSUs to an officer,
                                            directors and service providers under the 2022 Incentive Equity Plan. As of the date of these
                                            Financial Statements <span id="xdx_900_ecustom--RestrictedStockUnitVestedShares_pid_c20240229__20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zDpJ6791iO1j"><ix:nonFraction name="SMX:RestrictedStockUnitVestedShares" contextRef="From2024-02-292024-02-29_custom_NonadjustingEventMember" id="Fact002428" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">166,667</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif">of the RSUs are vested.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">8.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            March 4, 2024, the Company&#8217;s Board of Directors approved the issuance of <span id="xdx_906_ecustom--ConvertibleNotesConveredIntoOrdinaryShares_iI_pid_c20240304__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--BoardOfDirectorMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_za72vkwMGyIl"><ix:nonFraction name="SMX:ConvertibleNotesConveredIntoOrdinaryShares" contextRef="AsOf2024-03-04_ifrs-full_OrdinarySharesMember_custom_BoardOfDirectorMember_custom_NonadjustingEventMember" id="Fact002429" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif">ordinary shares to
                                            a service provider in connection with certain investor relations services.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">9.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                                                                                                            April 11, 2024 the Company entered into a Securities Purchase Agreement and issued and sold to an institutional investor a
                                                                                                                            promissory note and warrants, for gross proceeds of approximately US$<span id="xdx_902_ecustom--PromissoryNote_iI_pn5n6_c20240411__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z0ae4xhnoUJf"><ix:nonFraction name="SMX:PromissoryNote" contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact002430" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">million,
                                                                                                                            before deducting fees and other offering expenses payable by the Company. The Note is in the principal amount of $<span id="xdx_902_ecustom--PrincipalAmount_iI_c20240411__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z8FpUAtep8Ih"><ix:nonFraction name="SMX:PrincipalAmount" contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact002431" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,250</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">.
                                                                                                                            The actual amount loaned by the Investor pursuant to the Note is approximately $<span id="xdx_90B_eifrs-full--BorrowingCostsIncurred_pn3n3_c20240411__20240411__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zF8aNgKoRIqa"><ix:nonFraction name="ifrs-full:BorrowingCostsIncurred" contextRef="From2024-04-112024-04-11_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember_ifrs-full_OrdinarySharesMember" id="Fact002432" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2.0</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">million
                                                                                                                            after a <span id="xdx_903_ecustom--OriginalIssueDiscount_iI_pid_dp_c20240411__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zkyFfE6hc7th" title="Original issue discount"><ix:nonFraction name="SMX:OriginalIssueDiscount" contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact002434" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>% </span></span><span style="font-family: Times New Roman, Times, Serif">original
                                                                                                                            issue discount. The maturity date of the Note is the 12-month anniversary of the Effective Date, and is the date upon which the
                                                                                                                            Principal Amount, as well as any accrued and unpaid interest and other fees, shall be due and payable. Interest accrues in the
                                                                                                                            amount of <span id="xdx_908_ecustom--InterestAccruedPercent_iI_pid_dp_c20240411__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5ngU9mOBBC3" title="Interest accrued percent"><ix:nonFraction name="SMX:InterestAccruedPercent" contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact002436" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>% </span></span><span style="font-family: Times New Roman, Times, Serif">per
                                                                                                                            year. In addition, the Warrant, for <span id="xdx_90D_ecustom--WarrantTerm_iI_c20240411__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zGT8be6VDr7b" title="Warrant term"><ix:nonNumeric contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" format="ixt-sec:durwordsen" id="Fact002438" name="SMX:WarrantTerm">5 years</ix:nonNumeric></span> period and for <span id="xdx_903_ecustom--ConvertibleNotesConveredIntoOrdinaryShares_iI_pid_c20240411__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zRa6VyU153z1"><ix:nonFraction name="SMX:ConvertibleNotesConveredIntoOrdinaryShares" contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact002439" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,825,508</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">Ordinary
                                                                                                                            Shares, has an exercise price of $$<span id="xdx_908_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pid_c20240411__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zIN7qO4w2Hn7"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2024-04-11_ifrs-full_OrdinarySharesMember_custom_SecuritiesPurchaseAgreementMember_custom_NonadjustingEventMember" id="Fact002440" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.157</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">per
                                                                                                                            share, subject to customary adjustments and limitations as described in the agreement. Furthermore, as a further inducement of the
                                                                                                                            Company for the Investor to enter into the transaction, the Company entered into a Warrant Amendment and Inducement Letter with the
                                                                                                                            Investor, with respect to its outstanding &#8220;B&#8221; warrants of the Company (the &#8220;Existing Warrant&#8221;) to purchase <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantBMember_zjIKSZXlu2Q8"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantBMember" id="Fact002441" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,367</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">Ordinary
                                                                                                                            Shares. The Existing Warrant was issued to the Investor as of September 6, 2023 and had a fixed exercise price of $<span id="xdx_90C_ecustom--ConversionPrice_pid_c20230906__20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember_z7dnAMvWcw0f" title="Conversion price"><ix:nonFraction name="SMX:ConversionPrice" contextRef="From2023-09-062023-09-06_custom_SecuritiesPurchaseAgreementMember" id="Fact002443" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.6378</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">per
                                                                                                                            share. Pursuant to the Inducement Letter, the Investor agreed to exercise for cash the Existing Warrant in full at a reduced
                                                                                                                            exercise price of $<span id="xdx_902_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--WarrantAMember_zUkt5hQqHaN" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_custom_WarrantAMember" id="Fact002445" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0022</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif">per
                                                                                                                            share, or approximately $<span id="xdx_905_ecustom--WarrantsExercisePricePerShare_iI_pid_c20230906__ifrs-full--TypesOfContractsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantsMember_zKuKgOAXt2ze" title="Warrants exercise price per share"><ix:nonFraction name="SMX:WarrantsExercisePricePerShare" contextRef="AsOf2023-09-06_custom_SecuritiesPurchaseAgreementMember_ifrs-full_WarrantsMember" id="Fact002447" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif">,
                                                                                                                            see also note 8(c).</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            April 19, 2024, the Company entered into a Stock Purchase Agreement (the &#8220;SPA&#8221;)
                                            with an institutional investor, pursuant to which the investor has committed to purchase
                                            from time to time from the Company, up to $<span id="xdx_909_eifrs-full--NotionalAmount_iI_pn3n3_c20240419__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zuXMOkJEHvS"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2024-04-19_custom_StockPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact002448" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,000</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            the Company&#8217;s ordinary shares, subject to the terms and conditions specified in the
                                            SPA. Subject to the terms and conditions of the SPA, the Company has the right from time
                                            to time at its discretion, any time after the three month anniversary of the shares underlying
                                            the SPA being registered for resale pursuant to the Registration Rights Agreement referred
                                            to below, to direct Alpha to purchase a specified amount of the Company&#8217;s ordinary
                                            shares (each such sale, a &#8220;Put&#8221;) by delivering written notice to Alpha (each,
                                            a &#8220;Put Notice&#8221;). <span id="xdx_904_ecustom--StockHoldersEquityDescription_c20240419__20240419__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_z6kwODN0xZqd" title="Stock purchase agreement description"><ix:nonNumeric contextRef="From2024-04-192024-04-19_custom_StockPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact002450" name="SMX:StockHoldersEquityDescription">There is a $20 mandatory minimum amount for any Put and it may
                                            not exceed $500 in any consecutive 30-day period, subject to a volume threshold equal to
                                            the quotient of (a) the number of ordinary shares requested by the Company in a Put Notice
                                            divided by (b) 0.30. The ordinary shares will be purchased at a price equal to: (a) 95%
                                            of the lowest daily traded price of the Company&#8217;s ordinary shares during the five trading
                                            day valuation period (provided that it shall not be less than a Company-specified minimum
                                            acceptable price) (&#8220;Market Price&#8221;), if the market price of the ordinary shares
                                            is over $1.00; (b) 90% of the Market Price, if the market price of the ordinary shares is
                                            between $0.80 and $1.00: (c) 85% of the Market Price, if the market price of the ordinary
                                            shares is between $0.60 and $0.80; (d) 80% of the Market Price, if the market price of the
                                            ordinary shares is between $0.40 and $0.60; (e) 75% of the Market Price, if the market price
                                            of the ordinary shares is between $0.20 and $0.40; and (f) 50% of the Market Price, if the
                                            market price of the ordinary shares is below $0.20. The SPA contains restrictions on the
                                            Company&#8217;s ability to enter into any Variable Rate Transaction (as defined in the SPA),
                                            as described in the SPA.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
obligations of the investor to accept any Put pursuant to a Put Notice is subject to customary conditions, including that it is not required
to purchase any ordinary shares pursuant to a Put if it would result in it beneficially owning in excess of <span id="xdx_905_ecustom--PurchasePricePercentage_iI_pid_dp_uPure_c20240419__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zXYHuGWqUXf7" title="Purchase price, percentage"><ix:nonFraction name="SMX:PurchasePricePercentage" contextRef="AsOf2024-04-19_custom_StockPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact002452" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.99</ix:nonFraction></span>% of the Company&#8217;s
ordinary shares, and that the ordinary shares subject to the Put be registered for resale. The Company agreed to pay a commitment fee
to the investor equal to <span id="xdx_90B_ecustom--CommitmentFeePercentage_iI_pid_dp_uPure_c20240419__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zN6oDoOCbSih" title="Commitment fee, percentage"><ix:nonFraction name="SMX:CommitmentFeePercentage" contextRef="AsOf2024-04-19_custom_StockPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact002454" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>% of the commitment amount, payable in shares, or <span id="xdx_905_ecustom--ShareIssued_iI_c20240419__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zysG9dg0aHa5" title="Number of shares"><ix:nonFraction name="SMX:ShareIssued" contextRef="AsOf2024-04-19_custom_StockPurchaseAgreementMember_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact002456" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,725,621</ix:nonFraction></span> ordinary shares (the &#8220;Commitment Shares&#8221;)
and which are subject to a three month lock-up.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA will automatically terminate on the earliest to occur of (a) the first day of the month next following the 36-month anniversary of
the date of the SPA or (ii) the date on which the investor shall have made payment of Puts pursuant to the SPA for ordinary shares equal
to $<span id="xdx_90C_ecustom--OrdinaryShares_iI_pid_c20240419__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zd9jLltGLN4b" title="Ordinary shares"><ix:nonFraction name="SMX:OrdinaryShares" contextRef="AsOf2024-04-19_custom_NonadjustingEventMember" id="Fact002458" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The Company has the right to terminate the SPA at no cost or penalty upon five (5) trading days&#8217; prior written notice to the investor,
provided that there are no outstanding Put Notices for which ordinary shares need to be issued and the Company has paid all amounts owed
to the investor pursuant to the SPA and any indebtedness the Company otherwise owes to the investor or its affiliates. The Company and
the investor may also agree to terminate the SPA by mutual written consent.</span></p>
</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of the date of publication of these financial statements, the Company&#8217;s institutional
                                            investor has converted all of the principal of the convertible promissory note into an aggregate
                                            of <span id="xdx_908_ecustom--ConvertibleNotesConveredIntoOrdinaryShares_iI_pid_c20240112__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--ComponentsOfEquityAxis__ifrs-full--WarrantReserveMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zyhGAPJ4LQsh"><ix:nonFraction name="SMX:ConvertibleNotesConveredIntoOrdinaryShares" contextRef="AsOf2024-01-12_ifrs-full_OrdinarySharesMember_ifrs-full_WarrantReserveMember_custom_NonadjustingEventMember" id="Fact002459" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,377</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
                                            Shares and exercised the Warrant A and Warrant B for <span id="xdx_901_ecustom--ConvertibleNotesConveredIntoOrdinaryShares_iI_pid_c20240112__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zLBztBnLp6Ma"><ix:nonFraction name="SMX:ConvertibleNotesConveredIntoOrdinaryShares" contextRef="AsOf2024-01-12_ifrs-full_OrdinarySharesMember_custom_NonadjustingEventMember" id="Fact002460" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,789,264</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            <span id="xdx_900_ecustom--ConvertibleNotesConveredIntoOrdinaryShares_iI_pid_c20240112__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantBMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zH3hHoIimcZ9"><ix:nonFraction name="SMX:ConvertibleNotesConveredIntoOrdinaryShares" contextRef="AsOf2024-01-12_custom_WarrantBMember_custom_NonadjustingEventMember" id="Fact002461" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,619,367</ix:nonFraction>
                                            </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
                                            Shares, respectively, see also note 8(c).</span></td></tr></table>

</ix:nonNumeric><p id="xdx_815_zKYli3Ooln36" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 4296405}]
{"company-data": {"conformed-name": "SMX (Security Matters) Public Ltd Co", "cik": "0001940674", "assigned-sic": "3590", "organization-name": "06 Technology", "irs-number": "000000000", "state-of-incorporation": "L2", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41639", "film-number": "24898509"}, "business-address": {"street1": "MESPIL BUSINESS CENTRE, MESPIL HOUSE", "street2": "SUSSEX ROAD", "city": "DUBLIN 4", "state": "L2", "zip": "D04 T4A6", "phone": "353 1 920 1000"}, "mail-address": {"street1": "MESPIL BUSINESS CENTRE, MESPIL HOUSE", "street2": "SUSSEX ROAD", "city": "DUBLIN 4", "state": "L2", "zip": "D04 T4A6"}, "former-company": {"former-conformed-name": "Empatan Public Ltd Co", "date-changed": "20220801"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
    the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
    the transition period from __________ to __________
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
    of event requiring this shell company report:
Commission
File Number:
001-41639
SMX
(Security Matters) Public Limited Company
(Exact
name of Registrant as specified in its charter)
Not
    applicable
Ireland
(Translation
    of Registrant's name into English)
(Jurisdiction
    of incorporation or organization)
Mespil
Business Centre
Mespil
House
,
Sussex Road
Dublin
4
,
Ireland
,
D04 T4A6
+353-1-920-1000
(Address
of principal executive offices)
Haggai
Alon
haggai@securitymattersltd.com
Mespil
Business Centre
Mespil
House
,
Sussex Road
Dublin
4
,
Ireland
,
D04 T4A6
Tel:
+353-1
-
920-1000
(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act
:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
Ordinary
    Shares, with a nominal value of $0.0022 per share
SMX
Nasdaq
Stock Market LLC
Warrants,
    each exercisable for one Ordinary Share at an exercise price of $253.00 per share
SMXWW
Nasdaq
Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period
covered by the annual report: On December 31, 2023, the issuer had
10,242,706
Ordinary Shares, with a par value of $0.0022 per
share,
284,091
public warrants, and
25,000
Deferred Shares, EURO 1 par value, outstanding.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†The
term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting over Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
US
    GAAP ☐
International Financial Reporting Standards
as issued ☒
Other
    ☐
by
    the International Accounting Standards Board ®
If
"Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant
has elected to follow. Item 17 ☐ Item 18 ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No
☒
TABLE
OF CONTENTS
GENERAL
    INFORMATION
1
CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS
1
PART
    I
3
ITEM
    1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS
3
A.
    Directors and Senior Management
3
B.
    Advisors
3
C.
    Auditors
3
ITEM
    2. OFFER STATISTICS AND EXPECTED TIMETABLE
3
A.
    Offer Statistics
3
B.
    Method and Expected Timetable
3
ITEM
    3. KEY INFORMATION
3
A.
    [Reserved]
3
B.
    Capitalization and Indebtedness
3
C.
    Reasons for the Offer and Use of Proceeds
3
D.
    Risk Factors
3
ITEM
    4. INFORMATION OF THE COMPANY
28
A.
    History and Development of the Company
28
B.
    Business Overview
29
C.
    Organizational Structure
44
D.
    Property, Plants and Equipment
44
ITEM
    4A. UNRESOLVED STAFF COMMENTS
44
ITEM
    5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
44
A.
    Operating Results
47
B.
    Liquidity and Capital Resources
52
C.
    Research and Development, Patents and Licenses, Etc.
59
D.
    Trend Information
71
E.
    Critical Accounting Policies and Estimates
71
ITEM
    6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
72
A.
    Directors and Executive Officers
72
B.
    Compensation
79
C.
    Board Practices
80
D.
    Employees
82
E.
    Share Ownership
83
F.
    Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
83
ITEM
    7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
83
A.
    Major Shareholders
83
B.
    Related Party Transactions
84
i
C.
    Interests of Experts and Counsel
88
ITEM
    8. FINANCIAL INFORMATION
88
A.
    Consolidated Statements and Other Financial Information
88
B.
    Significant Changes
89
ITEM
    9. THE OFFER AND LISTING
94
A.
    Offer and Listing Details
94
B.
    Plan of Distribution
94
C.
    Markets
94
D.
    Selling Shareholders
94
E.
    Dilution
95
F.
    Expenses of the Issue
95
ITEM
    10. ADDITIONAL INFORMATION
95
A.
    Share Capital
95
B.
    Memorandum and Articles of Association
95
C.
    Material Contracts
95
D.
    Exchange Controls
95
E.
    Taxation
96
F.
    Dividends and Paying Agents
106
G.
    Statement by Experts
106
H.
    Documents on Display
106
I.
    Subsidiary Information
107
ITEM
    11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
107
ITEM
    12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
108
A.
    Debt Securities
108
B.
    Warrants and Rights
108
C.
    Other Securities
108
D.
    American Depositary Shares
108
PART
    II
108
ITEM
    13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
108
ITEM
    14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
108
ITEM
    15. CONTROLS AND PROCEDURES
108
A.
    Disclosure Controls and Procedures
108
B.
    Management's Annual Report on Internal Control Over Financial Reporting
108
C.
    Attestation Report of the Registered Public Accounting Firm
109
D.
    Changes in Internal Control Over Financial Reporting
109
ITEM
    16. [RESERVED]
109
ITEM
    16A. AUDIT COMMITTEE FINANCIAL EXPERT
109
ITEM
    16B. CODE OF ETHICS
109
ITEM
    16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
109
ITEM
    16D. EXEMPTIONS FROM THE LISTING STANDARD FOR AUDIT COMMITTEES
110
ITEM
    16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASER
110
ITEM
    16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
110
ITEM
    16G. CORPORATE GOVERNANCE
110
ITEM
    16H. MINE SAFETY DISCLOSURE
112
ITEM
    16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
112
ITEM
    16J. INSIDER TRADING POLICIES
112
ITEM 16K. CYBERSECURITY
112
PART
    III
112
ITEM
    17. FINANCIAL STATEMENTS
112
ITEM
    18. FINANCIAL STATEMENTS
112
ITEM
    19. EXHIBITS
113
EXHIBIT
    INDEX
113
ii
GENERAL
INFORMATION
Unless
context otherwise requires, all references in this Annual Report on Form 20-F to the "Company," "we," "us"
and "our" refer to SMX (Security Matters) Public Limited Company and, where appropriate, its consolidated subsidiaries.
This
Annual Report includes trademarks, tradenames and service marks, certain of which belong to us and others that are the property of other
organizations. Solely for convenience, trademarks, tradenames and service marks referred to in this Annual Report appear without the
®
,
™
and SM symbols, but the absence of those symbols is not intended to indicate, in any way, that we
will not assert our rights or that the applicable owner will not assert its rights to these trademarks, tradenames and service marks
to the fullest extent under applicable law. We do not intend our use or display of other parties' trademarks, trade names or service
marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by,
these other parties.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Annual Report on Form 20-F (including information incorporated by reference herein, the "Report") contains or may contain
forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve significant risks and uncertainties.
All statements other than statements of historical facts are forward-looking statements. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not
historical facts. Forward-looking statements reflect the Company's current views with respect to, among other things, its capital
resources, performance and results of operations. Likewise, all of the Company's statements regarding anticipated growth in operations,
anticipated market conditions, demographics and results of operations are forward-looking statements. Words such as "outlook,"
"believes," "expects," "potential," "continues," "may," "will,"
"should," "could," "seeks," "approximately," "predicts," "intends,"
"plans," "estimates," "anticipates" or the negative version of these words or variations of such
words and similar expressions are intended to identify the forward-looking statements. Forward-looking statements in this Report and
in any document incorporated by reference in this Report may include, for example, statements about:
●
the
    Company's financial performance;
●
the
    ability to obtain or maintain the listing of the Ordinary Shares on Nasdaq;
●
changes
    in the Company's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects
    and plans;
●
the
    Company's
ability to develop and launch new
    products and services;
●
the
    Company's ability to successfully and efficiently integrate future expansion plans and opportunities;
●
the
    Company's ability to grow its business in a cost-effective manner;
●
the
    Company's product development timeline and estimated research and development costs;
●
the
    implementation, market acceptance and success of the Company's business model;
●
developments
    and projections relating to the Company's competitors and industry;
●
the
    Company's approach and goals with respect to technology;
1
●
the
    Company's expectations regarding its ability to obtain and maintain intellectual property protection and not infringe on the
    rights of others;
●
the
    impact of war, terror threats, or adverse public health developments on the Company's business;
●
changes
    in applicable laws or regulations; and
●
the
    outcome of any known and unknown litigation and regulatory proceedings.
These
forward-looking statements are based on information available as of the date of this Report, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as
may be required under applicable securities laws.
The
risk factors and cautionary language referred to or incorporated by reference in this Report provide examples of risks, uncertainties
and events that may cause actual results to differ materially from the expectations described in our forward-looking statements, including
among other things, the items identified in the section entitled "
Risk Factors
".
You
should, however, review the factors and risks that the Company describes in the reports it will file from time to time with the SEC.
As
a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:
●
the
    outcome of any legal proceedings that may be instituted against the Company;
●
the
    ability to  maintain the listing of the Ordinary Shares on Nasdaq;
●
changes
    in applicable laws or regulations;
●
the
    lingering effects of the COVID-19 pandemic on the Company's business;
●
the
    ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities;
●
the
    risk of downturns and the possibility of rapid change in the highly competitive industry in which the Company operates;
●
the
    risk that the Company and its current and future collaborators are unable to successfully develop and commercialize its products
    or services, or experience significant delays in doing so;
●
the
    risk that the Company may never achieve or sustain profitability;
●
the
    risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable
    terms or at all;
●
the
    risk that the Company experiences difficulties in managing its growth and expanding operations;
2
●
the
    risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations;
●
the
    risk that the Company is unable to secure or protect its intellectual property;
●
the
    possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and
●
other
    risks and uncertainties described in this Annual Report, including those under "
Item 3.D Risk Factors."
Public
Warrant
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS
A.
Directors and Senior Management
Not
applicable.
B.
Advisors
Not
applicable.
C.
Auditors
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
A.
Offer Statistics
Not
applicable.
B.
Method and Expected Timetable
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
An
investment in our securities is highly speculative, involves a high degree of risk and should be made only by investors who can afford
a complete loss. If any of the following risks actually occurs, then our business, financial condition or results of operations could
be materially adversely affected, the trading of our ordinary share and warrants could decline, and you may lose all or part of your
investment therein. In addition to the risks outlined below, risks and uncertainties not presently known to us or that we currently consider
immaterial may also impair our business operations. Potential risks and uncertainties that could affect our operating results and financial
condition include, without limitation, the following:
3
Summary
Risk Factors
Investing
in our securities entails a high degree of risk as more fully described under "
Risk Factors
." You should carefully
consider such risks before deciding to invest in our securities. These risks include, among others:
Risks
Related to Ownership of the Ordinary Shares
●
A
    market for our securities may not continue, which would adversely affect the liquidity and price of our securities.
●
If
    securities or industry analysts do not publish or cease publishing research or reports about the Company, its business, or its market,
    or if they change their recommendations regarding the Ordinary Shares adversely, then the price and trading volume of the Ordinary
    Shares could decline.
Risks
Related to Our Legal and Regulatory Environment
●
Changes
    in laws, regulations or rules, and a failure to comply with any laws, regulations and standards, may adversely affect our financial
    and operating performance and profitability.
Risks
related to the business and operations of the Company
●
We
    are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses
    and difficulties, and it may be difficult to evaluate our future prospects.
●
If
    we fail to effectively manage our growth, our business, financial condition, and results of operations could be adversely affected.
●
The
    industry in which we operate is competitive, and if we fail to compete effectively, we could experience price reductions, reduced
    margins or loss of revenues.
●
We
    will need in the future to raise additional funds, inter alia, by equity, debt, or convertible debt financings, to support our growth,
    and those funds may be unavailable on acceptable terms, or at all. As a result, we may be unable to meet our future capital needs,
    which may limit our ability to grow and jeopardize our ability to continue our business.
Risks
Related to Technology, Intellectual Property and Data
●
We
    may be unable to, and it may be difficult and costly to, obtain, maintain, protect, or enforce our intellectual property and other
    proprietary rights sufficiently.
Risks
Related to Our Operations in Israel
●
Conditions
    in Israel and relations between Israel and other countries could adversely affect our business.
Risks
related to Tax
●
The
    enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax
    reform policies, or changes in tax legislation or policies could impact our future financial position and results of operations.
●
U.S.
    holders that directly or indirectly own 10% or more of our equity interests may be subject to adverse U.S. federal income tax consequences
    under rules applicable to U.S. shareholders of "controlled foreign corporations."
4
●
Our
    U.S. shareholders may suffer adverse tax consequences if we are classified as a "passive foreign investment company."
●
The
    Internal Revenue Service may not agree that the Company should be treated as a non-U.S. corporation for U.S. federal income tax purposes.
●
Unanticipated
    changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely
    affect our financial condition and results of operations.
●
Future
    changes in U.S. and foreign tax laws could adversely affect the Company.
Risks
related to Irish Law
●
The
    Company does not intend to pay dividends in the foreseeable future.
●
Provisions
    in the Company's Amended and Restated Memorandum and Articles of Association (the "Amended and Restated Memorandum and
    Articles of Association") and under Irish law could make an acquisition of the Company more difficult, may limit attempts by
    the Company shareholders to replace or remove the Company's management, may limit shareholders' ability to obtain a favorable
    judicial forum for disputes with the Company or the Company's directors, officers, or employees, and may limit the market price
    of the Ordinary Shares, the warrants to acquire one Ordinary Share at an exercise price of $253.00 per share (the "Public Warrants")
    and/or other securities issued by the Company.
General
Risks
●
The
    Company will incur significant costs and devote substantial management time as a result of being subject to reporting requirements
    in the United States, which may adversely affect the operating results of the Company in the future.
●
The
    stock price of the Ordinary Shares may be volatile.
●
The
    Company may issue additional Ordinary Shares or other equity securities without seeking approval of its shareholders, which would
    dilute your ownership interests and may depress the market price of the Ordinary Shares.
●
The
    Company may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses.
    This would subject the Company to generally accepted accounting principles, as in effect in the United States from time to time ("GAAP"),
    reporting requirements which may be difficult for it to comply with.
●
The
    Company is an "emerging growth company" and it cannot be certain if the reduced disclosure requirements applicable to
    emerging growth companies will make the Ordinary Shares less attractive to investors.
●
The
    Company will incur significant costs and devote substantial management time as a result of being subject to reporting requirements
    in the United States, which may adversely affect the operating results of the Company in the future.
●
The
    Company's management has limited experience in operating a public company in the United States.
●
There
    can be no assurance that we will be able to comply with the continued listing standards of Nasdaq. If we are not able to comply with
    the applicable continued listing requirements or standards of the Nasdaq Capital Markets, Nasdaq could delist our Ordinary Shares
    and Public Warrants.
5
In
addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of
operations. You should consider the risks discussed in "Risk Factors" and elsewhere in this Report before investing in our
securities.
An
investment in our securities is highly speculative, involves a high degree of risk and should be made only by investors who can afford
a complete loss. If any of the following risks actually occurs, then our business, financial condition or results of operations could
be materially adversely affected, the trading of our Ordinary Share and warrants could decline, and you may lose all or part of your
investment therein. In addition to the risks outlined below, risks and uncertainties not presently known to us or that we currently consider
immaterial may also impair our business operations. Potential risks and uncertainties that could affect our operating results and financial
condition include, without limitation, the following:
Risks
Related to Ownership of the Ordinary Shares
A
market for our securities may not continue, which would adversely affect the liquidity and price of our securities.
The
price of our securities may fluctuate significantly due to the general market and economic conditions. An active trading market for our
securities may never develop or, if developed, it may not be sustained. In addition, the price of our securities can vary due to general
economic conditions and forecasts, our general business condition and the release of our financial reports. Additionally, if our securities
become delisted from Nasdaq for any reason, and are quoted on the OTC Bulletin Board, an inter-dealer automated quotation system for
equity securities that is not a national securities exchange, the liquidity and price of our securities may be more limited than if we
were quoted or listed on Nasdaq or another national securities exchange. You may be unable to sell your securities unless a market can
be established or sustained.
The
trading price of our securities could be volatile and subject to wide fluctuations.
The
trading price of our securities could be volatile and subject to wide fluctuations in response to various factors, some of which are
beyond our control. Any of the factors listed below could have a material adverse effect on your investment in our securities and our
securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our securities
may not recover and may experience a further decline.
Broad
market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock
market in general and Nasdaq have experienced price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities,
may not be predictable. A loss of investor confidence in the market for the stocks of other companies that investors perceive to be similar
to the Company could depress our stock price regardless of our business, prospects, financial conditions or results of operations. A
decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability
to obtain additional financing in the future.
In
the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock
price. This type of litigation could result in substantial costs and divert our management's attention and resources and could
also require us to make substantial payments to satisfy judgments or to settle litigation.
If
securities or industry analysts do not publish or cease publishing research or reports about the Company, its business, or its market,
or if they change their recommendations regarding the Ordinary Shares adversely, then the price and trading volume of the Ordinary Shares
could decline.
The
trading market for our Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market, or our competitors. Securities and industry analysts do not currently, and may never, publish research
on the Company. If no securities or industry analysts commence coverage of the Company, our stock price and trading volume would likely
be negatively impacted. If any of the analysts who may cover the Company change their recommendation regarding our stock adversely, or
provide more favorable relative recommendations about our competitors, the price of our Ordinary Shares would likely decline. If any
analyst who may cover the Company were to cease coverage or fail to regularly publish reports on it, we could lose visibility in the
financial markets, which could cause our stock price or trading volume to decline.
6
Risks
related to the business and operations of the Company
We
are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses
and difficulties, and it may be difficult to evaluate our future prospects.
We
have experienced rapid growth in recent years in the markets we serve, including hiring additional employees, running multiple projects
concurrently and expanding into new fields, and we plan to continue to expand into new markets. Our limited operating history may make
it difficult to make accurate predictions about our future performance. Assessing our business and future prospects may also be difficult
because of the risks and difficulties we face. These risks and difficulties include our ability to:
●
enter
    into new relationships and maintain existing relationships with clients and business partners;
●
maintain
    cost-effective access to capital;
●
expand
    the use and applicability of our technology;
●
successfully
    build our brand and protect our reputation from negative publicity;
●
successfully
    adjust our proprietary technology, products and services in a timely manner in response to changing market conditions;
●
successfully
    compete with companies that are currently in, or may in the future enter, the business of providing traceability solutions;
●
enter
    into new markets and introduce new products and services based on our technology;
●
comply
    with and successfully adapt to complex and evolving legal and regulatory environments in our existing markets and ones we may enter
    in the future;
●
attract,
    integrate and retain qualified employees and independent contractors; and
●
effectively
    manage, scale and expand the capabilities of our teams, outsourcing relationships, third-party service providers, operating infrastructure
    and other business operations.
If
we are not able to timely and effectively address these risks and difficulties as well as those described elsewhere in this "Risk
Factors" section, our business, financial condition and results of operations may be adversely affected.
If
we fail to effectively manage our growth, our business, financial condition, and results of operations could be adversely affected.
As
described above, over the last several years, we have experienced rapid growth in our business and number of employees, and we expect
to continue to experience growth in the future. This rapid growth has placed, and may continue to place, significant demands on our management,
processes, systems and operational, technological and financial resources. Our ability to manage our growth effectively, integrate new
employees, independent contractors and technologies into our existing business and attract new business partners and maintain relationships
with existing business partners will require us to continue to retain, attract, train, motivate and manage employees and independent
contractors and expand our operational, technological and financial infrastructure. Continued growth could strain our ability to develop
and improve our operational, technological, financial and management controls, reporting systems and procedures, recruit, train and retain
highly skilled personnel and maintain business partners' and their customers' satisfaction.
7
We
may not have sufficient manufacturing capabilities for our markers and readers to satisfy demand for our products, including due to
the Eastern-European issues, world politics, post-COVID-19 related issues, international freight issues, costs of goods and other
external financial or political issues. We may be unable to control the availability or cost of producing such products.
Our
current manufacturing capabilities may not reach the required production levels necessary in order to meet growing demands for any products
we may commission or future products we may develop. There can be no assurance that our commissioned products can be manufactured at
the desired commercial quantities, in compliance with our requirements and at an acceptable cost. Any such failure could delay or prevent
us from shipping said products and marketing the technologies in accordance with our target growth strategies.
While
we were able to date to find new employees, when required, Israeli (and other) high-tech employment atmosphere (including due to the
post-COVID-19 pandemic and lack of available professionals) is making it harder and harder to find and retain new employees. Thus, risk
exists that we will not be able to hire all the employees we seek to hire, in the timeframe required and anticipated, which may slow
down our growth, cause increased costs and reduced profits or hinder our ability to duly and timely fulfill all tasks and growth plans.
We
note that due to such employment atmosphere we may need to extend additional resources, including issuance of shares and options, and
financial measures in order to create retention plans for key personnel.
Part
of our products are in the field of sustainability and circular economy and part of our growth engine is the upcoming world-wide
legislation and regulations demanding sustainability and circular economy and carbon-free environment. While we are not relying on
such upcoming legislation or regulations, slow legislation or promulgation process and changes in priorities (including due to
lingering effects of the COVID-19 epidemic or the Eastern-European issues) may slow our growth.
Due
to the fact that we aim our sales efforts at large international market-maker conglomerates, our sales cycle is relatively slow and there
is a larger risk that at any time, due to many reasons that are beyond our control, the sales cycle will be broken and all efforts will
be lost.
Any
of the foregoing factors could negatively affect our business, financial condition and results of operations.
If
the Isorad License Agreement is terminated, our business, financial condition and results of operations may be harmed.
In
January 2015, SMX Israel entered a license agreement with Isorad Ltd (a company wholly owned by the State of Israel with rights to exclusively
commercialize the Soreq Nuclear Research Center technology for civilian uses) ("Isorad") to license the initial technology
of tracking and tracing materials by observing and identifying markers ("Source IP") and commercialize and develop the technology
further (the "Isorad License Agreement"). Under the Isorad License Agreement, the Source IP can be utilized in almost any
industry and with any product. The Source IP has been the cornerstone for our technological developments. Since entering into the Isorad
License Agreement, we filed over a hundred additional patent applications worldwide (most of which are irrelated to the Source IP).
Specifically
as to Yahaloma, the royalty rate on gross sales of Yahaloma, to be paid by Yahaloma, are 4.2% (and not 2.2% that applies solely to Security
Matters PTY, its other affiliates and to other sublicensees). Upon the occurrence of an M&A event (as such event is defined in such
agreement to include mergers, sale of all or substantially all the assets of Yahaloma and similar event), Isorad is entitled to a fee
equal to 1% of the total consideration paid to, received by, or distributed to, Yahaloma and/or its shareholders and/or its affiliates
in connection with the event, including, without limitation, all cash, securities or other property which is received by Yahaloma and/or
its shareholders in connection with such event of two such events (i.e. twice) at its choice.
8
The
Isorad License Agreement will continue in full force and effect in perpetuity unless terminated. If either party does not remedy a material
breach of its obligations within 180 days of notice of the material breach, the non-defaulting party may terminate the Isorad License
Agreement immediately. Isorad may terminate the agreement by providing 30 days prior written notice if the royalties payable to Isorad
are nil in any semi-annual report or if we breach other certain obligations (such as a failure to maintain a patent or patent application
in the previous semi-annual review period). If the Isorad License Agreement is terminated, our business, financial condition and results
of operations may be harmed.
If
we fail to penetrate the full value chain manufacturing eco-system effectively, our business, financial condition, and results of operations
could be adversely affected.
Value
based pricing may be necessary to enable roll-out across clients, creating challenges in full value capture and effective customer segmentation.
Some end-markets (e.g. plastics) require high levels of penetration to support our full value proposition. A broad range of potential
end-markets and clients with different value propositions and price sensitivities will require a substantial, high performing, commercial
organization.
In
order to maintain continuous growth there is a need to onboard more and more players from different parts of the value chain manufacturing
eco-system with the final view of covering all links in the value chain manufacturing eco-system. This may be time and cost consuming
and will require funding and personnel and we may not be able to achieve the full value chain penetration due to failure to attain funding
or personnel or due to external circumstances, which may hinder our growth.
The
COVID-19 pandemic has adversely affected, and its lingering effects may continue to affect, our business, financial condition,
liquidity and results of operations.
The
COVID-19 pandemic resulted in a widespread health crisis that has adversely affected businesses, economies and financial markets
worldwide, placed constraints on the operations of businesses, decreased consumer mobility and activity, and caused significant
economic volatility in the United States, Israel, Australia and international capital markets. We have followed guidance issued from
time to time by the Australian and Israeli governments and the other local governments in territories in which we operate to protect
our employees. As such, we have implemented work from home where possible, minimized face-to-face meetings and utilized video
conference as much as possible and adhered to social distancing rules at our facilities while eliminating international travel,
which required us to use local representatives to handle presentations and demonstrations for oversees customers. As a result, we
have experienced some difficulties in employee ability to efficiently collaborate to meet our customer needs, a difficulty in our
efforts to recruit and hire qualified personnel during this time, and have recorded a minor decrease in expected growth in 2020 and
2021, both due to the lockdown and restrictions, and our customers postponing or being hesitant of making future financial, or
other, commitments due to the need to put response to the pandemic at the forefront, hesitations that may continue, or reoccur, in
the future. Although many of these limitations have been lifted as the pandemic has receded, some of the resulting difficulties have
remained in varying degrees.
We
cannot predict the other future potential, direct or indirect, lingering impacts of the COVID-19 pandemic on our business or
operations. Additional waves of infections, or any further lingering adverse impacts caused by the COVID-19 pandemic could further
impact employment rates, supply chains, priorities and the economy, affecting our customer base and divert customers'
discretionary spend to other uses, including for essential items. These events could impact our cash flows, results of operations
and financial conditions and heighten many of the other risks described in this Annual Report on Form 20-F.
Our
operations in foreign jurisdictions will subject us to risks associated with operating in those jurisdictions and may adversely affect
our business, cash flows, financial condition and results of operations.
As
we operate in foreign jurisdictions (such as Ireland, Israel, Australia, Singapore, France and Canada), we will be subject to those risks
associated with operating in foreign jurisdictions. Such risks may include economic, social or political instability or change, hyperinflation,
currency non-convertibility or instability and changes of laws affecting foreign ownership, government participation, taxation, working
conditions, rates of exchange, exchange control, licensing, repatriation of income or return of capital, consumer health and safety or
labor relations. While the jurisdictions in which we currently operate are economically stable, there is no certainty that political
and economic conditions will remain stable. Any deterioration in political or economic conditions, including hostilities or terrorist
activity may adversely affect our operations and profitability. There is a risk that the government of any such jurisdiction may change
its policies regarding foreign investment, apply new or different taxes and levies, or make any other change which may have an adverse
impact on our profitability. See the risk factors under "Risks Related to Our Operations in Israel."
9
Prior
to the Russian-Ukrainian dispute, Security Matters PTY was cooperating with a Ukrainian entity in parallel with its activities in Israel
and European entities for research and development for its readers. Security Matters PTY was also reviewing potential relationships with
entities in Russia, Belarus and Ukraine. As a result of the dispute, Security Matters PTY put on hold its research and development in
Ukraine while continuing its research and development activity in Israel and with European entities and undertook no business relationships
with parties in those regions. It is yet unknown what other effects such dispute may have on other jurisdictions, mainly in Europe, and
any such effect might affect our business and growth. We cannot predict the other future potential impacts of the dispute on our business
or operations, especially if such dispute becomes more than a regional event. These events could impact our cash flows, business, results
of operations and financial condition and heighten many of the other risks described in this Annual Report on Form 20-F.
Moreover,
events may occur within or outside the jurisdictions in which we operate that could impact those economies, our operations and the price
of the Ordinary Shares. These events include but are not limited to acts of terrorism, an outbreak of international hostilities, fires,
floods, earthquakes, labor strikes, civil wars, natural disasters, outbreaks of disease or other natural or manmade events or occurrences
that can have an adverse effect on the demand for our products and our ability to conduct business. While we seek to maintain insurance
in accordance with industry practice to insure against the risks we consider appropriate after consideration of our needs and circumstances,
no assurance can be given as to our ability to obtain such insurance coverage in the future at reasonable rates or that any coverage
arranged will be adequate and available to cover any and all potential claims. The occurrence of an event that is not covered or fully
covered by insurance could have a material adverse effect on our business, financial condition and results of operations.
If
we are unable to successfully identify and integrate acquisitions, our results of operations could be adversely affected.
Acquisitions
may be a significant component of our growth strategy and from time to time we may seek to identify and complete acquisitions. Our future
acquisitions may not be successful or may not generate the financial benefits that we expected we would achieve at the time of acquisition.
In addition, there can be no assurance that we will be able to locate suitable acquisition candidates in the future or acquire them on
acceptable terms or, because of competition in the marketplace. Acquisitions involve special risks, including, without limitation, the
potential assumption of unanticipated liabilities and contingencies, difficulty in assimilating the operations and personnel of the acquired
businesses, disruption of our existing business, dissipation of our limited management resources and impairment of relationships with
employees and customers of the acquired business as a result of changes in ownership. While we believe that strategic acquisitions can
improve our competitiveness and profitability, these activities could have a material adverse effect on our business, financial condition
and operating results.
We
may incur significant costs such as transaction fees, professional service fees and other costs related to future acquisitions. We may
also incur integration costs following the completion of any such acquisitions as we integrate the acquired business with the rest of
our Company. Although we expect that the realization of efficiencies related to the integration of any acquired businesses will offset
the incremental transaction and acquisition-related costs over time, this net financial benefit may not be achieved in the near term,
or at all.
The
industry in which we operate is competitive, and if we fail to compete effectively, we could experience price reductions, reduced margins
or loss of revenues.
Generally,
the track and trace and anti-counterfeit industry in which we operate is subject to global and domestic competition. We are unable to
influence or control the conduct of our competitors and such conduct may detrimentally affect our financial and operating performance
There are several competitors that operate in the anti-counterfeit and track-and-trace industries and if new competitors enter the market,
or established companies develop new products and technologies that are superior to our current technology, our ability to exploit any
technological advantage successfully may be affected. We may be unable to develop further products or keep pace with developments and
may lose clients to competitors. If our competitors develop a more efficient business model or undertake a more aggressive marketing
campaign, this is likely to affect our marketing strategies and results of operations adversely.
10
There
is no guarantee that customers will adopt our products and we may be unable to compete successfully with more established track and trace
and anti-counterfeit companies on price or quality or may be unsuited to the established preferences of potential customers.
Our
continued growth, including our ability to manage our operations and meet our strategic objectives, depends on retaining our current
employees upon whom we are dependent and attracting and retaining qualified personnel, and we may not be able to do so at a rate that
will enable us to stand up to our expected growth or cope with specific demands that may arise.
Our
success depends to a large extent upon the skills and experience of our executive officers, management and sales, marketing, operations
and scientific staff. We may not be able to attract or retain qualified employees due to the intense competition for qualified personnel
in the technology industry, as well as to geographic considerations, our ability to offer competitive compensation and benefits, and
other reasons.
If
we are not able to attract and retain the necessary qualified personnel to manage our operations and accomplish our business objectives,
we may experience constraints that will adversely affect our ability to manufacture, sell and market our products or to support research
and development programs effectively.
SMX
Israel has entered into employment contracts with several of its executives including Haggai Alon, its founder and Chief Executive Officer,
and Ofira Bar, its CFO. Due to the specific knowledge and experience of these executives regarding the industry, technology and market
generally and to our company specifically, the loss of the services of any one of these executives could have a material adverse effect
on us. We have not obtained a key person insurance policy on any officer.
Although
our employment agreements contain non-compete clauses, Israeli law does not fully enforce employees' non-compete obligations and
may limit their application, including with regard to duration and scope.
Under
Israeli case law an Israeli Court will usually only enforce non-compete provisions if the employee received specific consideration for
it. While all of our employment agreements include specific provisions stipulating that special consideration was paid for the non-compete
provision, a risk always exists that a Court will not enforce such.
We
may not be able to anticipate or adapt to consumer preferences which may have an adverse effect on our business, cash flows, financial
condition and results of operations.
Our
success depends on our ability to develop and commercialize our technology. A failure to successfully develop and commercialize our technology
could lead to a loss of opportunities and adversely impact on our business, cash flows, financial condition and results of operations.
The
global market for our technology is ever changing due to new technologies, new products, changes in regulations and other factors influencing
market acceptance or market rejection of our technologies. This market volatility and risks exists despite our best efforts in relation
to market research, promotion and sales efforts.
Our
business is dependent on consumer awareness and market acceptance of our products. We may not be able to anticipate and react to trends
within the industries we target in a timely manner or accurately assess the impact that such trends may have on consumer preferences.
Failure to respond to changes in consumer preferences or anticipate market trends may adversely affect our future revenues and performance.
Although we have striven to establish market recognition for our products in the relevant industry, it is too early in the life cycle
of our brand to determine whether markers, readers, blockchain technology and any further technology developed by us will achieve and
maintain satisfactory levels of acceptance and sustained adoption by manufacturers and consumers. Our technology may not be accepted
by the market or used in our proposed markets and industries. We may not be able to commercialize our products, which could adversely
impact on business, cash flows, financial condition and results of operations.
11
We
may not be able to adapt our markers to the needs of any customer or field which may have an adverse effect on our business, cash flows,
financial condition and results of operations.
Research
and development tailoring costs are required to adapt marker and scanning technology to different materials and industrial/commercial
environments, potentially increasing the cost and time to market as we scale across customers and verticals. If we are unable to adapt
our markers to the needs of any customer or field due to the costs of doing so, our business, cash flows, financial condition and results
of operations could be adversely affected.
We
will need in the future to raise additional funds, inter alia, by equity, debt, or convertible debt financings, to support our growth,
and those funds may be unavailable on acceptable terms, or at all. As a result, we may be unable to meet our future capital needs, which
may limit our ability to grow and jeopardize our ability to continue our business.
We
plan to continue to make investments to support our growth and will require additional funds to respond to business challenges that may
arise, including the need to develop new products and services, enhance our technology, scale and improve our operating infrastructure,
or acquire complementary businesses and technologies. Accordingly, we will need to engage in equity, debt or convertible debt financings
to secure additional funds. In raising additional funds by the issuance of equity securities or securities convertible into equity securities,
our shareholders may experience dilution. Debt financing, such as credit facilities or corporate bonds, may involve covenants restricting
our operations or our ability to incur additional debt. Debt financing may also require security arrangements including cash collateral
agreements that restrict the availability of cash held as collateral which is the case for amounts we may borrow in the future. In addition,
future equity financing or replacement or refinancing of any debt financings may not be available on terms favorable to us, or at all,
and the fact that debt holders are repaid first may reduce our ability to raise a later equity financing and may limit the ability to
distribute dividends.
If
we are unable to obtain adequate financing or financing at terms satisfactory to us when we require it, we may be unable to pursue certain
business opportunities, supply proper service to our customers, and our ability to continue to support our business growth and the then
current business and to respond to business challenges may be impaired and our business may be harmed.
Legal
proceedings, investigations or claims against us may be costly and time-consuming to defend and may harm our reputation and damage our
business regardless of the outcome. In addition, our business and operations could be negatively affected if they become subject to any
securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of business and growth
strategy and impact our share price.
We
are currently not aware of any risk of litigation against us, but we may be involved in litigation disputes with third parties including
suppliers, customers, employees, former employees and government bodies in the ordinary course of business. The occurrence of a litigation
dispute may be costly and impact on our reputation which may have a material adverse effect on our business, cash flows, financial condition
and results of operations. Insurance might not cover such claims, might not provide sufficient payments to cover all the costs to resolve
one or more such claims and might not continue to be available at terms acceptable to us. A claim brought against us for which we are
uninsured or underinsured could result in unanticipated costs, potentially harming our business, cash flows, financial position and results
of operations.
Although
not a director of that entity, Mr. Alon previously worked as the deputy general manager for business development of an Israeli public
company, Plat Technologies International Ltd ("Plat") which entered insolvency. In early 2017, an ILS 35.9 million shareholders
claim was filed by the appointed court officers at the end of the seven year statute of limitation period against 18 defendants, including
Mr. Alon, regarding the collapse of Plat (the "Claim"). The insurance policy covering directors and officers responded and
are now handling the claim. Mr. Alon denies any wrongdoing and does not consider that he will be required to commit any significant time
to the conduct of the Claim and therefore will not constrain his ability to perform his duties and obligations to Security Matters PTY.
The parties agreed to try and amicably resolve the dispute in mediation under which the insurance company agreed to consider taking upon
itself any compensation as to the liability of Mr. Alon, if any, in such mediation proceedings. Security Matters PTY is not a party to
the Claim and the Claim does not relate to the business or the affairs of Security Matters PTY.
12
Our
markers may contaminate or spoil the raw material into which our marker is inserted, which could damage our reputation, subject us to
product liability claims and result in a loss of revenue.
While
we follow production protocols and conduct quality assurance tests, our markers may contaminate the raw material or certain raw material
ingredients may be spoiled, contaminated by chemicals, microorganisms or toxins, or include foreign materials or substances. The risk
of contamination may lead to product recalls or other interventions, which may cause serious damage to our reputation as a marking solution
which does not affect the characteristics of the materials or products, or result in product liability claims and loss of revenue.
Our
markers may include hazardous materials which may put customers, employees and other parties in our supply chain at risk. If any person
is harmed by hazardous materials in our markers, our reputation could be damaged and we could be subject to litigation which may adversely
affect our business, cash flows, financial position and results of operations.
The
markers used by us are produced from materials chosen specifically for a specific application. Markers may, in some cases, include low
concentrations of materials that may be deemed hazardous materials and the production of the markers by our employees can include dealing
with hazardous materials. While manufacturing is conducted according to the material's Material Safety Data Sheets (MSDS) and other
relevant safety guidelines, a risk of health, even if minimal, may arise. While the hazardous materials are sent to the customers at
a low concentration (of the marker), the risk of misuse or error in production may cause damage to our employees or customers, which
may affect our expenses and production abilities. While we take safety provisions with respect to the hazardous materials used in our
markers, these safety precautions may not be sufficient to prevent harm to our employees or customers from the production of or use of,
respectively, our markers. While we are in compliance with the requirements of ISO 9001:2015 standard for quality management and quality
assurance as well as safety measures instructed by an external safety engineer, such safety provisions may not be sufficient to prevent
human error or other causes of damage.
Our
readers use x-rays and may be of danger if tampered with or otherwise not used in accordance with the user manual and safety rules.
Although
we supply customers with strict instructions for the use of our readers, and although we take measures to avoid misuse of the readers
and minimize the risk of damage from misuse of the readers, users and others may suffer damage from not following such user instructions
and may seek legal actions against us, even if such users or others are at fault.
We
may not be able to procure adequate insurance and any insurance we have or may have may not be of sufficient coverage
We
and our subsidiaries seek to maintain appropriate policies of insurance consistent with those customarily carried by organizations in
our industry sector, including product insurance, as well as cyber-risk and privacy-risk insurance. Any increase in the cost of insurance
policies or the industry in which they operate could adversely affect our business, cash flows, financial condition and results of operations.
Our insurance coverage may also be inadequate to cover losses we may sustain and the insurance company may refuse to provide coverage
or demand excessive payment for such coverage. In particular, our insurance does not extend to any potential liability or claims made
against us under our agreement with Isorad. Uninsured loss or a loss in excess of our insured limits could adversely affect our business,
cash flows, financial condition and results of operations.
13
Our
risk management policies and procedures, and those of our third-party vendors upon which we rely, may not be fully effective in identifying
or mitigating risk exposure. If our policies and procedures do not adequately protect us from exposure to these risks, we may incur losses
that would adversely affect our financial condition, reputation and market share.
We
have developed risk management policies and procedures and we continue to refine such as we conduct our business. Our policies and procedures
are meant to identify, monitor and manage risks may not be fully effective in mitigating our risk exposure. Further, as we are a research
and development ("R&D") company and expand into new fields of business, our risk management policies and procedures may
not be able to keep up with our current rapid rate of expansion adequately, and may not be adequate or sufficient to mitigate risks.
Moreover, we are subject to the risks of errors and misconduct, including by our officers, employees and independent contractors, including
fraud and non-compliance with policies. These risks are difficult to detect in advance and prevent or avoid, and could harm our business,
results of operations or financial condition. Although we seek to maintain insurance and use other traditional risk-shifting tools when
possible, such as third-party indemnification, where possible, to manage certain exposures, they are subject to terms such as deductibles,
coinsurance, limits and policy exclusions, as well as risk of counterparty denial of coverage, default or insolvency. If our policies
and procedures do not adequately protect us from exposure, and our exposure is not adequately covered by insurance or other risk-shifting
tools, we may incur losses that would adversely affect our business, cash flows, financial condition and results of operations.
Risks
Related to Technology, Intellectual Property and Data
We
may be unable to, and it may be difficult and costly to, obtain, maintain, protect, or enforce our intellectual property and other proprietary
rights sufficiently.
Our
ability to operate our businesses depends, in part, upon our proprietary technology. We may be unable to protect our proprietary technology
effectively, which would allow competitors to duplicate our technology and adversely affect our ability to compete with them.
We
have applied for over a hundred patents. While we are not aware of any such patent applications or the technology infringing any third
party's patents, we have not undertaken an exhaustive assessment of existing patents to determine any overlapping technology or
potential infringement, and we do not conduct a freedom to operate search or any other exhaustive search of patents that may limit our
ability to supply solutions to specific customers or fields, as the costs of such would be prohibitive. Accordingly, there is a risk
that a third party may claim that any patent application infringes that third party's patent. Any event that would jeopardize our
proprietary rights or any claims of infringement by third parties could have an adverse effect on our ability to market or exploit our
technology.
There
is no guarantee that our proposed patents that are the subject of the patent applications filed by us will provide adequate protection
for our intellectual property, or that third parties will not infringe or misappropriate the patents or similar proprietary rights. In
addition, there can be no assurance that we will not have to pursue litigation against other parties to assert our rights. There is no
guarantee that any of the patents that have been applied for will be granted. If some or all of the patent applications are not granted,
our ability to exploit our technology may be materially adversely affected.
If
third parties claim that we infringe upon or otherwise violate their intellectual property rights, our business could be adversely affected.
Although
we are not aware of any infringement on the rights of third parties, we may in the future be subject to claims that we have infringed
or otherwise violated third parties' intellectual property rights. There is patent, copyright, and other intellectual property
development and enforcement activity in our industry and relating to the advanced technology we use in our business. Our future success
depends in part on not infringing upon or otherwise violating the intellectual property rights of others. From time to time, our competitors
or other third parties (including non-practicing entities and patent holding companies) may contend that we are infringing upon or otherwise
violating their intellectual property rights, or attack our pending or approved patents, and we may be found to be infringing upon or
otherwise violating such rights or otherwise in legal claims regarding patents or other intellectual property rights. We may be unaware
of the intellectual property rights of others that may cover some or all of our current or future technology or conflict with our rights,
and the patent and other intellectual property rights of others may limit our ability to improve our technology and compete effectively.
Any claims of intellectual property infringement or other intellectual property violations, even those without merit, could cause the
incurrence of costs and other direct, or indirect, damage to us, including:
●
be
    expensive and time consuming to defend;
●
cause
    us to cease making, licensing, or using any of our products that incorporate the challenged intellectual property;
14
●
require
    us to modify, redesign, reengineer or rebrand our products, if feasible;
●
damage
    our reputation;
●
hinder
    our ability to market or sell our products and services;
●
affect
    negotiations or executed agreements;
●
cause
    increase to our insurance policies premium or refusal of insurance companies to insure us;
●
divert
    management's attention and resources; or
●
require
    us to enter into royalty or licensing agreements to obtain the right to use a third-party's intellectual property.
Any
royalty or licensing agreements, if required, may not be available to us on acceptable terms or at all. A successful claim of infringement
against us could result in our being required to pay significant damages, enter into costly settlement agreements, or prevent us from
offering our solutions, any of which could have a negative impact on our operating profits and harm our future prospects. We may also
be obligated to indemnify our customers or business partners in connection with any such litigation and to obtain licenses, modify our
solutions, or refund fees, which could further exhaust our resources. Such disputes could also disrupt our solutions, adversely affecting
our customer satisfaction and ability to attract customers.
Under
applicable employment laws, we may not be able to enforce covenants not to compete.
As
part of our employment agreements with our employees we have confidentiality obligations. These agreements generally prohibit our employees,
if they cease working for us, from competing directly with us or working for our competitors for a limited period. We may be unable to
enforce these agreements under the laws of the jurisdictions in which our employees work and it may be difficult for us to restrict our
competitors from benefitting from the expertise our former employees or consultants developed while working for us. For example, Israeli
labor Courts have required employers seeking to enforce non-compete undertakings of a former employee to demonstrate that the competitive
activities of the former employee will harm one of a limited number of material interests of the employer which have been recognized
by the courts, such as the protection of a company's trade secrets or other proprietary knowhow.
Risks
Related to Our Legal and Regulatory Environment
Litigation,
regulatory actions, consumer complaints and compliance issues could subject us to significant fines, penalties, judgments, remediation
costs and/or requirements resulting in increased expenses.
In
the ordinary course of business, we may be named as a defendant in various legal actions, including litigation or regulatory enforcement
actions. All such legal actions are inherently unpredictable and, regardless of the merits of the claims, are often expensive, time-consuming,
disruptive to our operations and resources, and distracting to management.
Changes
in laws, regulations and standards and failure to comply with laws, regulations and standards may adversely affect our financial and
operating performance and profitability.
Any
changes to the existing regulatory framework or the imposition of new legislation or regulations applicable to any of the industries
in which Security Matters PTY operates may adversely affect the financial and operating performance of Security Matters PTY. This risk
factor applies to government policy and legislative changes in the United States, Australia, Israel, as well as the other jurisdictions
in which we currently operate, or will operate in the future, or jurisdictions in which our current or future customers may operate.
15
Additionally,
while we currently do not anticipate this, as the markers used in materials or products are of minuscule quantities, the markers may
in the future be required to comply with health and safety laws in certain jurisdictions, and failure to comply with such laws may lead
to penalties and other liabilities being imposed on us. In such circumstances, we may be required to suspend production or cease operations,
which may lead to a materially adverse effect on our financial performance and profitability.
While
we are not aware of any regulation or similar restriction that currently materially limits our ability to use our markers, such regulation
or similar restriction may in the future limit our ability to sell our products and may require us either to avoid marking certain material
or require us to disclose data to certain entities for certification process that may be required in order for us to use our markers.
The
readers use X-range ray technology, which may thus require in certain jurisdictions specific authorization in order to import, manufacture
or use such readers. Such authorization process in each such jurisdiction may be time and resources consuming, but may also limit the
ability of users to use the readers without proper qualifications, as well as may require, in certain jurisdictions the supervision of
such use.
Obligations
and changes in laws or regulations relating to privacy, cybersecurity, and data protection, or any actual or deemed failure by us to
comply with such laws and regulations that could adversely affect our business.
We
receive, collect, use, disclose, transmit, and store information, including certain sensitive data, relating to our customers and employees.
Our collection and processing of such data in our business may subject us to certain state, federal, and international laws and regulations
relating to privacy, cybersecurity, and data protection. These laws, rules, and regulations evolve frequently and their scope may continually
change through new legislation, amendments to existing legislation, and changes in interpretation or enforcement, and may be inconsistent
from one jurisdiction to another.
Changes
in laws or regulations relating to privacy, cybersecurity, and data protection, particularly any new or modified laws or regulations
that require enhanced protection of certain types of data or new obligations with regard to data retention, transfer, or disclosure,
could greatly increase the cost of our operations or prevent us from providing certain services. Complying with these requirements through
changing our policies and practices may be onerous and costly. These changes may in turn impair our ability to offer our existing or
planned products and services or increase our cost of doing business. Further, we may become subject to privacy and data security laws
from jurisdictions outside of our standard business operations in. Despite our efforts to comply with any applicable laws, regulations,
and other obligations relating to privacy, cybersecurity, and data protection, it is possible that our interpretations of the law, practices,
or our network could be inconsistent with, or fail or be alleged to fail to meet all requirements of, such laws, regulations, or obligations.
Our failure, or the failure by our business partners or customers using our services to comply with applicable laws or regulations or
any other obligations relating to privacy, cybersecurity, and data protection or any compromise of security that results in unauthorized
access to, or use or release of personal information or other data relating to consumers or other individuals, or the perception that
any of the foregoing types of failure or compromise has occurred, could damage our reputation, discourage new and existing business partners
and customers from working with us, or result in fines, investigations, or proceedings by governmental agencies and private claims and
litigation, any of which could adversely affect our business, cash flows, financial condition, and results of operations. Even if not
subject to legal challenge, the perception of privacy concerns, whether or not valid, may harm our reputation and brand and adversely
affect our business, cash flows, financial condition, and results of operations.
We
invest significant resources in information technology protection and security measures. If these measures are targeted or breached,
we may incur significant legal and financial exposure as a result of ransomware, loss of information, and related litigation. Moreover,
we hold data of our employees and customers and we invest significant resources in information technology protection and security measures
to ensure that such data is safe. If these measures are targeted or breached, we may incur significant reputational damage and related
legal and financial exposure.
16
Risks
                                            Related to Our Operations in Israel
Conditions
in Israel and relations between Israel and other countries could adversely affect our business.
Certain
of our offices and R&D facilities are located in Israel. Accordingly, political, economic and military conditions in Israel and the
surrounding region directly affect our business and operations and could materially and adversely affect our ability to continue to operate
from Israel. Recently, for example, the current political situation in Israel where the ruling parties are attempting to implement laws
that essentially allow the parliament to enact laws that are preemptively immune to judicial review could adversely affect our business
and results of operations. In addition, since the State of Israel was established in 1948, a number of armed conflicts have occurred
between Israel and its Arab neighbors. In the event that our facilities are damaged as a result of hostile action or hostilities otherwise
disrupt the ongoing operation of our facilities, our ability to continue our operations could be materially adversely affected.
In
recent years, and most recently restarting in October 2023 Israel has been engaged in sporadic armed conflicts with terrorist
groups, including those that control the Gaza Strip and other regions close to Israel. In addition, Iran has threatened to attack,
and has attacked, Israel and may be developing nuclear weapons. Some of these hostilities were accompanied by missiles being fired
from the Gaza Strip, Lebanon, Syria and Iran against civilian targets in various parts of Israel, including areas in which our
employees and independent contractors are located, which negatively affected business conditions in Israel. Any hostilities
involving Israel, regional political instability or the interruption or curtailment of trade between Israel and its trading partners
could materially and adversely affect our operations and results of operations.
Our
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of property damage and certain direct and indirect damages that are caused by terrorist
attacks or acts of war, such coverage would likely be limited, may not be applicable to our business (either due to the geographic location
of our offices or the type of business that we operate) and may not reinstate our loss of revenue or economic losses more generally.
Furthermore, we cannot assure that this government coverage will be maintained or that it will sufficiently cover our potential damages,
or whether such coverage would be timely provided. Any losses or damages incurred by us could have a material adverse effect on our business,
cash flows, financial condition and results of operations.
Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts and Israeli legal reforms initiatives
may cause countries to limit activities with Israel or otherwise apply certain restrictions, or may otherwise adversely affect our activities.
Several countries still restrict doing business with Israel and Israeli companies, and additional countries may impose restrictions on
doing business with Israel and Israeli companies if hostilities in Israel or political instability in the region continues or increases.
These restrictive laws and policies, or significant downturn in the economic or financial condition of Israel, could materially and adversely
affect our operations and product development, and could cause our sales to decrease.
A
large concentration of our staff resides in Israel and many of our employees and independent contractors in Israel are required to perform
military reserve duty, which may disrupt their work for us.
Many
of our employees and independent contractors, including certain of our founders and certain members of our management team, operate from
our headquarters that are located in central Israel. In addition, a number of our officers and directors are residents of Israel. Accordingly,
political, economic and military conditions in Israel and the surrounding region may directly affect our business and operations.
In
addition, many Israeli citizens are obligated to perform several days, and in some cases more, of annual military reserve duty each year
until they reach the age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event
of a military conflict, may be called to active duty. In response to increases in terrorist activity, there have been periods of significant
call-ups of military reservists, including since October 7, 2023. It is possible that there will be additional and continued military
reserve duty call-ups in the future. Our operations could be disrupted by such call-ups, particularly if such call-ups include the call-up
of members of our management, and given the current shortage of talent in Israel due to the recent acceleration of activity in startups,
especially in the technology space. Such disruption could materially and adversely affect our business, financial condition and results
of operations.
17
Risks
Related to Tax
The
enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax reform
policies, or changes in tax legislation or policies could impact the Company's future financial position and results of operations.
Corporate
tax reform, base-erosion efforts and tax transparency continue to be high priorities in many tax jurisdictions where we have business
operations. As a result, policies regarding corporate income and other taxes in numerous jurisdictions are under heightened scrutiny
and tax reform legislation is being proposed or enacted in a number of jurisdictions.
In
2015, the Organization for Economic Co-operation and Development (the "OECD") published final recommendations on base erosion
and profit shifting ("BEPS"). These recommendations proposed the development of rules directed at counteracting the effects
of tax havens and preferential tax regimes in countries around the world. Several of the areas of tax law on which the BEPS project focused
have led or will lead to changes in the domestic law of individual OECD jurisdictions. These changes include (amongst others) restrictions
on interest and other deductions for tax purposes, the introduction of broad anti-hybrid regimes and reform of controlled foreign corporation
rules. Changes are also expected to arise in the application of certain double tax treaties, which may restrict the ability of certain
members of the Company to rely on the terms of relevant double tax treaties in certain circumstances.
On
December 20, 2021, the OECD published the draft Global Anti-Base Erosion Model Rules which are aimed at ensuring that Multinational Enterprises
("MNEs") will be subject to a global minimum 15% tax rate from 2023 ("GloBE Rules"). The GloBE Rules are part
of the OECD/G20 Inclusive Framework on BEPS which currently has 141 participant countries. The EU Council adopted Council Directive 2022/25234
(the "GloBE Directive") on 22 December 2022 to implement the GloBE Rules in the EU. The GloBE Directive provides for the
introduction of rules designed to achieve a minimum effective taxation for MNEs and large-scale domestic groups with revenues of at least
€750,000,000, operating in the EU's internal market and beyond. It provides a common framework for implementing the GloBE
Rules into EU Member States' national laws by 31 December 2023. If the Company is regarded as part of an "MNE Group"
(or large-scale domestic group) which has consolidated revenues of more than EUR 750,000,000 in at least two out of the previous four
years, it may be within the scope of the GloBE Rules which may result in an increase in the Company's tax costs and operational
expenses.
Changes
of law in individual jurisdictions which may arise as a result of the BEPS project or other tax measures may ultimately increase the
tax base of individual members of the Company in certain jurisdictions or the worldwide tax exposure of the Company. Changes of law may
also include revisions to the definition of a "permanent establishment" and the rules for attributing profit to a permanent
establishment. Other changes may focus on the goal of ensuring that transfer pricing outcomes are in line with value creation.
Such
changes to tax laws could increase their complexity and the burden and costs of compliance. Additionally, such changes could also result
in significant modifications to existing transfer pricing rules and could potentially have an adverse impact on the Company's taxable
profits in various jurisdictions.
18
U.S.
holders that directly or indirectly own 10% or more of our equity interests may be subject to adverse U.S. federal income tax consequences
under rules applicable to U.S. shareholders of "controlled foreign corporations."
A
non-U.S. corporation generally will be classified as a controlled foreign corporation for U.S. federal income tax purposes (a "CFC"),
if "10% U.S. equityholders" (as defined below) own, directly, indirectly or constructively, more than 50% of either (i) the
total combined voting power of all classes of stock of such corporation entitled to vote or (ii) the total value of the stock of such
corporation. We do not believe that the Company would be classified as a CFC at the time of Closing, although CFC status is determined
after taking into account complex constructive ownership rules and, accordingly, there can be no assurance in this regard. However, certain
of the Company's non-U.S. subsidiaries may be classified as CFCs (as a result of the application of certain constructive ownership
rules which treat the Company's U.S. subsidiaries as owning the equity of those non-U.S. subsidiaries), and it is possible that
we may be classified as a CFC in the future. The U.S. federal income tax consequences for U.S. holders who at all times are not 10% U.S.
equityholders would not be affected by the CFC rules. However, a U.S. holder that owns (or is treated as owning, directly, indirectly
or constructively, including by applying certain attribution rules) 10% or more of the combined voting power of all classes of our stock
entitled to vote or the total value of our equity interests (including equity interests attributable to a deemed exercise of options
and convertible debt instruments), or a "10% U.S. equityholder," if we were classified as a CFC, would generally be subject
to current U.S. federal income taxation on a portion of our applicable subsidiaries' earnings and profits (as determined for U.S.
federal income tax purposes) and our earnings and profits, regardless of whether such 10% U.S. equityholder receives any actual distributions
(with certain exceptions in the case of CFCs attributed through downward attribution). In addition, if we were classified as a CFC, a
portion of any gains realized on the sale of our common shares by a 10% U.S. equityholder may be treated as ordinary income. A 10% U.S.
equityholder will also be subject to additional U.S. federal income tax information reporting requirements with respect to our subsidiaries
that are classified as CFCs and with respect to us (if we or any of our subsidiaries were classified as a CFC) and substantial penalties
may be imposed for noncompliance. We cannot provide any assurances that the Company will assist U.S. holders in determining whether the
Company or any of its subsidiaries are treated as a CFC for U.S. federal income tax purposes or whether any U.S. holder is treated as
a 10% U.S. equityholder with respect to any of such CFC or furnish to any holder information that may be necessary to comply with reporting
and tax paying obligations if the Company, or any of its subsidiaries, is treated as a CFC for U.S. federal income tax purposes. Each
U.S. holder should consult its own tax advisor regarding the CFC rules and whether such U.S. holder may be a 10% U.S. equityholder for
purposes of these rules.
There
is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income
tax consequences to U.S. investors in our shares.
In
general, a non-U.S. corporation is a passive foreign investment company, ("PFIC"), for any taxable year in which (i) 75%
or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets
that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that
owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the
other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes
dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.
Based
on the expected composition of our income and assets and the value of our assets, including goodwill, we do not expect to be a PFIC for
our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely
clear. Because the proper characterization of certain components of our income and assets is not entirely clear, because we will hold
a substantial amount of cash following this offering, and because our PFIC status for any taxable year will depend on the composition
of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market
price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any
future taxable year.
If
we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could
apply to such U.S. investor. See "Material Income Tax Considerations-U.S. Federal Income Taxation Considerations-Passive Foreign
Investment Company Consequences" for additional information.
The
Internal Revenue Service may not agree that the Company should be treated as a non-U.S. corporation for U.S. federal income tax purposes.
Although
the Company is incorporated in Ireland, the Internal Revenue Service ("IRS") may assert that it should be treated as a U.S.
corporation (and therefore a U.S. tax resident) for U.S. federal income tax purposes pursuant to Section 7874 of the Internal Revenue
Code of 1986, as amended (the "Code"). For U.S. federal income tax purposes, a corporation is generally considered a U.S.
"domestic" corporation (or U.S. tax resident) if it is organized in the United States, and a corporation is generally considered
a "foreign" corporation (or non-U.S. tax resident) if it is not a U.S. corporation. Because the Company is an entity incorporated
in Ireland, it would generally be classified as a foreign corporation (or non-U.S. tax resident) under these rules. Section 7874 of the
Code provides an exception under which a foreign incorporated and foreign tax resident entity may, in certain circumstances, be treated
as a U.S. corporation for U.S. federal income tax purposes.
19
The
Company is not currently expected to be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the
Code after the Business Combination. However, the application of Section 7874 of the Code is complex and is subject to detailed regulations
(the application of which is uncertain in various respects and would be impacted by changes in such U.S. Treasury Regulations with possible
retroactive effect) and is subject to certain factual uncertainties. Accordingly, there can be no assurance that the IRS will not challenge
the status of the Company as a foreign corporation under Section 7874 of the Code or that such challenge would not be sustained by a
court.
If
the IRS were to successfully challenge under Section 7874 of the Code the Company's status as a foreign corporation for U.S. federal
income tax purposes, the Company and certain the Company shareholders would be subject to significant adverse tax consequences, including
a higher effective corporate income tax rate on the Company and future withholding taxes on certain the Company shareholders, depending
on the application of any income tax treaty that might apply to reduce such withholding taxes.
Investors
in the Company should consult their own tax advisors regarding the application of Section 7874 of the Code to the Business Combination.
Unanticipated
changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect
our financial condition and results of operations.
We
are subject to federal and state income taxes in the United States and potentially in other jurisdictions. Our future effective tax rates
could be subject to volatility or adversely affected by a number of factors, including:
●
changes
    in the valuation of our deferred tax assets and liabilities;
●
expected
    timing and amount of the release of any tax valuation allowances;
●
tax
    effects of stock-based compensation;
●
changes
    in tax laws, regulations or interpretations thereof; or
●
lower
    than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings
    in jurisdictions where we have higher statutory tax rates.
In
addition, we may be subject to audits of our income, sales and other transaction taxes by taxing authorities. Outcomes from these audits
could have an adverse effect on our financial condition and results of operations.
Future
changes in U.S. and foreign tax laws could adversely affect the Company.
The
U.S. Congress and the Organisation for Economic Co-operation and Development have focused on issues related to the taxation of multinational
corporations. In particular, specific attention has been paid to "base erosion and profit shifting", where payments are made
between affiliates from a jurisdiction with high tax rates to a jurisdiction with lower tax rates. As a result, the tax laws in Ireland
could change on a prospective or retroactive basis, and any such change could adversely affect the Company.
Risks
Related to Irish Law
The
Company does not intend to pay dividends for the foreseeable future.
The
Company has never declared or paid any cash dividends on its capital stock and does not intend to pay any cash dividends in the foreseeable
future. The Company expects to retain future earnings, if any, to fund the development and growth of its business. Any future determination
to pay dividends on the Company's capital stock will be at the discretion of the Board of Directors of the Company (the "Board").
20
Irish
taxes may apply to any dividends paid or transfers of the Company's securities.
If
the Company pays dividends, such dividends may be subject to Irish dividend withholding tax or Irish income tax. Certain transfers of
Ordinary Shares, may be subject to Irish capital acquisitions tax or stamp duty. In particular, Irish stamp duty will apply to any future
transfer of Ordinary Shares which are not listed and held through the Depository Trust Company ("DTC") and generally the
purchaser / transferee will be liable for the payment of the stamp duty arising.
Provisions
in the Amended and Restated Memorandum and Articles of Association and under Irish law could make an acquisition of Lionheart more difficult,
may limit attempts by the Company shareholders to replace or remove the Company's management, may limit shareholders' ability
to obtain a favorable judicial forum for disputes with the Company or the Company's directors, officers or employees, and may limit
the market price of the Ordinary Shares, the Public Warrants and/or other securities issued by the Company.
Provisions
in the Amended and Restated Memorandum and Articles of Association may have the effect of delaying or preventing a change of control
or changes in the Company's management. The Amended and Restated Memorandum and Articles of Association includes provisions that:
●
require
    that the Company's Board be classified into three classes of directors with staggered three-year terms;
●
permit
    the Company's Board to establish the number of directors and fill any vacancies and newly created directorships; and
●
prohibit
    shareholder action by written consent without unanimous approval of all holders of the Ordinary Shares.
General
Risk Factors
The
Company incurs significant costs and devotes substantial management time as a result of being subject to reporting requirements in the
United States, which may adversely affect the operating results of the Company in the future.
As
a company subject to reporting requirements in the United States, the Company incurs significant legal, accounting and other expenses
that the Company would not have incurred as a private company. For example, the Company is subject to the reporting
requirements of the Exchange Act and is required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank
Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC, including the establishment
and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Compliance with these requirements
increase the Company's legal and financial compliance costs and make some activities more time consuming and costly, while also
diverting management attention. In particular, the Company expects to incur significant expenses and devote substantial management effort
toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which will increase when it is no longer an
emerging growth company as defined by the JOBS Act.
The
Company's management has limited experience in operating a public company in the United States.
While
the Company's executive officers have experience in the management of a public company in Australia, the Company's executive
officers have limited experience in the management of a public company in the United States. The Company's management team may
not successfully or effectively manage its transition to a U.S. public company that will be subject to significant regulatory oversight
and reporting obligations under federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining
to U.S. public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted
to these activities which will result in less time being devoted to the management and growth of the Company. The Company may not have
adequate personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal
controls over financial reporting required of public companies in the United States. The development and implementation of the standards
and controls necessary for the Company to achieve the level of accounting standards required of a public company in the United States
may require costs greater than expected. It is possible that the Company will be required to expand its employee base and hire additional
employees to support its operations as a public company, which will increase its operating costs in future periods.
21
The
stock price of the Ordinary Shares may be volatile.
The
market price of the Ordinary Shares may be volatile. In addition to factors discussed elsewhere in this Risk Factors section, the market
price of the Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond the Company's
control, including:
●
overall
    performance of the equity markets;
●
actual
    or anticipated fluctuations in the Company's revenue and other operating results;
●
changes
    in the financial projections the Company may provide to the public or the failure to meet these projections;
●
failure
    of securities analysts to initiate or maintain coverage of the Company, changes in financial estimates by any securities analysts
    who follow the Company or the Company's failure to meet these estimates of the expectations of investors;
●
the
    issuance of reports from short sellers that may negatively impact the trading price of the Ordinary Shares;
●
the
    Company's stock being targeted by "naked" short sellers or other manipulative acts;
●
recruitment
    or departure of key personnel;
●
the
    economy as a whole and market conditions in the Company's industry;
●
new
    laws, regulations, subsidies, or credits or new interpretations of them applicable to the Company's business;
●
negative
    publicity related to real or perceived quality of the Company's products;
●
rumors
    and market speculation involving the Company or other companies in the Company's industry;
●
announcements
    by the Company or its competitors of significant technical innovations, acquisitions, strategic partnerships, or capital commitments;
●
lawsuits
    threatened or filed against the Company;
●
other
    events or factors including those resulting from war, incidents of terrorism or responses to these events or events related to changes,
    attempted changes, or anticipated changes in the Israeli or other legal or governmental system in jurisdictions in which the Company
    is active;
●
the
    expiration of contractual lock-up or market standoff agreements; and
●
sales
    or anticipated sales of shares of the Ordinary Shares by the Company or the Company's shareholders.
In
addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market
prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate
to the operating performance of those companies. In the past, stockholders have instituted securities class action litigation following
periods of market volatility.
22
The
Company may issue additional Ordinary Shares or other equity securities without seeking approval of the Company's shareholders,
which would dilute your ownership interests and may depress the market price of the Ordinary Shares.
The
Company has warrants outstanding to purchase approximately 15 million Ordinary Shares and other convertible securities, compared to 38,334,442
Ordinary Shares issued and outstanding, as of April 29, 2024. Further, the Company may choose to seek third party or other financing
to provide additional working capital, in which event the Company may issue additional equity securities. The Company may also issue
additional Ordinary Shares or other equity securities of equal or senior rank in the future for any reason or in connection with, among
other things, future acquisitions, the redemption of outstanding warrants, or repayment of outstanding indebtedness, without shareholder
approval, in a number of circumstances.
The
Company's issuance of additional Ordinary Shares or other equity securities of equal or senior rank would have the following effects:
●
The
    Company's existing shareholders' proportionate ownership interest in the Company will decrease;
●
the
    amount of cash available per share, including for payment of dividends in the future, may decrease;
●
the
    relative voting strength of each previously outstanding Ordinary Share may be diminished; and
●
the
    market price of the Ordinary Shares may decline.
The
Company is an "emerging growth company" and it cannot be certain if the reduced disclosure requirements applicable to emerging
growth companies will make the Ordinary Shares less attractive to investors.
The
Company is an "emerging growth company" as defined in the JOBS Act. As an emerging growth company, the Company is only required
to provide two years of audited financial statements and only two years of related selected financial data and management discussion
and analysis of financial condition and results of operations disclosure. In addition, the Company is not required to obtain auditor
attestation of its reporting on internal control over financial reporting, has reduced disclosure obligations regarding executive compensation
and is not required to hold non-binding advisory votes on executive compensation. In addition, the JOBS Act provides that an emerging
growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows
an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies.
The Company has elected to take advantage of such extended transition period. The Company cannot predict whether investors will find
the Ordinary Shares to be less attractive as a result of its reliance on these exemptions. If some investors find the Ordinary Shares
to be less attractive as a result, there may be a less active trading market for the Ordinary Shares and the price of the Ordinary Shares
may be more volatile.
The
Company will remain an emerging growth company until the earliest of: (i) the end of the fiscal year in which the Company has total annual
gross revenue of $1.07 billion; (ii) the last day of the Company's fiscal year following the fifth anniversary of the date on which
Lionheart consummated its initial public offering; (iii) the date on which the Company issues more than $1.0 billion in non-convertible
debt during the preceding three-year period; or (iv) the end of the fiscal year in which the market value of the Ordinary Shares held
by non- affiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter.
Further,
there is no guarantee that the exemptions available to the Company under the JOBS Act will result in significant savings. To the extent
that the Company chooses not to use exemptions from various reporting requirements under the JOBS Act, it will incur additional compliance
costs, which may impact the Company's financial condition.
23
The
Company will need additional capital in the future to meet its financial obligations and to pursue its business objectives. Additional
capital may not be available on favorable terms, or at all, which could compromise the Company's ability to meet its financial
obligations and grow its business.
The
Company will need to raise additional capital to fund operations in the future, pay substantial existing liabilities and obligations,
and possibly finance future growth of acquisitions.
If
the Company seeks to raise additional capital in order to meet various objectives, including developing existing or future technologies
and solutions, refinancing or repaying indebtedness or other liabilities or obligations, increasing working capital, acquiring new clients,
expanding geographically and responding to competitive pressures, capital may not be available on favorable terms or may not be available
at all, which could have a material adverse effect on the continued development or growth of the Company. Lack of sufficient capital
resources could significantly limit the Company's ability to take advantage of business and strategic opportunities. Any additional
capital raised through the sale of equity or debt securities with an equity component would dilute stock ownership. If adequate additional
funds are not available, the Company may be required to delay, reduce the scope of, or eliminate material part of its business strategy,
including acquiring potential new clients or the continued development of new or existing technologies or solutions and geographic expansion.
There
can be no assurance that we will be able to comply with the continued listing standards of Nasdaq. If we are not able to comply with
the applicable continued listing requirements or standards of the Nasdaq Capital Markets, Nasdaq could delist our Ordinary Shares and
Public Warrants.
The
Company's Ordinary Shares and Public Warrants are currently listed on the Nasdaq Capital Market, after failing to meet all of the
listing standards of the Nasdaq Global Market. In order to maintain that listing, we must satisfy minimum financial and other continued
listing requirements and standards, including those regarding minimum stockholders' equity, minimum market value, minimum share
price, and certain corporate governance requirements.
On
January 26, 2024, the Company received a deficiency letter from the Listing Qualifications Department (the "Staff") of The
Nasdaq Stock Market, LLC ("Nasdaq"), notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(a)(2)
(the "Minimum Bid Price Requirement") for continued listing on the Nasdaq Capital Market, as the bid price of the Company's
ordinary shares on the Nasdaq Capital Market was below $1.00 for 30 consecutive business days, from December 11, 2023 to January 25,
2024.
In
accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"), the Company has a period of 180 calendar
days, or until July 24, 2024 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. If, at
any time before the Compliance Date, the closing bid price of the Company's ordinary shares is at least $1.00 for a minimum of
ten consecutive business days, the Staff will provide a written confirmation to the Company that it has regained compliance with the
Minimum Bid Price Requirement.
In
addition, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii), if the Ordinary Shares trade below $0.10 per share for ten consecutive
trading days, we could be subject to a Nasdaq delisting notification which could result in the delisting of our Ordinary Shares from
Nasdaq unless we appeal or unless Nasdaq provides a compliance period in which to cure such bid price deficiency.
If
the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for
additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement,
and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse
stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional
180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq will provide notice that its securities will be subject to delisting. At that time, the Company may appeal the Staff's
delisting determination to a Nasdaq Listing Qualifications Panel (the "Panel") pursuant to the procedures set forth in the
applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the
delisting determination by the Staff to the Panel, such appeal would be successful.
Additionally,
there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, or will otherwise
be compliant with other Nasdaq Listing Rules.
24
If
Nasdaq delists the Ordinary Shares and/or the Public Warrants from trading on its exchange for failure to meet the listing standards,
we and our stockholders could face significant material adverse consequences including:
●
a
    limited availability of market quotations for our securities;
●
reduced
    liquidity for our securities;
●
a
    determination that the Ordinary Shares is a "penny stock" which will require brokers trading in the Ordinary Shares to
    adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our
    securities;
●
a
    limited amount of news and analyst coverage; and
●
a
    decreased ability to issue additional securities or obtain additional financing in the future.
The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the
sale of certain securities, which are referred to as "covered securities." To the extent the Ordinary Shares and Public Warrants
are listed on Nasdaq, they are covered securities. Although the states are preempted from regulating the sale of our securities, the
federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent
activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed
on Nasdaq, our securities would not be covered securities and we would be subject to regulation in each state in which we offer our securities.
Upon
delisting from Nasdaq, our Ordinary Shares may be traded, if at all in the over-the-counter inter-dealer quotation system, more commonly
known as the OTC. OTC transactions involve risks in addition to those associated with transactions in securities traded on securities
exchanges such as Nasdaq. Many OTC stocks trade less frequently and in smaller volumes than exchange-listed Stocks. Accordingly, our
stock would be less liquid than it would be otherwise. Also, the values of OTC stocks are often more volatile than exchange-listed stocks.
Additionally, institutional investors are often prohibited from investing in OTC stocks, and it might be more challenging to raise capital
when needed.
In
addition, if our Ordinary Shares are delisted, your ability to transfer or sell your Ordinary Shares may be limited and the value of
those securities will be materially adversely affected.
If
our Ordinary Shares becomes subject to the penny stock rules, it may be more difficult to sell our Ordinary Shares.
The
Commission has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are
generally equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges
or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or system). The OTC Bulletin Board does not meet such requirements and if
the price of our Ordinary Shares is less than $5.00 and our Ordinary Shares are no longer listed on a national securities exchange such
as Nasdaq, our stock may be deemed a penny stock. The penny stock rules require a broker-dealer, at least two business days prior to
a transaction in a penny stock not otherwise exempt from those rules, to deliver to the customer a standardized risk disclosure document
containing specified information and to obtain from the customer a signed and dated acknowledgment of receipt of that document. In addition,
the penny stock rules require that prior to effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer
must make a special written determination that the penny stock is a suitable investment for the purchaser and receive: (i) the purchaser's
written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks;
and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the
trading activity in the secondary market for our Ordinary Shares, and therefore shareholders may have difficulty selling their shares.
25
Future
issuances of debt securities and equity securities may adversely affect us, including the market price of our Ordinary Shares and may
be dilutive to existing shareholders.
We
expect that significant additional capital will be needed in the future to continue our planned research, development and business operations.
In the future, we may incur debt or issue equity ranking senior to our Ordinary Shares. Those securities will generally have priority
upon liquidation. Such securities also may be governed by an indenture or other instrument containing covenants restricting our operating
flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges
more favorable than those of Ordinary Shares. Because our decision to issue debt or equity in the future will depend on market conditions
and other factors beyond our control, we cannot predict or estimate the amount, timing, nature or success of our future capital raising
efforts. As a result, recent and future capital raising efforts may reduce the market price of Ordinary Shares and be dilutive to existing
shareholders. In addition, our ability to raise additional capital through the sale of equity or convertible debt securities could be
significantly impacted by the resale of Ordinary Shares by selling shareholders pursuant to one or more prospectuses, which could result
in a significant decline in the trading price of Ordinary Shares and potentially hinder our ability to raise capital at terms that are
acceptable to us or at all.
The
JOBS Act permits "emerging growth companies" like the Company to take advantage of certain exemptions from various reporting
requirements applicable to other public companies that are not emerging growth companies, which may make our Ordinary Shares less attractive
to investors.
The
Company currently qualifies as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act, as modified
by the Jumpstart Its Business Startups Act of 2012, which is referred to as the "JOBS Act." As such, the Company takes advantage
of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies
for as long as it continues to be an emerging growth company, including the exemption from the auditor attestation requirements with
respect to internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act. As a result, Company shareholders may
not have access to certain information they deem important.
The
Company cannot predict if investors will find Ordinary Shares less attractive because it relies on these exemptions. If some investors
find Ordinary Shares less attractive as a result, there may be a less active trading market and share price for Ordinary Shares may be
more volatile. The Company may incur increased legal, accounting and compliance costs associated with Section 404 of the Sarbanes-Oxley
Act.
There
is  less publicly available information concerning the Company than there is for issuers that are not foreign private issuers
because the Company is considered a foreign private issuer and is exempt from a number of rules under the Exchange Act, and
is permitted to file less information with the SEC than issuers that are not foreign private issuers.
The
Company is considered a "foreign private issuer" under the Exchange Act. A foreign private issuer under the Exchange Act
is exempt from certain rules under the Exchange Act, and is not required to file periodic reports and financial statements with the SEC
as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private issuers,
or to comply with Regulation FD, which restricts the selective disclosure of material non-public information. The Company is exempt from
certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange Act. SMX currently
prepares its financial statements in accordance with IFRS. The Company will not be required to file financial statements prepared in
accordance with or reconciled to U.S. GAAP so long as its financial statements are prepared in accordance with IFRS as issued by the
International Accounting Standards Board. The Company is not required to comply with Regulation FD, which imposes restrictions on the
selective disclosure of material information to shareholders. The members of the Company's board of directors, officers and principal
shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act
with respect to their purchases and sales of Company securities. Accordingly, there will likely be less publicly available information
concerning the Company than there is for companies whose securities are registered under the Exchange Act but are not foreign private
issuers, and such information may not be provided as promptly as it is provided by such companies.
26
In
addition, certain information may be provided by the Company in accordance with Irish law, which may differ in substance or timing from
such disclosure requirements under the Exchange Act. As a foreign private issuer, under Nasdaq rules the Company is subject to less stringent
corporate governance requirements. Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer to follow its home
country practice in lieu of the listing requirements of Nasdaq, including, for example, certain internal controls as well as board, committee
and director independence requirements. The Company intends from time to time to follow Irish corporate governance practices in lieu
of Nasdaq corporate governance rules and (a) followed Irish practices to amend its 2022 Incentive Equity Plan to increase
the number of authorized shares under such plan without shareholder approval and (b) follows home country practice in lieu of the requirements
under Nasdaq Rule 5635(d) to seek shareholder approval in connection with certain transactions involving the sale, issuance and potential
issuance of its Ordinary Shares (or securities convertible into or exercisable for its Ordinary Shares) at a price less than certain
referenced prices, if such shares equal 20% or more of the Company's Ordinary Shares or voting power outstanding before the issuance,
each as permitted under Irish law, and we cannot assure you that we will not avail ourselves of other such exceptions in the future.
If the Company determines to follow Irish corporate governance practices in lieu of Nasdaq corporate governance standards, the Company
will disclose each Nasdaq rule that it does not intend to follow and describe the Irish practice that the Company will follow in lieu
thereof.
The
Company may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses. This
would subject the Company to GAAP reporting requirements which may be difficult for it to comply with.
As
a "foreign private issuer," the Company would not be required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act and related rules and regulations. Under those rules, the determination of foreign private issuer status
is made annually on the last business day of an issuer's most recently completed second fiscal quarter.
In
the future, the Company could lose its foreign private issuer status if a majority of its Ordinary Shares are held by residents in the
United States and it fails to meet any one of the additional "business contacts" requirements. Although the Company intends
to follow certain practices that are consistent with U.S. regulatory provisions applicable to U.S. companies, the Company's loss
of foreign private issuer status would make such provisions mandatory. The regulatory and compliance costs to the Company under U.S.
securities laws if it is deemed a U.S. domestic issuer may be significantly higher. If the Company is not a foreign private issuer, the
Company will be required to file periodic reports and prospectuses on U.S. domestic issuer forms with the SEC, which are more detailed
and extensive than the forms available to a foreign private issuer. For example, the Company would become subject to the Regulation FD,
aimed at preventing issuers from making selective disclosures of material information. The Company also may be required to modify certain
of its policies to comply with good governance practices associated with U.S. domestic issuers. Such conversion and modifications will
involve additional costs. In addition, the Company may lose its ability to rely upon exemptions from certain corporate governance requirements
of Nasdaq that are available to foreign private issuers. For example, Nasdaq's corporate governance rules require listed companies
to have, among other things, a majority of independent board members and independent director oversight of executive compensation, nomination
of directors, and corporate governance matters. As a foreign private issuer, the Company would be permitted to follow home country practice
in lieu of the above requirements. As long as the Company relies on the foreign private issuer exemption to certain of Nasdaq's
corporate governance standards, a majority of the directors on its board of directors are not required to be independent directors, its
compensation committee is not required to be comprised entirely of independent directors, and it will not be required to have a nominating
committee. Also, the Company would be required to change its basis of accounting from IFRS as issued by the IASB to GAAP, and would have to obtain shareholder approval for certain issuances of
its Ordinary Shares or equivalents, each of which may be
difficult and costly for it to comply with. If the Company loses its foreign private issuer status and fails to comply with U.S. securities
laws applicable to U.S. domestic issuers, the Company may have to de-list from Nasdaq and could be subject to investigation by the SEC,
Nasdaq and other regulators, among other materially adverse consequences.
The
sale of currently-restricted Ordinary Shares acquired by the Company's stockholders, or the perception that such sales may occur,
could cause the price of our Ordinary Shares to fall.
Depending
on a number of factors, including market liquidity, sales of currently-restricted Ordinary Shares held by our stockholders may cause
the trading price of our Ordinary Shares to fall. The stockholders may resell all, some, or none of those shares at its discretion
upon registration or an exemption from registration. Therefore, sales by the stockholders could result in substantial dilution to
the interests of other holders of our Ordinary Shares. Additionally, the sale of a substantial number of Ordinary Shares, or the
anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a
desirable time and price. The resale of Ordinary Shares by stockholders in the public market or otherwise or the perception that
such sales could occur, could also harm the prevailing market price of our Ordinary Shares.
27
ITEM
4. INFORMATION OF THE COMPANY
A.
History and Development of the Company
General
The
legal name of the Company is SMX (Security Matters) Public Limited Company (f/k/a Empatan Public Limited Company). The Company was formed
on July 1, 2022 as a public limited company under the name Empatan Public Limited Company, incorporated in Ireland. The Company changed
its name to SMX (Security Matters) Public Limited Company on February 17, 2023. Its affairs are governed by its Amended and Restated
Memorandum and Articles of Association, the Irish Companies Act of 2014 (the "ICA"), and the laws of Ireland. The Company's
principal executive office is located at Mespil Business Centre, Mespil House, Sussex Road, Dublin 4, Ireland, D04 T4A6. The Company's
telephone number is +353 1 920 1000.
The
Company was newly incorporated for the purposes of becoming a holding company following the Business Combination, described further below. Through the consummation
of the Business Combination, the Company did not conduct any material activities other than those incident to its formation and the Business
Combination and only had nominal assets consisting of cash and its interest in Merger Sub.
The
Company is subject to certain of the informational filing requirements of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Since the Company is a "foreign private issuer," it is exempt from the rules and regulations under the Exchange
Act prescribing the furnishing and content of proxy statements, and the officers, directors and principal shareholders of the Company
are exempt from the reporting and "short-swing" profit recovery provisions contained in Section 16 of the Exchange Act with
respect to their purchase and sale of Parent Shares. In addition, the Company is not required to file reports and financial statements
with the SEC as frequently or as promptly as U.S. public companies whose securities are registered under the Exchange Act. However, the
Company is required to file with the SEC an Annual Report on Form 20-F containing financial statements audited by an independent accounting
firm. The SEC maintains a website at
http://www.sec.gov
that contains reports and other information that the Company files with
or furnishes electronically to the SEC.
The
website address of the Company is https://smx.tech. The information contained on the website does not form a part of, and is not incorporated
by reference into, this Report.
SMX
Israel
SMX
Israel was incorporated in 2014 to provide brand protection and supply chain integrity solutions to businesses. It provides these solutions
through the commercialization of the initial technology of tracking and tracing materials by observing and identifying markers (the "Source
IP"). SMX Israel's Source IP was initiated from the Soreq Nuclear Research Center, an Israeli government research and development
institute for nuclear and photonic technologies under the Israeli Atomic Energy Commission ("Soreq"). In January 2015, SMX
Israel entered into the Isorad License Agreement with Isorad Ltd. (an IP holding company of Soreq) to license the Source IP and develop
and commercialize the technology (the "Isorad License Agreement"). Under the Isorad License Agreement, as amended, the Source
IP can be utilized in almost any industry and with any product.
28
In
2018, SMX Israel merged into Security Matters Limited, an Australian company, to effect a listing on the Australian Securities Exchange
under the symbol "ASX: SMX." Security Matters Limited ("SMX") was incorporated in May 2018 under Australian law.
SMX's registered address is Mespil Business Center, Mespil House, Sessex Road, Dublin 4, Ireland, D04 T4A6. SMX has four wholly
owned subsidiaries: Security Matters Ltd., an Israeli company, Security Matters France, a French company, Security Matters Canada Ltd.,
a Canadian company, and SMX Beverages Pty Ltd., an Australian company. It also holds 50% of Yahaloma Technologies Inc., a Canadian company
and 44.4% of trueGold Consortium Pty Ltd., an Australian company.
Business
Combination
On
March 7, 2023 (the "Closing Date"), the Company consummated its previously announced business combination pursuant to
the BCA and its previously announced SID. Beginning on the day immediately prior to the Closing Date and finishing on the day
immediately after the Closing Date, the following transactions occurred pursuant to the terms of the Business Combination Agreement
(the "Business Combination"):
●
Under
    the SID, Security Matters Limited proposed a scheme of arrangement under Part 5.1 of the Corporations Act ("Scheme")
    and Capital Reduction which resulted in all shares in Security Matters Limited being cancelled in return for the issuance of Ordinary
    Shares, with the Company being issued one share in Security Matters Limited ("Security Matters Shares") (this resulted
    in Security Matters Limited becoming a wholly owned subsidiary of the Company);
●
Under
    the SID, Security Matters Limited proposed an option scheme of arrangement under Part 5.1 of the Corporations Act ("Option
    Scheme"), which resulted in the Security Matters Limited options held by participants in the Option Scheme being subject to
    a cashless exercise based on a Black-Scholes valuation, in exchange for Security Matters Shares. Under the Scheme those shares were
    cancelled and the participants received Ordinary Shares on the basis of the Scheme consideration;
●
Security
    Matters Limited shareholders received consideration under the Scheme of 1 Ordinary Share per 10.3624 Security Matters Shares having
    an implied value of $10.00 per Ordinary Share and the Company became the holder of all of the issued shares in Security Matters Limited
    and Lionheart, with Security Matters Limited being delisted from the Australian Stock Exchange;
●
Merger
    Sub merged with and into Lionheart, with Lionheart surviving the merger as a wholly owned subsidiary of the Company; and
●
Existing
    Lionheart stockholders received Ordinary Shares in exchange for their existing Lionheart shares and existing Lionheart warrant holders
    had their warrants automatically adjusted to become exercisable in respect of Ordinary Shares instead of Lionheart shares.
Other
than in connection with the Business Combination, a 1:22 reverse stock split effected in 2023 as further described in our
financial statements included in this Annual Report, and with respect to the trueGold Investment Agreement described below, since our incorporation, there have been no material changes to our share capital,
mergers, amalgamations or consolidations of the Company or any of our significant subsidiaries, no acquisitions or dispositions of material
assets other than in the ordinary course of business, no material changes in the mode of conducting our business, no material changes
in the types of products produced or services rendered and no name changes. There have been no bankruptcy, receivership or similar proceedings
with respect to the Company or its significant subsidiaries. There have been no public takeover offers by third parties for our shares
nor any public takeover offers by us for the shares of another company which have occurred during the last or current financial years.
true-Gold
Investment Agreement
On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the "True Gold Shares") such that Security Matters PTY's holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.
B.
Business Overview
Vision
The
Company envisions itself as the next generation solution provider of brand protection, authentication and track and trace technology
for the anti-counterfeit market. Its vision is to build confidence in the era of the digital economy, enabling parties to maintain trust
in physical assets and processes. Its transformative solution aims at building on the principles of The United Nations' Sustainability
Development Goals, particularly Goal 12: "Ensure sustainable consumption and production patterns" that can create value for
participants in the circular economy. As an increasing number of industries and sectors are committing to using recycled material and
realizing the broader strategic vision of net zero carbon emissions, we believe our solution is the next generation for sustainability
and the circular economy.
29
Overview
The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.
Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. Each marker is comprised of a combination of marker codes such that each marker is designed to be unique and unable to
be duplicated. The marker system is coupled with an innovative patented reader that responds to signals from the marker and, together
with a patented algorithm, captures the details of the product retrieved and stored on a blockchain digital ledger. Each marker can be
stored, either locally on the reader and on private servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.
Business
Model
The
Company's business model targets leading brands and manufacturers (as opposed to directly targeting consumers) in order to create
a new market standard for circular economy solutions, brand authentication and supply chain integrity. The Company offers both business-to-business
sales and "white label" solutions, depending on the needs of customers and the ultimate end use based on either a fixed fee
or volume-based revenue model (or both).
The
Company may work directly with the manufacturer of the products or through the manufacturer's raw material supplier so that the
manufacturer is not required to change (or is required to make no more than minimal changes to) its manufacturing process in order to
implement Security Matters PTY technology in the production process. Gaining the trust of raw material producers is the first stage,
which in turn allows for credibility and trust when supplying solutions to brand owners, manufacturers and suppliers, which is a key
step for its success.
Product
and Applications
Product
The
Company provides a solution comprised of three components: (1) a physical or chemical marker system coupled with (2) a reader and connected
to (3) a blockchain digital platform.
Markers
Markers
are embedded sub-molecular particles applied to a solid, liquid or gas. The Company uses various building blocks, comprised of a variety
of molecules, to serve as markers for materials and products. For each project, its team selects a combination of molecules based on
the specification of the customer and marked material (for example, the marked medium, the production process, the end use of the product
and regulatory requirements, among others). The Company's innovative reader can identify the marker and identify a response at
a sub molecular building block level, designed to make the marker identification more accurate.
The
ability to more accurately identify the concentration level of a marker allows Security Matters PTY to use numerous markings from a variety
of different molecules. This enables it to not only identify the marker, but also identify the concentration within a product within
a pre-defined range and "read" whether the marked material was diluted (authenticating not only the marked goods but also
identifying the quantity).
30
Based
on the specifications of the marked product, Security Matters PTY can mark materials based on several techniques, allowing its solution
to be implemented across materials and processes. Markers can carry information denoting each origins of manufacture, product provenance,
date of production and many other types of data, depending on customer needs.
The
Company can produce either permanent or removable markers that can be applied either topically or internally to material in any state
of matter (solid, liquid or gas) to form an "Intelligence on Things," or "IOT2" marking system. The IOT2 concept
involves marking products during or after the manufacturing process by inserting or applying materials to the products and encoding information
through this process, namely by the treatment of materials or affixing and embedding product authentication security devices. The IOT2
concept allows for materials in a wide variety of products to be protected against counterfeiting, tampering, and diversion, and to help
ensure the integrity of genuine products and manage the supply chain and logistics processes.
The
marker supports invisible, indelible, and non-damaging tracking of distinctive molecules designed to ensure uniqueness and prevent duplication
or counterfeiting. The marker is designed to not in any way affect the properties of the material it is applied to—it simply becomes
a part of that material. The molecules are designed to be inert, inactive, and invisible to the human eye.
Readers
Markers
are embedded in the material and can only be read by designated readers. A reader scans for the existence of markers. If the reading
satisfies a pre-determined condition set by Security Matters PTY (which can be programmed), than the reader can identify the marked product
and convey information about such product to the customer.
The
Company currently utilizes an x-ray wave reader that is modified according to its specifications to allow it to scan its proprietary
markers. The reader and Security Matters PTY's algorithm are designed to make its detection method unique and prevent duplication
or interference with its markers. The reader is available as hand-held device or industrial apparatus for large-scale applications, with
the ability to read the embedded material data from a physical or chemical marker without requiring lengthy and expensive laboratory
testing for confirmation.
Platform
Blockchain
technology is a ledger of records, which are linked and designed to be secured using cryptography from third party infrastructure and
Security Matters PTY's architecture. The Company can record a marker manifestation on the blockchain and store this information
in cloud computing data storage. It has developed an algorithm designed to securely connect its reader to an existing platform (licensed
from a SaaS provider) and record changing ownership and other information to the blockchain. Once Security Matters PTY's blockchain
solution is implemented, a marked good or material is scanned in order to identify the marker, the results can be verified on the blockchain
in order to confirm the data embedded in it, such as the identity of the producer, date of production, supplier and past owners. During
the same scan, the reader can record to the blockchain a change of location or ownership of the marked product or material.
The
IOT2 concept mentioned above also refers to the retrieving, analyzing and processing of encoded information embedded on products and
product components and uploading such information to a cloud computing system or to a distributed blockchain system, creating a digital
twin to a physical product for the purpose of product authentication, brand protection, tracking and tracing products and product components,
supply chain management, and logistical processes.
Applications
The
Company's solution offers the following applications across industries:
31
Process
Tracing
Process
tracing involves the upstream marking of raw material and blockchain-backed scanning throughout processing stages to allow for full traceability
of raw material across its life cycle. Manufacturers are under increasing consumer and regulatory pressure to prove material provenance
in order to be able to certify compliance with environmental, social and governance ("ESG"), sourcing practices and carbon
content of finished goods. Through upstream marking of raw material and blockchain-backed scanning throughout the processing stages,
Security Matters PTY's technology enables real tracking and tracing of materials, including the source of those materials. Additionally,
Security Matters PTY's technology enables manufacturers to know whether any used items are theirs and enables them to pay third
parties to collect their used products, creating a market for collecting used products and selling them to other manufacturers.
Authentication
Growing
concerns about component tampering along high security or critical infrastructure product supply chains and increasing counterfeit issues
for high value density products are also issues that Security Matters PTY's marking and authenticating process is designed to address.
Manufacturers can validate product authenticity to their customers by marking final products or prime components and scanning the marker
at a retail location or as part of the process of recycling their products.
Sustainability
and Circular Economics
The
end-to-end technology solution covers three product lifecycles to enhance the circular economy from raw material to manufacturing/production,
packaging, and end-of-life, enabling it to re-enter the economy for recycling or reuse. By marking upstream raw material and later scanning
recycled content at waste collection points, an advanced sorting of materials is enabled which can increase the value of recycled content
and in turn help to increase global recycling rates and recycled content certification.
Business
Strategy
The
Company's roadmap for entry into markets it identifies is as follows:
●
Market
    Leader Adoption. Adoption of the solution by a market leader that provides a "seal of approval" that the technology is
    valid for the industry and generates added value.
●
Becoming
    an Industry Standard. Leverage the market leader's position in the market to increase adoption by other companies along the
    value chain.
●
Regulator
    Adoption. In the future, Security Matters PTY aims to become the preferred solution by regulators and professional associations in
    each industry.
Research
and Development
Given
the varied needs of different industries, the Company's research and development processes are divided according to industry.
Plastics,
Rubber and Other Materials
In
2022, Security Matters PTY completed a successful trial of marking recycled plastics by studying the impact of gravimetric and volumetric
feeding methods on final Post Consumer Recyclat ("PCR"), readings. The compounding master batch and extrusion processes of
these trials were performed on a pilot scale in a fully commercial and industrial facility. The Company's team demonstrated its
ability to manage the process remotely, indicating the viability of industrial scale adoption.
32
The
successful trial provides plastic manufacturer and importing companies with a proof of concept, enabling them to more accurately identify
and audit, via an automated transparent reporting system, the polymer type, number of loops and the amount of recycled content despite
the size and color of the plastic. As a result, the Company is positioning itself to be able to offer plastic manufacturing and importing
companies the ability to promote their operations as being sustainable and environmentally friendly. Combined with its ability to digitally
certify the materials, the Company is also positioning itself to offer these companies the ability to avoid human/manual-paper auditing
and use technology/automated auditing, which helps to reduce the potential for human errors and can provide for cost savings.
In
March 2023, the Company announced that it succeeded for the first time in verifying a marker substance for natural rubber in a tire and
so throughout the entire production process. The dedicated marker technology, which the Company and Continental optimized for use in
natural rubber, is designed to create greater transparency along the entire value chain of tires and technical rubber products from Continental.
Provided with special security features, the use of the marker substances enables the invisible marking of natural rubber with information
on its geographical origin. This means, for example, that responsibly sourced natural rubber and its origin can be verified at every
stage of the supply chain all the way through to the customer.
In
the field test, the marker substance was added to responsibly grown latex during harvesting and withstood not only the intensive preparations
involved in the production of natural rubber but also the tire manufacturing process itself. In the manufactured tire, the data was retrieved
using special, purpose-built software and a reader and correctly interpreted. The appearance and performance of a bicycle tire containing
the invisible marker remained unchanged.
The
Company expects that Continental will use the new marker technology on a larger scale in the future during the process of sourcing its
rubber and also to integrate it in other rubber products. As part of the industrialization of this technology, it is conceivable to link
the markers with blockchain technology. This could provide additional support for tamper-free monitoring of compliance with quality standards
and quality criteria along the complex supply chain of natural rubber.
On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company's marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.
Plastic
Cycle Token
On
November 28, 2023, the Company announced the planned launch of a plastic cycle token, scheduled for release in the third quarter of 2024.
The initiative is being designed to present a reliable, ethical digital credit platform, aiming to capitalize on billions of dollars
in recyclable plastics credits in a newly created market.
The
tradeable plastic cycle token is being designed to enable companies to transition towards sustainable practices, encouraging entities
within and outside the plastic ecosystem, including oil producers and waste management firms, to increase recycled content utilization.
This
initiative is also expected to position the SMX Plastic Cycle Token as a next-generation alternative to carbon credits, creating a new
paradigm in the Impact ESG investment landscape. Each token is being designed to represent a quantifiable amount of recycled plastic
using SMX's technology to physically mark the plastics, potentially offering a tangible impact on environmental circularity.
33
Gold
and Other Metals
Gold
Security
Matters PTY formed a joint initiative with Perth Mint to develop a mine-to-marketplace ethical gold supply chain technology solution.
Since the incorporation of trueGold Consortium Pty Ltd ("trueGold") in June 2020, this research and development project aims
to promote a 'mine to product' transparency solution dedicated to responsible mining of materials. Security Matters PTY's
track & trace technology provides information on the origin of the materials and how they move across production and distribution
chains towards recycling and back to refining.
On
July 29, 2020, Security Matters PTY signed a shareholders' agreement with W.A. Mint Pty Ltd. ("Perth Mint") and trueGold.
The shareholders' agreement and the ancillary agreements discuss the establishment of a new entity—trueGold—by Security
Matters PTY and Perth Mint. Security Matters PTY granted to trueGold, subject to the terms of the license agreement, an exclusive, worldwide,
perpetual license to use Security Matters PTY's technology for the purpose of commercializing it within the industry comprising
gold as a precious metal (as elaborated below). Security Matters PTY owns any development of its intellectual property and, while trueGold
owns all generated data it creates, trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free
license to use the generated data, subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement
technology or Security Matters PTY's technology. The parties agreed that neither Perth Mint or Security Matters PTY are required
to provide any funding to trueGold and that any investment by any of them in trueGold from time to time will be by way of in-kind contributions.
Third party equity investors will contribute the working capital will fund R&D, development capital and other expenses in accordance
with the business plan.
Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if SMX does not notify within 30 days that it wishes to purchase, then to all other shareholders
(including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor and the
directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair market
price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC Rules
for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.
Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.
The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX's CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.
34
On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the "True Gold Shares") such that Security Matters PTY's holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.
TrueSilver
On
June 7, 2023, we announced that we are in the process of creating a new subsidiary, TrueSilver, and that we have entered into a 120 day
exclusive agreement with Sunshine Minting Inc. ("Sunshine"), to create a path to full transparency and traceability for silver
products from mine site to final products and recycling and the creation of an industry standard. During the 120-day exclusivity period,
Sunshine shall evaluate our technology for its use, with possible further collaborations thereafter.
In
July 2023, we transferred the ownership of our wholly owned granddaughter company "Security Matters Canada Ltd." from ownership
by our subsidiary Security Matters PTY to direct ownership by the Company and renamed it "TrueSilver SMX Platform Ltd."
On
April 15, 2024, the Company announced the successful completion of proof of concept for ethical sourcing and authentication of silver
in cooperation with Sunshine.
The
Company has now successfully completed the marking of 2.2 tons of silver within Sunshine's operations. The program covered the
marking of the silver raw material through continuous manufacturing processes to final products including recycling loops.
The
Company's technology was added at the melting stage and the marked silver material was processed into blank (from casting, extrusion,
rolling, annealing, blank cutting & recycling), and the quality of the marked intermediate material and final products was evaluated
(from billet to blank and recycled blank after several cycles).
The
results demonstrated 100% success rates on all marked products all along the production process (from billet to finished product) ensuring
the durability and irrefutable proof of quality and Brand authentication of the silver for credible ESG reporting for stakeholders, customers,
auditors, and regulators.
Non-Ferrous
Metals
On
November 29, 2022, Security Matters PTY signed a products distribution and SAAS reseller agreement with Sumitomo Corporation, a Japanese
corporation. Under such agreement, Security Matters PTY appointed Sumitomo to act as Security Matters PTY's exclusive, worldwide
distributor to market and sell markers, readers and Security Matters PTY services to customers for application in the Non-Ferrous Metals
Market (as defined below) only, subject to the customer entering into with Security Matters PTY its standard product license agreement.
The "Non-Ferrous Metals Market" is defined as all supply chain market segments of the industry for aluminum, copper, lead,
nickel, zinc, molybdenum, cobalt, lithium and tin.
The
price at which Security Matters PTY shall sell products to Sumitomo and the license fee at which Security Matters PTY shall license Security
Matters PTY products and Security Matters PTY service to Sumitomo shall be a discount of the invoices issued to the customers.
Generally,
the agreement shall remain in effect for an initial term of five years from the effective date of first commercial sale by Security Matters
PTY to Sumitomo of any products. The companies have agreed that over the coming years there is a target to reach $35 million in sales.
Alcoholic
Beverages
In
December 2021, Security Matters PTY acquired all the holdings SMX Beverages Pty Ltd, a joint venture incorporated in February 2020 for
the promotion of solutions in the alcoholic beverage industries including in relation to the prevention of counterfeit alcoholic beverages,
circular economy concepts and packaging and supply chain within those industries.
35
Diamonds
and Precious Stones
On
April 30, 2019, Security Matters PTY signed an agreement with Trifecta Industries Inc. ("Trifecta") for the commercialization
of Security Matters PTY's trace technology in the diamonds and precious stone industry. Under the terms of the agreement, Security
Matters PTY and Trifecta established a new entity—Yahaloma Technologies Inc., which is equally held by Security Matters PTY and
Trifecta.
Both
parties covenanted not to pursue the use of Security Matters PTY's technology for diamonds and precious stones, or any other venture
related to the testing of the origin of diamonds or precious stone, other than through the Yahaloma. Additionally, in agreement with
Isorad, all rights in and to any intellectual property related to the diamonds and precious stones industry that is developed by or for
Yahaloma is jointly owned in equal parts by the Security Matters PTY, Yahaloma and Soreq.
Security
Matters PTY continues to develop the technology and will supply Yahaloma technical services. Security Matters PTY bears the cost of such
R&D services but the agreed hourly costs of Security Matters PTY's staff is recorded as a shareholders loan of Security Matters
PTY to Yahaloma, once the first USD 250,000 to be paid by Trifecta are exhausted (which is yet to happen). Trifecta supplies Yahaloma
diamonds and other raw materials, which remain in the ownership of Trifecta. If Security Matters PTY causes damage to such diamonds during
the R&D process, this will be reported the Trifecta and the damage recorded as a shareholders loan of Trifecta to Yahaloma. Trifecta
will supply Yahaloma services of business development. Trifecta bears the cost of such services but the agreed hourly costs of Trifecta's
staff is recorded as a shareholders loan of Trifecta to Yahaloma. Management of Yahaloma is agreed to be jointly, with certain special
resolutions requiring agreement of both parties. Actual day-to-day management is in Canada.
In
addition to the shareholders loan extended by man-hours as stipulated above, the parties covenanted to extend up to USD 1 million to
Yahaloma (USD 350,000 by Security Matters PTY and USD 650,000 by Trifecta, with USD 250,000 extended by Trifecta registered as capital
and all other funds as shareholders loans). Funds were agreed to be injected upon reaching certain milestones. The Security Matters PTY
loan of USD 350,000 are to be injected only upon reaching future milestones and only if such funds will be required, which stage has
not yet arrived. Such Security Matters PTY loan will bear an interest rate of 5% per annum. Upon Yahaloma being able to repay the shareholders
loans, first a sum of USD 250,000 will be repaid to Trifecta and then all other shareholders loans will be repaid pro-rata. Only after
repayment of all shareholders loans will Yahaloma distribute profits.
A
party may not transfer its shares to others without the prior approval of the other party other than a transfer to an affiliate (defined
as an entity directly or indirectly controlled by a party or directly or indirectly controls such party or is directly or indirectly
controlled by a person which also, directly or indirectly, controls such person) done after 30 days' notice to the other party,
and after the affiliate agrees to adopt the agreement.
Yahaloma
agreed to bear the payments to Soreq related thereto (as described in "Gold and Other Metals" above).
Electronics
Security
Matters PTY has joined an alliance formed by six founding partners, among them the World Business Council for Sustainable Development,
to set a shared vision for a circular economy for electronics, called the Circular Electronics Partnership. This group of global companies
has been brought together to reduce e-waste and to commit to a roadmap for a circular economy for electronics by 2030.
36
Fashion
In
December 2020, Security Matters PTY announced that it had launched a Fashion Sustainability Competence Centre to enable fashion brands
globally, to transition successfully to a sustainable circular economy by being able to identify the origination of their raw materials
and hence, recycle their own unsold and/or end-of-life merchandise (garments, footwear and accessories including sunglasses) back into
new high-quality materials and new fashion merchandise Security Matters PTY's technology is applicable across a range of materials
including leather, silk, cotton, wool, coated canvas, vegan leather, polyesters, cashmere, metals (e.g., gold & metallic parts) and
plastics; and its applications encompass finished leather goods, shoes, garments, and accessories. Security Matters PTY is also collaborating
with several luxury fashion conglomerates on R&D projects to trace the origin of raw materials used in their supply chain and is
in commercial negotiations regarding the implementation of its solution with partners in the industry.
In
July 2023, we changed the name of the wholly owned subsidiary from "SMX France" to "SMX Fashion and Luxury" in
anticipation for such company to be used for the fields of fashion and luxury.
Marketing
and Sales
The
Company intends to concentrate its market penetration efforts into the U.S. market, including recruitment of sales and marketing personnel,
either located in the U.S. or with U.S. orientation, participation in various professional expos, conventions and exhibitions and entering
into agreements or arrangements with distributors in the U.S. markets and commencing collaborative relationships with commercial entities
for the development of new customized products. Moreover, the Company intends to continue to invest significant resources in research
and development in order to improve and build on its array of existing solutions and strive to develop new innovative products in sync
with new market technological developments. The Company plans to further advance its innovative technology and commercialization efforts
by:
●
engaging
    with additional suppliers and service providers in order to improve and streamline its product development process and supply chain;
●
increasing
    marketing and sales activities, concentrating on specific target markets;
●
increasing
    participation in professional expos, conventions and exhibitions; and
●
establishing
    partnerships and collaborations with strategic customers and entities in the segments relevant to its technology.
The
Company's pricing is based on the perceived value proposition of its solution for its customers. The pricing model is expected
to be comprised of three components:
●
set-up
    fee (for initial consultations);
●
marker
    implementation fee (typically on a per item or per kg basis) and sale or lease of readers; and
●
service
    fee (for reading, blockchain services and other support services).
Pricing
may also include an annual license fee, payment of royalties, pay-per-read, or other models.
37
Target
Industries
Fashion
For
the fashion industry, the Company's technology enables authentication from raw materials to retail stores and beyond:
Its
technology targets the luxury fashion industry by enabling high-end brands to:
●
verify
    the origin of raw materials to prevent fraud;
●
control
    material usage during the manufacturing process;
●
track
    a product's journey from the first point of manufacturing to delivery to customers.
●
share
    information on product traceability with customers to prevent fraud in returned products;
●
generate
    secondary and reseller demand by demonstrating product authenticity; and
●
improve
    upcycling and recycling processes through material recognition, grading, and recycled content certification.
38
Electronics
For
the electronics industry, the Company's technology enables end-to-end traceability and authentication from raw material to point
of use.
Its
technology targets semiconductor manufacturers enabling a manufacturer to:
●
verify
    the origin of raw material;
●
control
    material usage;
●
demonstrate
    product authenticity along its supply chain;
●
detect
    tampering during use (e.g., when giving products off-premises for maintenance or other reasons); and
●
implement
    upcycling and/or recycling programs through material recognition, grading, and recycled content certification.
39
Gold
and Other Metals
The
Company's technology allows for the tracing of gold or other metals from mine to consumer.
Its
technology enables gold refineries, mining companies, and bullion banks to:
●
prove
    the origin and mine location of the gold;
●
facilitate
    the sale or trading of gold from ESG-compliant mines; and
●
demonstrate
    that their products are ESG-compliant to customers and end-users.
40
Plastics,
Rubber and Other Materials
Given
the challenges around mechanical recycling, chemical recycling is emerging as a promising solution to help tackle the global challenge
associated with single use plastic waste. An embedded chemical marker allows for better tracking, monitoring and sorting of post-consumer
plastic with the Circular Value Chain Approach. The Company's technology is applicable throughout the life cycle of the material
or product, from raw material to production to recycling. Its technology enables plastic footprint transparency and traceability along
the supply chain.
Its
digital twin technology can address a key challenge of the first step to identify, track and trace commodities produced in emerging countries
for use in the developed countries, such as rubber or food commodities (e.g., cocoa, soy, and palm oil). The creation of a digital twin
for each physical good enables participants in the value chain to come together and form the global ledger for the goods. As a number
of industries and sectors are increasing their commitments to recycling, many companies are realizing the need for sustainability and
circular economies.
Competition
Armed
with its various products and designs, the Company believes it possesses a unique combination of knowledge and features. It has established
an innovative, cross- segment technology, developed over several years by an experienced and dedicated team of scientists, which it believes
create a barrier to entry to its competitors.
The
Company's product is currently undergoing pilot projects with customers with strong international presence. The customizable nature
of its technology allows SMX to embed the technology in multiple products, from silk to rubber to diamonds to gold to plastics, across
multiple segments.
The
Company is constantly striving to improve its competitive status in the market by:
●
entering
    into agreements or arrangements with large and high-profile customers in the industry, which it believes enhances its status and
    reputation in multiple markets and provides opportunities to enter into new agreements or arrangements with new customers;
●
entering
    into agreements or arrangements with strategic partners in order to strengthen its position to become the new industry standard;
    and
●
Providing
    high level development and support services to customers, to promote customer retention, and encourage its customers to rely on SMX
    to use its technologies for future projects.
41
Government
Royalty Obligations and Regulations
Israeli
R&D Law
The
Government of Israel encourages research and development projects oriented towards products for export or projects which will otherwise
benefit the Israeli economy. This is conducted by the Israel Innovation Authority (IIA), which replaced the former Office of the Chief
Scientist (OCS).
Under
Israeli laws with respect to research and development, which is referred to as R&D Law, a royalty of between 3% to 5% applies to
the net sales of products developed from a project funded by the IIA, beginning with the commencement of sales of products developed
with grant funds and ending when a dollar-linked amount equal to 100% of the grant plus interest at LIBOR has been repaid. The terms
of the R&D Law also place restrictions on the location of the manufacturing of products developed with government grants, which,
in general, must be performed in Israel, and on the transfer to third parties of technologies developed through projects in which the
government participates. Security Matters PTY's research and development team will remain in Israel and all funds previously received
by way of a grant from IIA have been invested in Israel.
The
IIA has published a directive incorporating most of the former provisions, including those with respect to transfer of manufacturing
rights, transfer of know-how and others. These provisions include limitations and requirements for payment with respect to outsourcing
or transferring development or manufacturing activities with respect to any product or technology outside of Israel, and change in control
in companies which received government funding from the OCS or IIA, which may impair ability to sell technology assets outside of Israel
or to outsource, transfer develop or manufacture with respect to any product or technology that received government funding under the
R&D Law outside of Israel, or consummate a change in control in the Company, all without prior approval of the IIA.
In
May 2017, the IIA published the Rules for Granting Authorization for Use of Know-How Outside of Israel, or the Licensing Rules. The Licensing
Rules enable the approval of licensing arrangements and other arrangements for granting of an authorization to an entity outside of Israel
to use know-how developed under research and development programs funded by the IIA. Subject to payment of a "License Fee"
to the IIA, at a rate that will be determined by the IIA in accordance with the Licensing Rules, the IIA may now approve arrangements
for the license of know-how outside of Israel. This allows companies that have received IIA support to commercialize know-how in a manner
which was not previously available. In addition, the IIA has recently published a directive incorporating most of the former provisions,
including those with respect to transfer of manufacturing rights, transfer of know-how and others.
Security
Matters PTY had one approved project with the IIA (project number 55715, approved on November 23, 2015) of a 40% grant out of a project
of up to approximately $400,000 under which it received $196,000 in prior years. Security Matters PTY passed a final review by the IIA
and no additional funding is expected to be received under the project.
Security
Matters PTY is obligated to pay 3% of our relevant revenues for the first three years, and 4% of the relevant revenues for further years,
until repayment of the entire grant, being $196,000. To date we paid about $1,000 out of such amount.
Approved
Enterprise
The
Israeli Encouragement of Capital Investments Law, 1959, is intended to encourage investment in industry in Israel in national priority
areas, to promote economic initiatives while giving preference to advanced and innovative industries, and to strengthen development areas.
Based on the Investment Law, the Investment Center may, on application, grant the status of "Approved Enterprise" for Capital
Investments in industry and tourism. Certificates of approval are issued and such approval entitles the project to receive substantial
support from the State. The support may be in the form of reduced taxation, investment grants or other benefits specifically designed
to encourage capital investment in Israel. Such State support is conditional on certain restrictions on the activities of a supported
company, which restrictions may not easily be alleviated.
In
December 2016, Security Matters PTY received approval as an Approved Enterprise (File 24638, Plan 429, Motion 120941) for the building
of a factory for the marking of materials with an investment of ILS 3,700,000, provided that at least 24% of the investment will be financed
by the issuance of new shares. Due to changes in our activity plans, we did not pursue such project and did not take any funds under
such Approved Enterprise.
42
Isorad
License Agreement
Under
the Isorad License Agreement (as amended), Security Matters PTY received from Isorad an exclusive, worldwide, royalty-bearing license,
to make use of (including, without limitation, to develop, manufacture, use, market, offer for sale, sell, export and import in the field
of marking methods) US patent number 8158432 B2 and the technology derived from it can be utilized in almost any industry and with any
product. Additionally, any uses for the Israeli Security Forces and/or its purposes will be conducted via us at a "cost plus"
price to be agreed. While Isorad and Soreq reserve the right to freely continue to research and develop the technology, Security Matters
PTY has a right of first offer to any newly developed technology. If the Source IP is developed further by Soreq and Soreq wishes to
commercialize the new technology, then Soreq must offer the right to commercialize the new technology to Security Matters PTY in the
first instance.
Security
Matters PTY and its affiliate are to pay Isorad royalties for 25 years as of January 1, 2020 in the amount of 2.2% of all gross sales
by the Company, our affiliates or sublicensees and after 25 years the license becomes royalty-free. Gross sales are defined under the
Isorad License Agreement to include the total amount invoiced or received by Security Matters PTY and/or its affiliates, including, without
limitation, for sale of products and provision of services. If Security Matters PTY charges a fee for sublicensing or an option for a
sublicense, for which it does not pay the 2.2% royalty described above, such income will be subject to royalty payment of 15% of the
amounts received. The royalties for revenues from sub-licensing the technology are payable as of January 1, 2020.
Upon
the occurrence of the next M&A event (as such event is defined in such agreement to include mergers, sale of all or substantially
all the assets of ours and similar event) Security Matters PTY is to pay a cash amount equal to 1.5% of the Exit Consideration (as such
term is defined in such agreement). Additionally, Isorad was issued 864,000 options to purchase shares of Security Matters PTY and is
entitled to receive 1% of any amount actually received against equity or other funding convertible into equity at the closing of the
transaction and any amount actually received against equity or other funding during a period of 13 months thereafter (to be paid after
reaching an aggregated received amount of $27 million, or at the end of such 13 months, the earlier thereof). This will not apply to
any future offer of shares, merger or sale of assets thereafter. As of December 31, 2023, based on the funds the Company actually received,
the Company recognized a technology license intellectual property at the amount of $123 against a liability that reflects the due amount.
Under
the Isorad Agreement, Isorad can only refuse to approve a sublicense based on governmental defense, security, governmental policy, political
and other official State of Israel policy considerations. A sublicensee cannot further grant, directly or indirectly, to any third party
any sublicense or rights to the technology and cannot further assign the sublicense agreement.
Specifically
as to Yahaloma, the royalty rate on gross sales of Yahaloma, to be paid by Yahaloma, are 4.2% (and not 2.2% that applies solely to Security
Matters PTY, its other affiliates and to other sublicensees). Upon the occurrence of an M&A event (as such event is defined in such
agreement to include mergers, sale of all or substantially all the assets of Yahaloma and similar event), Isorad is entitled to a fee
equal to 1% of the total consideration paid to, received by, or distributed to, Yahaloma and/or its shareholders and/or its affiliates
in connection with the event, including, without limitation, all cash, securities or other property which is received by Yahaloma and/or
its shareholders in connection with such event of two such events (i.e. twice) at its choice.
The
Isorad License Agreement will continue in full force and effect until terminated pursuant to its terms. If either party does not remedy
a material breach of its obligations within 180 days of notice of the material breach, the non-defaulting party may terminate the Isorad
License Agreement immediately. Isorad may terminate the agreement by providing 30 days prior written notice if the royalties payable
to Isorad are $nil in any semi-annual report and we have breached other certain obligations (such as a failure to maintain a patent or
patent application in the previous semi-annual review period).
Security
Matters PTY has provided broad indemnities to Isorad and Soreq and their related parties under the terms of the Isorad License Agreement.
The Isorad License Agreement is governed by the laws of Israel.
43
Safety
Certifications and Permits
Security
Matters PTY is in compliance with the requirements of the ISO 9001:2015 standard for quality management and quality assurance. The ISO
organization promotes worldwide proprietary, industrial and commercial standards. Security Matters PTY is examined annually to verify
that we comply with the ISO standards of excellence, safety, quality, process management and risks management, and currently holds an
ISO certificate as of the date of this Annual Report on Form 20-F.
Under
the provisions of the Israeli Non Ionizing Radiation Law, and the Work Safety regulations (regarding employment safety and health of
those working with non-ionizing radiation), the Company is required to hold a valid license for operations involving non ionizing radiation
as well as employ a safety expert with qualifications as defined by the law. As of May 8, 2022, Security Matters PTY has a valid license
for operations involving non ionizing radiation and employs a safety expert as required by law. Additionally, the import and use of its
readers may be subject to a license requirement in certain jurisdictions, which requirement may change from one jurisdiction to another.
Legal
Proceedings
From
time to time, the Company may become involved in legal proceedings or may be subject to claims arising in the ordinary course of our
business. Although the results of these proceedings and claims cannot be predicted with certainty, the Company currently believes that
the final outcome of these ordinary course matters will not have a material adverse effect on our business, operating results, financial
condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs,
diversion of management resources and other factors.
C.
Organizational Structure
The
Company has six wholly owned subsidiaries: Lionheart, Security Matters PTY, SMX Circular Economy Platform PTE, Ltd. (Singapore), TrueSilver
SMX Platform Ltd. (Canada) ("TrueSilver"), SMX Fashion and Luxury (France) and SMX (Security Matters) Ireland Limited (Ireland).
Security Matters PTY has two wholly-owned subsidiaries: Security Matters Ltd. (Israel) and SMX Beverages Pty Ltd. (Australia), along
with being the record holder of 50% of Yahaloma Technologies Inc. (Canada) ("Yahaloma") and 51.9% of trueGold Consortium
Pty Ltd. (Australia).
D.
Property, Plants and Equipment
The
Company's main business activities are conducted at SMX Israel's headquarters in central Israel. It leases 363 square meters
of office space at this location under a lease until May 31, 2027, with an option to extend the lease with an additional rental fee of
10% for an additional five years. The Company also leases an additional adjacent building of 146 square meters where it conducts research
and development activities. The lessor (who represented that he is not aware of any such impending circumstances) has the right to shorten
the lease with 90 days-notice if it is demanded by a government entity to evacuate the premises, to change the agreement or to pay fines
due to the agreement. The Company believes that its current facilities are suitable and sufficient to meet its anticipated needs for
the foreseeable future.
ITEM
4A. UNRESOLVED STAFF COMMENTS
Not
applicable.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of our audited financial condition and results of operations together with our consolidated
financial statements appearing elsewhere in this Annual Report on Form 20-F. This Annual Report on Form 20-F contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the
Exchange Act, including, without limitation, statements regarding our expectations, beliefs, intentions or future strategies that are
signified by the words "expect," "anticipate," "intend," "believe," or similar language.
All forward-looking statements included in this Annual Report on Form 20-F are based on information available to us on the date hereof,
and we assume no obligation to update any such forward-looking statements. In evaluating our business, you should carefully consider
the information provided under "Item 3.D. Risk Factors." Actual results could differ materially from those projected in the
forward-looking statements. The terms "Company," "we," "our" or "us" as used herein refer
to SMX (Security Matters) Public Limited Company and its consolidated subsidiaries unless otherwise stated or indicated by context.
44
All
amounts discussed are in U.S. dollars, unless otherwise indicated.
Business
The
Company integrates chemistry, physics, and computer science to give materials memory and create a culture of transparency and trust across
multiple industries. The Company's nearly 100 patents support unique marking, measuring, and tracking technologies allowing clients
to seamlessly deploy transparency at all levels of development and provide stakeholders with a complete provenance of material composition
and history, from virgin material to recycled, to address manufacturing challenges and ESG goals while maintaining sustainable growth.
As a result, the Company's technologies are designed and developed to help companies address ESG commitments and transition more
successfully to a low-carbon economy.
The
Company's technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they would be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.
The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.
Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. One reader can detect embedded data in various materials, from metals to fabrics to food and plastics, with all data logged
onto the same digital platform. This versatility across materials sets the SMX tech apart from competitors. Each marker is comprised
of a combination of marker codes such that each marker is designed to be unique and unable to be duplicated. The marker system is coupled
with an innovative patented reader that responds to signals from the marker and, together with a patented algorithm, captures the details
of the product retrieved and stored on a blockchain digital ledger. Each marker can be stored, either locally on the reader and on private
servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.
The
potential of the SMX technology application extends beyond merely tracing raw materials from origination to finished product for recycling
and reuse. It serves as a cornerstone for broader innovative markets, including the following:
In
November 2023, SMX unveiled plans for the launch of the world's first plastic cycle token. In response to the global plastic recycling
rate of just 9% and an estimated market valued at over $40 billion, this initiative aims to establish a reliable, ethical digital credit
platform, tapping into the vast potential of recyclable plastics credits in a new market. Collaborating with a range of partners and
sponsors, each offering unique skills and expertise, SMX aims to create the Plastic Cycle Token, facilitating companies' transition
to sustainable practices. This token is poised to serve as a next-generation alternative to carbon credits, aligned with the European
Union's efforts to improve recycling rates. Leveraging its technology, which enables physical traceability of recycled materials,
SMX seeks to incentivize genuine plastic recycling, promoting environmental circularity and supporting impactful ESG investments.
45
This
was followed by another SMX announcement in January 2024, for a $5 million contract with R&I Trading of New York, deploying cutting-edge
technology to enhance supply chain transparency for a NATO member state, with plans to expand to additional NATO members. This partnership
aims to establish new standards in brand protection, authentication, and ethical sourcing, particularly in the FMCG sector. Through this
initiative, SMX is committed to promoting transparency and security in global supply chains, reflecting its dedication to ethical business
practices and technological innovation.
History
SMX
Israel was incorporated in 2014 to provide brand protection and supply chain integrity solutions to businesses. It provides these solutions
through the commercialization of the initial technology of tracking and tracing materials by observing and identifying markers (the "Source
IP"). SMX Source IP was initiated from the Soreq Nuclear Research Center, an Israeli government research and development institute
for nuclear and photonic technologies under the Israeli Atomic Energy Commission ("Soreq"). In January 2015, SMX Israel entered
into the Isorad License Agreement with Isorad Ltd. (an IP holding company of Soreq) to license the Source IP and develop and commercialize
the technology (the "Isorad License Agreement"). Under the Isorad License Agreement, as amended, the Source IP can be utilized
in almost any industry and with any product.
SMX
Israel merged into Security Matters PTY, an Australian company, to effect a listing on the Australian Securities Exchange under the symbol
"ASX: SMX." At that time, Security Matters PTY had three wholly-owned subsidiaries: Security Matters Ltd. (Israel), SMX Fashion
and Luxury (France), and SMX Beverages Pty Ltd. (Australia). It was also the record holder of 50% of Yahaloma Technologies Inc., a Canadian
company and, as of October 3, 2023, 51.9% of trueGold Consortium Pty Ltd., an Australian company.
On
March 7, 2023 (the "Closing Date"), the Company consummated its previously announced business combination pursuant to the
BCA and its previously announced SID. Beginning on the day immediately prior to the Closing Date and finishing on the day immediately
after the Closing Date, the following transactions occurred pursuant to the terms of the BCA:
●
Security
    Matters PTY proposed a scheme of arrangement under Part 5.1 of the Corporations Act ("Scheme") and Capital Reduction
    which resulted in all shares in Security Matters Limited being cancelled in return for the issuance of the Company's Ordinary
    Shares, with the Company being issued one share in Security Matters PTY ("Security Matters Shares") (this resulted in
    Security Matters PTY becoming a wholly owned subsidiary of the Company);
●
Security
    Matters PTY proposed an option scheme of arrangement under Part 5.1 of the Corporations Act ("Option Scheme"), which
    resulted in the Security Matters PTY options held by participants in the Option Scheme being subject to a cashless exercise based
    on a Black-Scholes valuation, in exchange for Security Matters Shares. Under the Scheme those shares were cancelled and the participants
    received Ordinary Shares on the basis of the Scheme consideration;
●
Security
    Matters PTY shareholders received consideration under the Scheme of 1 Ordinary Share per 10.3624 Security Matters Shares having an
    implied value of $10.00 per Ordinary Share and the Company became the holder of all of the issued shares in Security Matters PTY
    and Lionheart, with Security Matters PTY being delisted from the Australian Stock Exchange;
●
Merger
    Sub merged with and into Lionheart, with Lionheart surviving the merger as a wholly owned subsidiary of the Company;
●
Existing
    Lionheart stockholders received Ordinary Shares in exchange for their existing Lionheart shares and existing Lionheart warrant holders
    had their warrants automatically adjusted to become exercisable in respect of Ordinary Shares instead of Lionheart shares; and
●
The
    Company's Ordinary Shares were listed on NASDAQ under the ticker SMX and the Public Warrants were listed under the ticker SMXWW.
46
As
a result of the Business Combination, the Company owns the entire share capital of Security Matters PTY. Accordingly, for financial reporting
purposes, Security Matters PTY (the legal subsidiary) is the accounting acquirer and the Company (the legal parent) is the accounting
acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under the name of the Company,
but they are a continuance of the financial statements of Security Matters PTY and reflect the fair values of the assets and liabilities
of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security Matters PTY at fair value
based on the quoted opening share price of the Company in its first trading day following the closing of the Business Combination, and
a recapitalization of its equity. This deemed issuance of shares is in fact both an equity transaction under IAS 32 (receiving the net
assets of the Company) and an equity-settled share-based payment transaction under IFRS 2 (receiving the listing status of the Company).
The difference between the fair value of the shares deemed to have been issued by Security Matters PTY and the fair value of the Company's
identifiable net assets represent a payment for the service of obtaining a stock exchange listing for its shares and it is therefore
expensed immediately to profit or loss at the closing date.
A.
Operating Results
Key
Factors Affecting Operating Results
The
Company believes that its performance and future success depend on several factors that present significant opportunities for us but
also pose risks and challenges, including those discussed below and in the section of this Annual Report on Form 20-F titled "Risk Factors.
Commercial
Agreements
The
Company's technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they can be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.
Due
to the fact that we aim our sales efforts at large multi-national market-leading conglomerates, our sale cycle is of several quarters
and there is a risk associated with it that at any time, due to force majeure, or events like CoV 19, regional wars, global tension,
global supply chain challenges and climate change, that are beyond our control, the sale cycle will be broken and all efforts will be
lost.
The
Company has received interest in its technology from several international market-makers conglomerates as well as parties interested
in making such technology a market standard, which will greatly assist the creation of future income. Any delays in the successful completion
of projects or the creation of a market standard, as well as the materialization of any of the risks described in the section entitled
"Risk Factors" above may impact the ability to generate revenue.
47
Components
of Operating Results
The
results of operations presented below should be reviewed in conjunction with the consolidated financial statements and notes included
elsewhere in this Annual Report on Form 20-F.
Revenue
To
date, we haven't seen substantial revenue from our technology sales. This is partly because our focus has been on creating a seamless
onboarding process for multinational clients, establishing a solid foundation to become an industry standard, and ensuring readiness
for a full and rapid deployment as a global commercial service.
Operating
Expenses
The
Company's current operating expenses consist of the following components: research and development expenses, general and administrative
expenses and selling and marketing expenses. The Company is working to maintain discipline on expenses over time.
Research
and Development Expenses, Net
The
Company's research and development expenses consist primarily of wage and salary related expenses, subcontractors and consultants,
depreciation and amortization of equipment, research expenses and share-based compensation expenses. The Company expects that its research
and development expenses will increase as the Company continues to develop its products and recruit additional research and development
employees.
The
Company is engaged in Proof of Concept (POC) agreements according to which it receives funds for financing research and development expenses
from prospective customers. Those funds are reimbursements for expenses and therefore are offset against the related R&D expenses
in profit or loss.
General
and Administrative Expenses
General
and administrative expenses consist primarily of professional services fees, wages and salary related expenses, share-based compensation,
facility-related costs and other general and administrative expenses. In the year ended December 31, 2023, general and administrative
expenses also include the costs that are related to the Business Combination and thereafter the cost related to being a public NASDAQ
company.
Selling
and Marketing Expenses
Selling
and marketing expenses consist primarily of wages and salary related expenses, digital advertising and marketing expenses.
Finance
Income and Expenses
Finance
expenses, net consists primarily of revaluation of financial liabilities and warrants at fair value, interest on borrowings, inducement
expenses, exchange rate difference, and fees and commissions to banks.
48
Gain
from Remeasurement of investment in associated company
Gain
from remeasurement of investment in associated company arises due to the agreement the Company signed with true-Gold Consortium Pty Ltd.'s
("true-Gold") on October 3, 2023 to acquire an additional 7.5% which increased the Company's holdings to 51.9% in true-Gold
and resulted in the Company gaining control over true-Gold.
Foreign
Currency
The
consolidated financial statements are prepared in US Dollars, which is the functional and presentation currency of the Company. Security
Matters (SMX) PLC functional currency is US Dollar. The functional currency of Lionheart III Corp is US Dollar. The functional currency
of SMX Fashion and Luxury is EURO. The functional currency of True Silver SMX Platform is Canadian Dollars. The functional currency of
SMX (Security Matters) Ireland Limited is US Dollar. The functional currency of SMX Circular Economy Platform PTE, Ltd. is Singapore
Dollar. Security Matters Pty Ltd.'s functional currency is Australian Dollars. The functional currency of Security Matters Ltd.
(Israel) is New Israeli Shekels. The functional currency of Security Matters Canada Ltd. is Canadian Dollars. The functional currency
of SMX Beverages Pty Ltd. is Australian Dollar. The functional currency of true-Gold Consortium PYT LTD. is Australian Dollar.
Transactions
and balances in foreign currencies are converted into US Dollars in accordance with the principles set forth by International Accounting
Standard (IAS) 21 ("The Effects of Changes in Foreign Exchange Rates"). Accordingly, transactions and balances have been
converted as follows:
●
Assets
    and liabilities - at the rate of exchange applicable at the reporting date;
●
Expense
    items - at annual average rate at the statements of financial position date.
●
Share
    capital, capital reserve and other capital movement items were at rate of exchange as of the date of recognition of those items.
●
Accumulated
    deficit was based on the opening balance for the beginning of the reporting period in addition to the movements mentioned above.
●
Exchange
    gains and losses from the aforementioned conversion are recorded in exchange losses arising on translation of foreign operations
    in the consolidated statement of comprehensive loss.
Comparison
of the Years Ended December 31, 2023, December 31, 2022, and December 31, 2021
The
following table summarizes our historical results of operations for the periods indicated:
Year
    Ended
December 31,
U.S.
    dollars in thousands (except of per share data)
2023
2022
2021
Research
    and development expenses
2,711
1,898
2,039
Selling
    and marketing expenses
661
569
453
General
    and administrative expenses
16,567
2,723
2,482
Listing
    cost
16,802
-
-
Operating
    Loss
(36,741
)
(5,190
)
(4,974
)
Finance
    expenses
7,891
1,128
101
Finance
    income
1,580
28
237
Gain
    from remeasurement of investment in associated company
22,164
-
-
Share
    of net profit (loss) of associate companies
(101
)
106
101
Loss
    before income tax
(20,989
)
(6,184
)
(4,939
)
Income
    tax
-
-
-
Net
    Loss
(20,989
)
(6,184
)
(4,939
)
Net
    loss attributable to:
Equity
    holders of the Company
(20,914
)
(6,184
)
(4,939
)
Non-
    controlling interest
(75
)
-
-
Basic
    and diluted loss per share attributable to shareholders**
(7.82
)
(8.47
)
(7.41
)
**
Restated as a result of the Business Combination and after giving effect to the reverse stock split
49
Research
and Development Expenses, Net
The
Company's research and development expenses for the year ended December 31, 2023, amounted to $2,711 thousand, representing an
increase of $813 thousand, or 42.8%, compared to $1,898 thousand for the year ended December 31, 2022. The major changes in research
and development expenses were an increase of $320 thousand in Share based compensation expenses and reimbursement from proof of concept
projects that decreased by $568 thousand.
The
Company's research and development expenses for the year ended December 31, 2022, amounted to $1,898 thousand, representing a decrease
of $141 thousand, or 7%, compared to $2,039 thousand for the year ended December 31, 2021. The major changes in research and development
expenses were an increase of $371 thousand in salaries and related expenses that were offset against the reimbursement from paid pilots
and proof of concept projects that increased in $335 thousand and Subcontractors and consultants' expenses that decreased in $257
thousand.
General
and Administrative Expenses
The
Company's general and administrative expenses amounted to $16,567 thousand for the year ended December 31, 2023, a net
increase of $13,844 thousand, or 508.4%, compared to $2,723 for the year ended December 31, 2022. The net increase was primarily
attributable to an increase of $7,278 thousand in Business Combination cost, an increase of $5,128 in public company expenses, an
increase of $1,085 in Share based compensation, an increase of $413 in Wages and salaries related reflecting an increase in payroll
expenses and in the number of employees and an increase of $388 thousand in travel expenses, due to returning to full operation
after the COVID-19 pandemic which is offset by decrease of $438 thousand in Professional services expenses.
The
Company's general and administrative expenses totaled $2,723 thousand for the year ended December 31, 2022, a net increase of $241
thousand, or 10%, compared to $2,482 for the year ended December 31, 2021. The net increase was primarily attributable to an increase
of $183 thousand in wages and salaries related expenses reflecting an increase in the number of employees and an increase of $223 thousand
in travel expenses offset by decrease of $194 thousand in share-based compensation expenses.
Selling
and Marketing Expenses
The
Company's selling and marketing expenses totaled $661 thousand for the year ended December 31, 2023, an increase of $92 thousand,
or 16.1%, compared to $569 thousand for the year ended December 31, 2022, and was primarily due to an increase of $176 thousand in wages
and salaries related due to hiring new professional senior selling and marketing team. This was offset by a decrease in marketing expenses
and consulting.
The
Company's selling and marketing expenses totaled $569 thousand for the year ended December 31, 2022, an increase of $116 thousand,
or 26%, compared to $453 thousand for the year ended December 31, 2021, and was primarily due to an increase in digital advertising cost
associated with our marketing efforts.
50
Listing
Cost
The
Company's listing cost for the year ended December 31, 2023, amounted to $16,802 thousand, which consisted of $11,599 thousand
representing deemed issuance of shares at fair value at the closing of the Business Combination and $5,203 thousand, which represents
the fair value of the Company's identifiable net assets which represents a payment for the service of obtaining a stock exchange
listing for its shares and it is therefore recorded to the consolidated statement of comprehensive loss.
Finance
Income and Expenses
The
Company's finance income for the year ended December 31, 2023, totaled $1,580 thousand, an increase of $1,552 thousand, or
5,543%, compared to $28 thousand for the year ended December 31, 2022. The increase is due to $927 thousand revaluation of public
warrants financial liabilities at fair value and $377 thousand revaluation of convertible note. The Company's finance expenses
for the year ended December 31, 2023, amounted to $7,891 thousand, an increase of $6,763 thousand, or 599.6%, compared to $1,128
thousand for the year ended December 31, 2022. The increase mainly attributed to a $3,704 thousand revaluation of the bridge loans
and convertible notes, $2,005 thousand due to warrants revaluation, $1,000 thousand due to interest on borrowings, and $250 thousand
from inducement expenses.
The
Company's finance
income
for the year ended December 31,
2022
,
totaled
$
28
thousand,
a
decrease
of $
209
thousand, or
88
%, compared
to $237 thousand for the year ended December 31, 2021. The Company's finance expenses totaled $1,128 thousand for the year ended
December 31, 2022, an increase of $1,027 thousand or 1,017%, compared to $101 thousand for the year ended December 31, 2021. The increase
is mainly attributed to a revaluation of the bridge loans and redeemable warrants at fair value.
Gain
from Remeasurement of Investment in Associated Company
Gain
from remeasurement of investment in associated company amounted to $22,164 thousand and reflects the remeasurement of the investment
in true-Gold at fair value following the Company obtaining control over true-Gold, since before the transaction's completion the
Company held 44.4% of the shares of true-Gold which were treated as a joint venture investment.
Share
of Net Profit/Loss of Associated Companies
Shares
of net loss of associated companies consists of equity loss from associated joint venture activity for the year ended on December 31,
2023 at the amount of $101 thousand and share of net profit of associated companies consists of equity profit from associated joint venture
activity for the year ended on December 31, 2022 at the amount of $106 thousand. As of December 31, 2023 and December 31, 2022, the carrying
amount of the investment in associated companies is $115 thousand and $221 thousand, respectively.
Shares
of net profit of associated companies consists of equity profit from associated joint venture activity for the year ended on December
31, 2022 at the amount of $106 thousand and share of net loss of associated companies consists of equity loss from associated joint venture
activity for the year ended on December 31, 2021 at the amount of $101 thousand. As of December 31, 2022 and December 31, 2021, the carrying
amount of the investment in associated companies is $221 thousand and $147 thousand, respectively.
Income
Tax
As
of December 31, 2023, the Company estimated carry forward tax losses of approximately $45,095 thousand (December 31, 2022: $24,106 thousand)
which may be carried forward and offset against taxable income for an indefinite period in the future. The Company and its subsidiaries
did not recognize deferred tax assets relating to carry forward losses in the financial statements because their utilization in the foreseeable
future is not probable.
As
of December 31, 2022, the Company estimated carry forward tax losses of approximately $24,106 thousand (December 31, 2021: $17,659 thousand)
which may be carried forward and offset against taxable income for an indefinite period in the future. The Company and its subsidiaries
did not recognize deferred tax assets relating to carry forward losses in the financial statements because their utilization in the foreseeable
future is not probable.
51
Operating
Loss
As
a result of the foregoing, our operating loss for year ended December 31, 2023 was $36,741 thousand compared to an operating loss of
$5,190 thousand for year ended December 31, 2022, an increase of $31,551 thousand, or 608%.
Our
operating loss for year ended December 31, 2022 was $5,190 thousand compared to an operating loss of $4,974 thousand for year ended December
31, 2021, an increase of $216 thousand, or 4.3%.
Net
Loss Attributable to Shareholders
As
a result of the foregoing, our net loss for the year ended December 31, 2023 was $20,989 thousand, compared to $6,184 thousand for the
year ended December 31, 2022, an increase of $14,805 thousand, or 240%.
As
a result of the forgoing, our net loss for the year ended December 31, 2022 was $6,184 thousand, compared to $4,939 thousand for the
year ended December 31, 2021, an increase of $1,245 thousand, or 25%.
B.
Liquidity and Capital Resources
Overview
Since
our inception through December 31, 2023 and thereafter, the Company has funded its operations principally through the issuance of Ordinary
Shares, warrants, convertible notes, loans from investors and related parties and reimbursement from prospected customers for paid pilots
and proof-of-concept projects. As of December 31, 2023, the Company had $168 thousand in cash and cash equivalents. In addition, during
February 2024, the Company raised gross proceeds of approximately $3,307 thousand, before deducting fees and other offering expenses
payable by the Company, from the issuance of share, prefunded warrants and convertible security, and during April 2024, the Company raised
gross proceeds of approximately $2,000 thousand before deducting fees and after offering expenses payable by the Company, from the issuance
of a promissory note and warrants.
The
table below presents our cash flows for the periods indicated:
For
Year Ended
December 31,
U.S.
    dollars in thousands
2023
2022
2021
Net
    cash used in operating activities
12,479
5,223
3,908
Net
    cash used in investing activities
1,036
1,127
1,765
Net
    cash provided by financing activities
11,954
3,846
6,118
Net
    increase (decrease) in cash and cash equivalents
(1,561
)
(2,504
)
445
Operating
Activities
Net
cash used in operating activities was $12,479 thousand during the year ended December 31, 2023, compared to net cash used in operating
activities of $5,223 thousand during the year ended December 31, 2022. The increase is mainly attributed to the net loss for the period
which amounted to $20,914 thousand and adjusted as non-cash, remeasurement of investment in associated company at the amount of $22,164
thousand due to the acquisition of additional 7.5% in true-Gold, Business Combination listing costs at the amount of $16,802 thousand,
financial expenses due to bridge loans at the amount of $3,800 thousand and stock-based compensation expenses at the amount of $3,269
thousand. Net cash used in operating activities amounted to $3,908 thousand during the year ended December 31, 2021. The increase was
primarily used for payment of salaries and related expenses, travel expenses, research and development, subcontractors, consultants and
materials. In addition, the increase in cash used in operating activities derived from a material increase in prepaid expenses related
to the BCA.
Investing
Activities
Net
cash used in investing activities was $1,036 thousand during the year ended December 31, 2023, consisted of capitalized development costs
in the amount of $976 thousand and $60 thousand used for purchasing property, plant and equipment. Net cash used in investing activities
was $1,127 thousand during the year ended December 31, 2022, consisted of capitalized development costs in the amounts of $975 thousand
and $152 thousand, which were used for purchasing property and equipment.
Net cash used in investing
activities was $1,765 thousand during the year ended December 31, 2021, and consisted of cost of capitalized development expenses in
the amounts of $1,468 thousand and $297 thousand, which were used for purchasing property and equipment.
52
Financing
Activities
Net
cash provided by financing activities was $11,954 thousand during the year ended December 31, 2023, consisted mainly of $2,679 thousand
in advance payment for equity, $2,356 thousand in net proceeds from issuance of promissory note $2,919 thousand for net proceeds from
issuance of shares in the Business Combination net , an aggregate of $2,630 thousand net proceeds from the issuance of shares and warrants,
$642 thousand in exercise of warrants, $550 thousand in proceeds from issuance of bridge loans and warrants and $250 thousand in proceeds
from the issuance of a convertible note. Net cash provided by financing activities was $3,846 thousand during the year ended December
31, 2022, consisted mainly of $3,310 thousand in proceeds from issuance of bridge loans and warrants and $581 thousand of proceeds from
issuance of convertible notes and $182 thousand net issuance of shares, which was partially offset by payment of $172 thousand for loan
repayment to related parties.
Net cash provided by financing activities was $6,118 thousand during
the year ended December 31, 2021, consisted mainly of $5,892 thousand in proceeds from net issuance of shares and warrants and $395 thousand
of net proceeds from the exercise of warrants, which was partially offset by payment of $98 thousand for lease liabilities and loan repayment
to related parties of $103 thousand.
Current
Outlook
The
Company has incurred and continues to incur losses and continues to generate negative cash flows from operations since inception in 2015.
Since the Company's inception, it has not generated significant revenue from the sale of technology.
As
of December 31, 2023 and December 31, 2022, the Company had $168 thousand and $1,398 thousand, respectively, in cash and cash equivalents,
which the Company has been using and continues to use for working capital and general corporate purposes since those dates. Since December
31, 2023, the Company has raised an additional approximately $5,557 thousand in funding from various investors. The Company expects that
its existing cash and cash equivalents, along with amounts it may draw down under the Alpha SPA referred to below (during April 2024,
the Company terminated its then-existing $25 million SEPA with Yorkville and entered into a similar agreement for $30 million with Alpha),
and receivables from clients once paid, will be sufficient to fund its operations for the foreseeable future but perhaps at a delayed
or reduced scope. In addition, the Company has outstanding approximately $13,000 thousand in existing payables and other liabilities
related to expenses of the Business Combination. The Company expects to fund the payment of such amounts out of the Alpha SPA, referred
to below, ongoing activities of the Company and possibly other capital raisings in 2024. Further, the Company's operating plans
may change as a result of many factors that may currently be unknown to it, and it may need to seek additional funds sooner than planned.
The Company's future capital requirements will depend on several factors, including:
●
Commercial
    scaling and initial deployment of the technology, along with the progress and costs of our research and development activities;
●
the
    costs of filing, prosecuting, enforcing and defending patent claims and other intellectual property rights;
●
the
    potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities
    internally; and
●
the
    magnitude of our general and administrative expenses.
When
and until the Company starts to generate significant recurring revenues and profit, the Company expects to satisfy its future cash needs
through capital raising and shareholders' financial support. The Company cannot be certain that additional funding will be available
when needed, on acceptable terms, if at all. The Company's outstanding warrants are generally either out of money or have nominal
exercise prices; accordingly, the Company does not expect to raise any material additional funds from the exercise of outstanding warrants
in at least the short-term. If funds are not available, the Company may be required to delay or reduce the scope of research or development
plans.
53
We
can give no assurances that we will be able to secure additional sources of funds to support our operations on acceptable terms, or
at all, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. If we raise
additional funds by issuing equity or convertible debt securities, including pursuant to the Alpha SPA, it could result in dilution
to our existing stockholders or increased fixed payment obligations. In addition, as a condition to providing additional funds to
us, future investors may demand, and may be granted, rights superior to those of existing stockholders. If we incur additional
indebtedness, we could become subject to covenants that would restrict our operations and potentially impair our competitiveness,
such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual
property rights and other operating restrictions that could adversely impact our ability to conduct our business. Additionally, any
future collaborations we enter into with third parties may provide capital in the near term but may not be on terms that are
favorable to us. Any of the foregoing could significantly harm our business, financial condition and results of operations. If we
are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may be required to reduce the scope of
the commercialization of our planned products or delay, scale back or discontinue the development of one or more of our product
candidates.
We
may also need to take certain other actions to allow us to maintain our projected cash and projected financial position, including but
not limited to additional reductions in general and administrative costs, sales and marketing costs, and other discretionary costs. Although
we believe such plans, if executed and coupled with the above-described sources of liquidity, should provide us with financing to meet
our needs, successful completion of such plans is dependent on factors outside of our control.
We
anticipate that we will continue to incur net losses into the foreseeable future as we continue our development of our product candidates
and expand our corporate infrastructure.
Contractual
Obligations
Reciprocal
Standby Equity Purchase Agreement
In
February 2023, we entered into a SEPA with Yorkville, whereby we have the right, but not the obligation, to sell to Yorkville up to $25.0
million of our Ordinary Shares at our request, subject to the terms therein. We have received as loans Pre-Paid Advances of $3.5 million,
all of which as of April 29, 2024, have been converted into our Ordinary Shares or repaid in cash.
On
April 13, 2024, the Company exercised its right of termination under the SEPA and sent to Yorkville a termination notice, which became
effective on or about April 19, 2024.
Alpha
Stock Purchase Agreement
On
April 19, 2024, the Company entered into a Stock Purchase Agreement (the "SPA") with Generating Alpha Ltd. ("Alpha"),
pursuant to which Alpha has committed to purchase from us up to $30,000,000 of our ordinary shares, subject to the terms and conditions
specified in the SPA. The Company entering into the SPA was a condition of the Company's previously announced note and warrant
transaction with Alpha from April 11, 2024.
54
Subject
to the terms and conditions of the SPA, the Company has the right from time to time at its discretion, any time after the three month
anniversary of the shares underlying the SPA being registered for resale pursuant to the Registration Rights Agreement referred to below,
to direct Alpha to purchase a specified amount of our ordinary shares (each such sale, a "Put") by delivering written notice
to Alpha (each, a "Put Notice"). There is a $20,000 mandatory minimum amount for any Put and it may not exceed $500,000,
subject to a volume threshold equal to the quotient of (a) the number of ordinary shares requested by the Company in a Put Notice divided
by (b) 0.30. The ordinary shares will be purchased at a price equal to : (a) 95% of the lowest daily traded price of the Company's
ordinary shares during the five trading day valuation period (provided that it shall not be less than a Company-specified minimum acceptable
price) ("Market Price"), if the market price of the ordinary shares is over $1.00; (b) 90% of the Market Price, if the market
price of the ordinary shares is between $0.80 and $1.00: (c) 85% of the Market Price, if the market price of the ordinary shares is between
$0.60 and $0.80; (d) 80% of the Market Price, if the market price of the ordinary shares is between $0.40 and $0.60; (e) 75% of the Market
Price, if the market price of the ordinary shares is between $0.20 and $0.40; and (f) 50% of the Market Price, if the market price of
the ordinary shares is below $0.20.
The
Company will control the timing and amount of any sales of ordinary shares to Alpha. Actual sales of our ordinary shares to Alpha as
a Put under the SPA will depend on a variety of factors to be determined by the Company from time to time, which may include, among other
things, market conditions, the trading price of the Company's ordinary shares and determinations by the Company as to the appropriate
sources of funding for its business and operations.
The
obligations of Alpha to accept any Put pursuant to a Put Notice is subject to customary conditions, including that Alpha is not required
to purchase any ordinary shares pursuant to a Put if it would result in Alpha beneficially owning in excess of 4.99% of the Company's
ordinary shares, and that the ordinary shares subject to the Put be registered for resale. The Company agreed to pay a commitment fee
to Alpha equal to 1.5% of the commitment amount, payable in shares, or 2,725,621 ordinary shares and which shall be subject to a three
month lock-up.
The
net proceeds under the SPA to the Company will depend on the frequency and prices at which the Company sells ordinary shares to Alpha.
The Company expects that any proceeds received by it from such sales to Alpha will be used for working capital and general corporate
purposes; provided, however, that in the event the Company owes any indebtedness to Alpha, 50% of any such proceeds shall be applied
to repayment of such indebtedness.
The
SPA will automatically terminate on the earliest to occur of (a) the first day of the month next following the 36-month anniversary of
the date of the SPA or (ii) the date on which Alpha shall have made payment of Puts pursuant to the SPA for ordinary shares equal to
$30,000,000. The Company has the right to terminate the SPA at no cost or penalty upon five (5) trading days' prior written notice
to Alpha, provided that there are no outstanding Put Notices for which ordinary shares need to be issued and the Company has paid all
amounts owed to Alpha pursuant to the SPA and any indebtedness the Company otherwise owes to Alpha or its affiliates. The Company and
Alpha may also agree to terminate the SPA by mutual written consent. Neither the Company nor Alpha may assign or transfer its respective
rights and obligations under the SPA, and no provision of the SPA may be modified or waived by the Company or Alpha other than by an
instrument in writing signed by both parties.
The
SPA contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties
and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the
benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. The SPA contains
restrictions on the Company's ability to enter into any Variable Rate Transaction (as defined in the SPA), as described in the
SPA.
The
Company further entered into a Registration Rights Agreement with Alpha, pursuant to which the Company agreed to register for resale
ordinary shares underlying the SPA.
Leases
SMX
Israel is a party to a lease agreement dated January 14, 2020, and amended as of December 24, 2020 (the "Lease"). Under the
Lease, it is obligated to pay ILS 253 thousand plus VAT per year. The Lease will expire on May 31, 2027, with an additional option of
5 years, unless terminated by the landlord due to a requirement of a governmental authority to modify or terminate the Lease, pursuant
to the terms of the lease.
55
Borrowings
On
September 19, 2023, the Company amended the loan agreements dated September 7, 2015, by and between SMX Israel, the Company's shareholders
and Kamea Fund. Pursuant to the amendment to the loan agreements, Kamea agreed to convert US$657 thousand of indebtedness under the loan
agreements into 487,281 ordinary shares (post share reverse split) of the Company, as payment in full for such indebtedness; provided
however, that in the event the proceeds received from Kamea with respect to any sales of the shares are not at least equal to the indebtedness
amount, the Company will remain liable to Kamea for the balance of the indebtedness amount. In accordance with management estimation
the FV of this Indebtedness is immaterial.
Additionally,
Kibbutz Ketura provides administrative services for SMX Israel for which it was debited $34 thousand and $36 thousand for the year ended
December 31, 2023 and December 31, 2022, respectively.
Security
Matters PTY and the Company borrowed an aggregate of $3,860 thousand from private investors between September 2022 and February 2023,
which loans are due no earlier than May 31, 2024. All of such loans have an interest rate of 10% per annum. Each such lender (except
for one lender which lent an amount of $1,000 thousand which is not entitled to the redeemable warrants), further received 20% redeemable
5-year warrant coverage to subscribe for Ordinary Shares at $11.50 per share, plus 5% 5-year bonus warrant coverage to subscribe for
Ordinary Shares at $11.50 per share and a first priority security interest in the shares of Security Matters PTY's interest in
true-Gold Consortium Pty Ltd. In March 2023, the Company signed an addendum to the Bridge Loans agreements which converted $1,350 thousand
into common shares and deferred the remaining cash payments during the first and second quarter of 2024.
On
December 31, 2023, the Company issued an aggregate of 4,032,256 Ordinary Shares and warrants to purchase an aggregate of 4,032,256 ordinary
shares, to the lenders, in exchange for the cancellation of an aggregate of (a) approximately $750 thousand in principal owed to the
lenders and (b) $1,450 thousand cash value of Redeemable Warrants. The Company also issued 457,682 Ordinary Shares to a service provider
(the "Service Provider") as payment in full for $260 thousand worth of services previously provided to the Company by the
Service Provider. Such transactions were evidenced by a series of substantially similar Conversion and Exchange Rights Agreements executed
as of December 31, 2023.
In
January 2023, the Company borrowed $250 thousand from a private investor, which loan is due December 31, 2024. Such loan has an interest
rate of 15% per annum and is convertible at a conversion price of $10.00 per share, and the holder further received 5% redeemable 5-year
warrant coverage to subscribe for Ordinary Shares at $11.50 per share, plus 5% 5-year bonus warrant coverage to subscribe for Ordinary
Shares at $11.50 per share.
On
September 6, 2023, the Company consummated the transactions pursuant to a Securities Purchase Agreement dated as of September 5,
2023 (the "September SPA") and issued and sold to an institutional investor a promissory note with a fixed conversion
price of $1.6378 and warrants, for gross proceeds to the Company of approximately $2,358 thousand, before deducting fees and other
offering expenses payable by the Company. The note was issued in the principal amount of $4,290 thousand, all of which have been
converted as of April 29, 2024 into an aggregate of 2,619,377 Ordinary Shares. The actual amount loaned by the investor pursuant to
the Note was $2,574 thousand after a 40% original issue discount. The maturity date of the note is the 12-month anniversary of the
effective date and is the date upon which any remaining accrued and unpaid interest and other fees, shall be due and payable.
Interest accrues in the amount of 12% per year and shall be payable on the maturity date or upon acceleration or by prepayment or
otherwise. The investor has the right, at any time, to convert all or any portion of the then outstanding and unpaid principal
amount and interest (including any costs, fees and charges) into Ordinary Shares at a fixed conversion price of $1.6378 per share.
Any such conversion is subject to customary adjustments and limitations set forth in the note, including for fundamental
transactions. As of April 29, 2024, the investor has converted all of the principal of the note into an aggregate of
2,619,377 Ordinary Shares.
56
Additionally,
as part of the transaction, we issued two warrants to the Investor, an "A" Warrant and a "B" Warrant. The A Warrant
for 3,929,051 Ordinary Shares has an exercise price of $0.0022 per share, subject to customary adjustments, and may be exercised at any
time until the five year anniversary of the A Warrant. As of April 29, 2024, the investor exercised the Warrant A for 3,789,264
Ordinary Shares. The B Warrant for 2,619,367 Ordinary Shares had, pursuant to the September SPA, an exercise price of $1.6378 per share,
subject to customary adjustments, and may be exercised at any time until the five year anniversary of the B Warrant. On April 11, 2024,
as an inducement of the Company for the Investor to enter into transactions pursuant to a Securities Purchase Agreement, whereby the
Company issued and sold to the Investor a promissory note and warrants, for gross proceeds to the Company of approximately US$2.0 million,
before deducting fees and other offering expenses payable by the Company, the Company entered into a Warrant Amendment and Inducement
Letter with the Investor, with respect to the "B" warrants. Pursuant to the Warrant Amendment and Inducement Letter, the
Investor exercised for cash the outstanding "B" warrants in full at a reduced exercise price of $0.0022 per share, or approximately
$5,762. See Item 8.B. Significant Changes, elsewhere in this Annual Report on Form 20-F.
On
October 3, 2023, Security Matters PTY entered into an Investment Agreement (the "Investment Agreement") with True Gold Consortium
Pty Ltd ("True Gold"), of which Security Matters PTY is a shareholder.
Pursuant
to the Investment Agreement, the AUD475,000 of indebtedness as of June 30, 2023 True Gold owes to Security Matters PTY was waived by
Security Matters PTY in exchange for the issuance of additional shares of True Gold (the "True Gold Shares") such that Security
Matters PTY's holdings in True Gold shall be increased to 51.9% of the total issued and outstanding shares of True Gold, making
Security Matters PTY the majority owner of True Gold. Additionally, the existing license agreement as between Security Matters PTY and
True Gold was amended to include additional intellectual property of Security Matters PTY to be licensed to True Gold thereunder. Security
Matters PTY shall further supply to True Gold a credit line for research and development work by its employees of up to AUD1,000,000,
free of interest and collateral.
Pursuant
to the Investment Agreement, True Gold shall have the right, within 12 months of the issuance of the True Gold Shares to Security Matters
PTY, to purchase the True Gold Shares from Security Matters PTY for a purchase price to be decided by an external valuator.
Government
Grants
As
of December 31, 2023 and December 31, 2022, the Company has a contingent liability of $153 thousand and $135 thousand, respectively,
for government grant it received for the use of research and development activities from Israel Innovation Authority (IIA). The Company
is subject to paying 3% of its relevant revenues for the first three years, and 4% of the relevant revenues for further years, until
repayment of the entire grant.
Isorad
License Agreement
In
January 2015, the Company entered into the Isorad License Agreement with Isorad Ltd. (a company wholly owned by the State of Israel with
rights to exclusively commercialize the Soreq Research Center technology for civilian uses), according to which the Company was granted
technological license in return for future royalties based on 2.2% of gross sales by the Company and its affiliates and after 25 years
the license becomes royalty-free. Upon the occurrence of an M&A event (as such event is defined in the agreement to include mergers,
sale of all or substantially all the assets of ours and similar event), in the first M&A event, the Company is to pay a consideration
equal to 1% of the amount received or transferred and in the second M&A event, a consideration equal to 2% of the amount received
or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter.
In
January 2023, the Company signed an amendment to the agreement that determine the following:
(1)
for the BCA with Lionheart, Isorad was issued 864,000 options to purchase shares of the Company, the options were issued in January 2023
and valued using the Black-Scholes pricing model. The main assumptions which were used are: (1) risk-free rate: 3.42%; (2) expected volatility:
81.92%: (3) expected term: up to 3 years; and (4) expected dividend yield: 0%.
57
The
fair value of these options was $33 thousand and recognized as a technology license intellectual property.
(2)
Additionally, Isorad will be entitled to 1% of any amount actually received against equity or other funding convertible into equity at
the closing of the transaction and until 13 months thereafter (to be paid after reaching an aggregated received amount of $27 million,
or at the end of such 13 months, the earlier thereof).
As
of December 31, 2023, based on the funds the Company actually received, the Company recognized a technology license intellectual property
at the amount of $123 thousand against a liability that reflects the due amount.
(3)
Exit fee - in the occurrence of the first M&A event (as such event is defined in such agreement to include mergers, sale of all or
substantially all the assets of the Company and similar event) after the closing of the BCA, the Company is to pay a cash amount equal
to 1.5% of the amount received or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter.
Sales
Cooperation Agreement
On
July 25, 2023, the Company entered into a Sales Cooperation Agreement with Data Vault Holdings, Inc., which acts in the area of Web 3.0
technologies, crypto anchors and data software as a service, pursuant to which each party on a non-exclusive basis will effect introductions
of potential clients to the other. Pursuant to the agreement, any transaction between a party and an introduced client shall entitle
the introducing party to a commission on income received in the transaction for 48 months. In addition to entering into the Sales Cooperation
Agreement, the companies intend to collaborate to advance Data Vault's Web 3.0 strategies for data visualization, inventory tracking
and laboratory automation, using the Company's digital blockchain platform enhanced with a physical marker.
Warrant
Reset Offer
On
December 8, 2023, the Company consummated an inducement offer letter agreement with certain holders of the Company's outstanding
Warrant Bs to purchase Ordinary Shares of the Company. The Warrant Bs were issued on June 27, 2022 and had an exercise price of $5.28
per share (after taking into account the Company's 1:22 reverse share split).
Pursuant
to the inducement letter, the holders agreed to exercise for cash their Warrant Bs to purchase an aggregate of 606,060 Ordinary Shares
at a reduced exercise price of $1.15 per share in consideration for the Company's agreement to issue new warrants to purchase,
in the aggregate, up to 909,090 of the Company's Ordinary Shares at an exercise price of either (i) $0.0022 per share in an amount
not to exceed 75% of the new warrant shares, or (ii) $1.15 per share, in the discretion of the warrantholders. The Company received aggregate
gross proceeds, before payment of transaction fees and expenses, of approximately $697,000 from the exercise of the Warrant Bs by the
holders. In January 2024, the holders of such reset warrants exercised 454,544 warrants pursuant to the option described above under
clause (i), and as a result we issued an aggregate of 454,544 ordinary shares.
Quantitative
and Qualitative Disclosures about Market Risk
The
Company is exposed to market risks in the ordinary course of business. Market risk represents the risk of loss that may impact on our
financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily with respect to
the ILS, AUD, EUR and SGD, which is discussed in detail in the following paragraph.
Foreign
Currency Exchange Risk
Currency
Fluctuations
The
Company's operating expenses are denominated in ILS, AUD, EURO and SGD, and therefore are currently subject to foreign currency
risk. We have been affected by changes in some of such rates compared to the U.S. dollar, as of December 31,2023, the ILS increased against
the U.S. dollar by approximately 3%, the AUD increased against the U.S. dollar by approximately 0%, the EUR increased against the U.S.
dollar by approximately 4% and the SGD increased against the U.S. dollar by approximately 1%.
58
The
Company's policy is not to enter into any currency hedging transactions, and we cannot assure you that we will not be adversely
affected by currency fluctuations in the future.
Credit
Risk
Credit
risk is a risk of financial loss if a counterparty or customer fails to meet its contractual obligations. We closely monitor the activities
of our counterparties and control the access to its intellectual property which enables it to ensure a prompt collection. Our main financial
assets are cash and cash equivalents as well as other receivables and represent the Company's maximum exposure to credit risk in
connection with its financial assets. Wherever possible and commercially practical, the Company holds cash with major and sound financial
institutions in Israel and Australia.
Liquidity
Risk
Liquidity
risk is the risk that we will encounter in meeting our obligations associated with our financial liabilities that are settled by delivering
cash or another financial asset. The Company seeks to minimize that risk by maintaining sufficient cash and other highly liquid current
assets and by having available an adequate amount of committed credit facilities. For more details, please refer to the section titled,
"Liquidity and Capital Resources".
C.
Research and Development, Patents and Licenses, Etc.
Research
and Development
Given
the varied needs of different industries, the Company's research and development processes are divided according to industry.
Plastics,
Rubber and Other Materials
In
2022, Security Matters PTY completed a successful trial of marking recycled plastics by studying the impact of gravimetric and volumetric
feeding methods on final Post Consumer Recyclat ("PCR"), readings. The compounding master batch and extrusion processes of
these trials were performed on a pilot scale in a fully commercial and industrial facility. The Company's team demonstrated its
ability to manage the process remotely, indicating the viability of industrial scale adoption.
The
successful trial provides plastic manufacturer and importing companies with a proof of concept, enabling them to more accurately identify
and audit, via an automated transparent reporting system, the polymer type, number of loops and the amount of recycled content despite
the size and color of the plastic. As a result, the Company is positioning itself to be able to offer plastic manufacturing and importing
companies the ability to promote their operations as being sustainable and environmentally friendly. Combined with its ability to digitally
certify the materials, the Company is also positioning itself to offer these companies the ability to avoid human/manual-paper auditing
and use technology/automated auditing, which helps to reduce the potential for human errors and can provide for cost savings.
In
March 2023, the Company announced that it succeeded for the first time in verifying a marker substance for natural rubber in a tire and
so throughout the entire production process. The dedicated marker technology, which the Company and Continental optimized for use in
natural rubber, is designed to create greater transparency along the entire value chain of tires and technical rubber products from Continental.
Provided with special security features, the use of the marker substances enables the invisible marking of natural rubber with information
on its geographical origin. This means, for example, that responsibly sourced natural rubber and its origin can be verified at every
stage of the supply chain all the way through to the customer.
In
the field test, the marker substance was added to responsibly grown latex during harvesting and withstood not only the intensive preparations
involved in the production of natural rubber but also the tire manufacturing process itself. In the manufactured tire, the data was retrieved
using special, purpose-built software and a reader and correctly interpreted. The appearance and performance of a bicycle tire containing
the invisible marker remained unchanged.
59
The
Company expects that Continental will use the new marker technology on a larger scale in the future during the process of sourcing its
rubber and also to integrate it in other rubber products. As part of the industrialization of this technology, it is conceivable to link
the markers with blockchain technology. This could provide additional support for tamper-free monitoring of compliance with quality standards
and quality criteria along the complex supply chain of natural rubber.
On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company's marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.
Plastic
Cycle Token
On
November 28, 2023, the Company announced the planned launch of a plastic cycle token, scheduled for release in the third quarter of 2024.
The initiative is being designed to present a reliable, ethical digital credit platform, aiming to capitalize on billions of dollars
in recyclable plastics credits in a newly created market.
The
tradeable plastic cycle token is being designed to enable companies to transition towards sustainable practices, encouraging entities
within and outside the plastic ecosystem, including oil producers and waste management firms, to increase recycled content utilization.
This
initiative is also expected to position the SMX Plastic Cycle Token as a next-generation alternative to carbon credits, creating a new
paradigm in the Impact ESG investment landscape. Each token is being designed to represent a quantifiable amount of recycled plastic
using SMX's technology to physically mark the plastics, potentially offering a tangible impact on environmental circularity.
Gold
and Other Metals
Gold
Security
Matters PTY formed a joint initiative with Perth Mint to develop a mine-to-marketplace ethical gold supply chain technology solution.
Since the incorporation of trueGold Consortium Pty Ltd ("trueGold") in June 2020, this research and development project aims
to promote a 'mine to product' transparency solution dedicated to responsible mining of materials. Security Matters PTY's
track & trace technology provides information on the origin of the materials and how they move across production and distribution
chains towards recycling and back to refining.
On
July 29, 2020, Security Matters PTY signed a shareholders' agreement with W.A. Mint Pty Ltd. ("Perth Mint") and trueGold.
The shareholders' agreement and the ancillary agreements discuss the establishment of a new entity—trueGold—by Security
Matters PTY and Perth Mint. Security Matters PTY granted to trueGold, subject to the terms of the license agreement, an exclusive, worldwide,
perpetual license to use Security Matters PTY's technology for the purpose of commercializing it within the industry comprising
gold as a precious metal (as elaborated below). Security Matters PTY owns any development of its intellectual property and, while trueGold
owns all generated data it creates, trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free
license to use the generated data, subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement
technology or Security Matters PTY's technology. The parties agreed that neither Perth Mint or Security Matters PTY are required
to provide any funding to trueGold and that any investment by any of them in trueGold from time to time will be by way of in-kind contributions.
Third party equity investors will contribute the working capital will fund R&D, development capital and other expenses in accordance
with the business plan.
60
Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if SMX does not notify within 30 days that it wishes to purchase, then to all other shareholders
(including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor and the
directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair market
price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC Rules
for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.
Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.
The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX's CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.
On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the "True Gold Shares") such that Security Matters PTY's holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.
TrueSilver
On
June 7, 2023, we announced that we are in the process of creating a new subsidiary, TrueSilver, and that we have entered into a 120 day
exclusive agreement with Sunshine Minting Inc. ("Sunshine"), to create a path to full transparency and traceability for silver
products from mine site to final products and recycling and the creation of an industry standard. During the 120-day exclusivity period,
Sunshine shall evaluate our technology for its use, with possible further collaborations thereafter.
61
In
July 2023, we transferred the ownership of our wholly owned granddaughter company "Security Matters Canada Ltd." from ownership
by our subsidiary Security Matters PTY to direct ownership by the Company and renamed it "TrueSilver SMX Platform Ltd."
On
April 15, 2024, the Company announced the successful completion of proof of concept for ethical sourcing and authentication of silver
in cooperation with Sunshine.
The
Company has now successfully completed the marking of 2.2 tons of silver within Sunshine's operations. The program covered the
marking of the silver raw material through continuous manufacturing processes to final products including recycling loops.
The
Company's technology was added at the melting stage and the marked silver material was processed into blank (from casting, extrusion,
rolling, annealing, blank cutting & recycling), and the quality of the marked intermediate material and final products was evaluated
(from billet to blank and recycled blank after several cycles).
The
results demonstrated 100% success rates on all marked products all along the production process (from billet to finished product) ensuring
the durability and irrefutable proof of quality and Brand authentication of the silver for credible ESG reporting for stakeholders, customers,
auditors, and regulators.
Non-Ferrous
Metals
On
November 29, 2022, Security Matters PTY signed a products distribution and SAAS reseller agreement with Sumitomo Corporation, a Japanese
corporation. Under such agreement, Security Matters PTY appointed Sumitomo to act as Security Matters PTY's exclusive, worldwide
distributor to market and sell markers, readers and Security Matters PTY services to customers for application in the Non-Ferrous Metals
Market (as defined below) only, subject to the customer entering into with Security Matters PTY its standard product license agreement.
The "Non-Ferrous Metals Market" is defined as all supply chain market segments of the industry for aluminum, copper, lead,
nickel, zinc, molybdenum, cobalt, lithium and tin.
The
price at which Security Matters PTY shall sell products to Sumitomo and the license fee at which Security Matters PTY shall license Security
Matters PTY products and Security Matters PTY service to Sumitomo shall be a discount of the invoices issued to the customers.
Generally,
the agreement shall remain in effect for an initial term of five years from the effective date of first commercial sale by Security Matters
PTY to Sumitomo of any products. The companies have agreed that over the coming years there is a target to reach $35 million in sales.
Alcoholic
Beverages
In
December 2021, Security Matters PTY acquired all the holdings SMX Beverages Pty Ltd, a joint venture incorporated in February 2020 for
the promotion of solutions in the alcoholic beverage industries including in relation to the prevention of counterfeit alcoholic beverages,
circular economy concepts and packaging and supply chain within those industries.
Diamonds
and Precious Stones
On
April 30, 2019, Security Matters PTY signed an agreement with Trifecta Industries Inc. ("Trifecta") for the commercialization
of Security Matters PTY's trace technology in the diamonds and precious stone industry. Under the terms of the agreement, Security
Matters PTY and Trifecta established a new entity—Yahaloma Technologies Inc., which is equally held by Security Matters PTY and
Trifecta.
62
Both
parties covenanted not to pursue the use of Security Matters PTY's technology for diamonds and precious stones, or any other venture
related to the testing of the origin of diamonds or precious stone, other than through the Yahaloma. Additionally, in agreement with
Isorad, all rights in and to any intellectual property related to the diamonds and precious stones industry that is developed by or for
Yahaloma is jointly owned in equal parts by the Security Matters PTY, Yahaloma and Soreq.
Security
Matters PTY continues to develop the technology and will supply Yahaloma technical services. Security Matters PTY bears the cost of such
R&D services but the agreed hourly costs of Security Matters PTY's staff is recorded as a shareholders loan of Security Matters
PTY to Yahaloma, once the first USD 250,000 to be paid by Trifecta are exhausted (which is yet to happen). Trifecta supplies Yahaloma
diamonds and other raw materials, which remain in the ownership of Trifecta. If Security Matters PTY causes damage to such diamonds during
the R&D process, this will be reported the Trifecta and the damage recorded as a shareholders loan of Trifecta to Yahaloma. Trifecta
will supply Yahaloma services of business development. Trifecta bears the cost of such services but the agreed hourly costs of Trifecta's
staff is recorded as a shareholders loan of Trifecta to Yahaloma. Management of Yahaloma is agreed to be jointly, with certain special
resolutions requiring agreement of both parties. Actual day-to-day management is in Canada.
In
addition to the shareholders loan extended by man-hours as stipulated above, the parties covenanted to extend up to USD 1 million to
Yahaloma (USD 350,000 by Security Matters PTY and USD 650,000 by Trifecta, with USD 250,000 extended by Trifecta registered as capital
and all other funds as shareholders loans). Funds were agreed to be injected upon reaching certain milestones. The Security Matters PTY
loan of USD 350,000 are to be injected only upon reaching future milestones and only if such funds will be required, which stage has
not yet arrived. Such Security Matters PTY loan will bear an interest rate of 5% per annum. Upon Yahaloma being able to repay the shareholders
loans, first a sum of USD 250,000 will be repaid to Trifecta and then all other shareholders loans will be repaid pro-rata. Only after
repayment of all shareholders loans will Yahaloma distribute profits.
A
party may not transfer its shares to others without the prior approval of the other party other than a transfer to an affiliate (defined
as an entity directly or indirectly controlled by a party or directly or indirectly controls such party or is directly or indirectly
controlled by a person which also, directly or indirectly, controls such person) done after 30 days' notice to the other party,
and after the affiliate agrees to adopt the agreement.
Yahaloma
agreed to bear the payments to Soreq related thereto (as described in "Gold and Other Metals" above).
Electronics
Security
Matters PTY has joined an alliance formed by six founding partners, among them the World Business Council for Sustainable Development,
to set a shared vision for a circular economy for electronics, called the Circular Electronics Partnership. This group of global companies
has been brought together to reduce e-waste and to commit to a roadmap for a circular economy for electronics by 2030.
Fashion
In
December 2020, Security Matters PTY announced that it had launched a Fashion Sustainability Competence Centre to enable fashion brands
globally, to transition successfully to a sustainable circular economy by being able to identify the origination of their raw materials
and hence, recycle their own unsold and/or end-of-life merchandise (garments, footwear and accessories including sunglasses) back into
new high-quality materials and new fashion merchandise Security Matters PTY's technology is applicable across a range of materials
including leather, silk, cotton, wool, coated canvas, vegan leather, polyesters, cashmere, metals (e.g., gold & metallic parts) and
plastics; and its applications encompass finished leather goods, shoes, garments, and accessories. Security Matters PTY is also collaborating
with several luxury fashion conglomerates on R&D projects to trace the origin of raw materials used in their supply chain and is
in commercial negotiations regarding the implementation of its solution with partners in the industry.
63
In
July 2023, we changed the name of the wholly owned subsidiary from "SMX France" to "SMX Fashion and Luxury" in
anticipation for such company to be used for the fields of fashion and luxury.
Intellectual
Property
The
ability of Security Matters PTY to develop and maintain proprietary information technology is crucial to our success. Since 2015, Security
Matters PTY technology has been protected by more than 20 patent families and more than 100 patents filed around the world in various
stages with respect to our marking and reading technologies. The table below lists the 20 patent families. Under each patent family,
we note the countries under which such patents have been filed.
The
following table provides a list of Security Matters PTY's patents that have passed the international phase (PCT) and may be publicly
disclosed:
Patent
Family
Countries
Type
Title
    and Type
of
Patent
Protection
US
    Status
US
    App#'s
US
Filing
Date
US
    Patent #
US
Publication
US
Expiration
Date
1
US
Taiwan
Japan
China
Europe
Israel
Republic
    of
Korea
PCT
System
    and method for reading x-ray-fluorescence marking
Registered
15/563,756
16/709,804
Mar
                                            2016
Mar
    2016
US10539521B2
US10969351B2
Jan.2020
Apr
    2021
Jul
                                            2036
Mar
    2036
2
US
Australia
China
Europe
Israel
Japan
Korea
PCT
Authentication
    of metallic objects
Registered
16/074,226
Feb
    2017
US11446951B2
Sep
    2022
Jan
    2040
3
US
Australia
Europe
Israel
Korea
PCT
Access
    control system and method thereof
Published/
Pending
16/083,966
Mar
    2017
US20200242865A1
Jul
    2020
4
US
Australia
China
Europe
Israel
Japan
Korea
PCT
A
    method and a system for XRF marking and reading XRF marks of electronic systems
Registered
Registered
16/091,222
16/834,732
Apr
    2017
US10607049B2
Mar
    2020
Apr
    2037
5
US
Australia
China
Europe
Austria
Germany
Estonia
Spain
Finland
France
Great
    Britain
Latvia
Sweden
Israel
Japan
Korea
PCT
An
    XRF analyzer for identifying a plurality of solid objects, a sorting system and a sorting method thereof
Registered
US16/311,290
Jun
    2021
US10967404B2
Apr
    2021
Dec
    2037
6
US
Australia
Canada
Europe
Israel
South
    Africa
PCT
Method
    for marking and authenticating precious stones
Registered
Pending
16/328,526
17/666,866
Aug
    2017
US11320384B
May
    2022
Oct
    2038
64
Patent
Family
Countries
Type
Title
    and Type
of
Patent
Protection
US
    Status
US
    App#'s
US
Filing
Date
US
    Patent #
US
Publication
US
Expiration
Date
7
US
Australia
China
Europe
Israel
Korea
Taiwan
Japan
Ukraine
PCT
X-
    ray fluorescence system and method for identifying samples
Registered
16/334,431
Sep
    2017
US11112372B2
Sep
    2021
Jun
    2038
8
US
Australia
China
Europe
Israel
Japan
Korea
PCT
Method
    for Detecting Mishandling and Misuse of Food Products
Pending
16/336,712
Sep
    2017
US20210321649A1
Oct
    2021
9
US
Australia
China
Europe
Israel
Japan
Korea
PCT
XRF-Identifiable
    Transparent Polymers
Registered
16/340,913
Oct
    2017
US11193007B2
Dec2021
Apr
    2038
10
US
Australia
China
Europe
Israel
Japan
Korea
PCT
A
    System for Virtual Currency based on Blockchain Architecture and Physical Marking
Pending
16/609,686
May
    2018
US20200184465A1
Jun
    2020
11
US
Australia
Europe
Israel
Korea
    -
Application
discontinuation
PCT
An
    Object Marking System for Authentication and Verification
Registered
16/609,700
May
    2018
US11221305B2
Jan
    2022
Oct
    2038
12
US
Australia
Canada
China
Europe
Israel
Japan
Korea
PCT
Management
    of Recyclable Goods and Their Source Materials
Application
Filed
17/766,874
Oct
    2020
WO2021070182A1
Apr
    2021
13
US
Australia
China
Europe
Hong-Kong
Israel
Japan
Korea
PCT
Systems
                                            and Methods for Supply Chain Management and Integrity
Verification
    Via Blockchain
Application
filed
16/980,693
Mar
    2019
WO2019175878A1
Sep
    2019
65
Patent
Family
Countries
Type
Title
    and Type
of
Patent
Protection
US
    Status
US
    App#'s
US
Filing
Date
US
    Patent #
US
Publication
US
Expiration
Date
14
US
Australia
Azerbaijan
Brazil
Canada
China
Europe
Hong-Kong
Indonesia
Israel
Japan
Korea
Malaysia
Singapore
Uzbekistan
PCT
System
    and Method for Detection and Identification of Foreign Elements in a Substance
Application
filed
17/285,167
Oct
    2019
US20210325323A1
Oct
    2021
15
US
Australia
Canada
Europe
Israel
Japan
Korea
PCT
Method
    and System for Classification of Samples
Application
filed
17/594,406
Apr
    2020
WO2020212969A1
Oct
    2022
16
US
Australia
Canada
Europe
Israel
Japan
Korea
PCT
Traceable
    Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
    in Production Value Chains
Pending
Pending
17/626,916
17/626,923
Jul
                                            2020
Jul
    2020
US20220251252A1
US20220259356A1
Aug
                                            2022
Aug
    2022
Pending
Pending
17
US
Australia
Canada
Europe
Israel
Japan
Korea
PCT
Traceable
    Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
    in Production Value Chains
Pending
Pending
17/626,916
17/626,923
Jul
                                            2020
Jul
    2020
US20220251252A1
US20220259356A1
Aug
                                            2022
Aug
    2022
18
US
Australia
Canada
Europe
Israel
Japan
Korea
PCT
Traceable
    Composite for Marking Seeds and Plants
Application
Filed
17/639,397
Sep
    2020
20220312711
    A1
Oct
    2022
19
US
Australia
Canada
China
Europe
Israel
Japan
Korea
PCT
Management
    of Recyclable Goods and Their Source Materials
Application
Filed
17/769,175
Oct
    2020
WO2021074919A1
Apr
    2022
20
PCT/
IL2021/050325
PCT
Device
    and Method for Detection of Viruses By XRF
Application
filed
Mar
    2021
WO2021191899A1
Sep
    2021
Abstracts
Patent
Family 1:
System
and method for reading x-ray-fluorescence marking (US10,539,521, granted, expires 13/07/2036; US10969351B2, granted, expires 31/03/2036).
Abstract: Method and systems are presented for authentication of precious stones, according to their natural ID and/or predetermined
markings created in the stones, based on unique characteristic radiation response of the stone to predetermined primary radiation.
66
Patent
Family 2:
Authentication
of metallic objects (US16/074,226, granted, expires 25/01/2040). Abstract: The present invention provides an anti-counterfeit marking
technique for verifying authenticity of objects using x-ray fluorescence (XRF) analysis.
Patent
Family 3:
Access
control system and method thereof (US16/083,966, Pending, filed 21/03/2017). Abstract: The present invention relates to an access control
system, an access object and a method for access control. The access control system comprises an access request receiving device being
configured and operable for receiving an access object; the access request receiving device comprising an emitter configured and operable
for irradiating the access object with a radiation having a wavelength in the range of about 10"12 and 10"9 m and a detector
configured and operable for detecting a response signal from the irradiated access object; a control circuit being configured and operable
to receive the response signal from the access request receiving device and process the response signal to identify spectral features
indicative of an XRF signature of the access object; wherein the control circuit is adapted to generate an unlocking signal for switching
a module device between a locked state and an unlocked state upon identification of the XRF signature.
Patent
Family 4:
A
method and a system for XRF marking and reading XRF marks of electronic systems (US10,607,049, granted, expires 04/042037, US16/834,732,
granted, expires 04/12/2037). Abstract: Methods and systems for verifying compatibility of components (e.g. parts or devices) of an electronic
system are disclosed. In certain embodiments the method includes: irradiating a first and second components presumably associated with
the electronic system, with XRF exciting radiation, and detecting one or more XRF response signals indicative of a first and a second
XRF signatures, emitted from the first and second components in response to the irradiation. Then the first and second XRF signatures
are processed to determine whether they are associated with respectively a first and second XRF marking compositions on the first and
second components, and the compatibility of the first and second components to the electronic system is determined/verified based on
the correspondence between the first and a second XRF signatures/marking. Certain embodiments also disclose electronic systems including
at least a first and a second electronic components/devices respectively having the first and second XRF marking compositions that enable
verification of compatibility of the components. Certain embodiments disclose techniques for pairing the first and second components
(e.g. devices) based a correspondence between the first and second XRF signatures/markings thereof. Certain embodiments disclose various
calibration techniques for calibrating the XRF measurements of XRF markings applied to different substrate materials of the electronic
components.
Patent
Family 5:
An
XRF analyzer for identifying a plurality of solid objects, a sorting system and a sorting method thereof (US10,967,404, granted, expires
04/12/2037). Abstract: The present invention discloses a novel XRF analyzer capable of simultaneously identifying the presence of a marking
composition in a plurality of objects by modulating/varying the intensity of the excitation beam on the different objects and measuring
the secondary radiation thereof. The XRF analyzer comprises a radiation emitter assembly adapted for emitting at least one X-Ray or Gamma-Ray
excitation radiation beam having a spatial intensity distribution for simultaneously irradiating the plurality of objects; a radiation
detector for detecting secondary radiation X-Ray signals arriving from a plurality of objects in response to irradiation of the objects
by X-Ray or Gamma-Ray radiation, and providing data indicative of spatial intensity distribution of the detected data X-Ray signals on
the plurality of objects; and a signal reading processor in communication with the detector, the processor being adapted for receiving
and processing the detected response X-Ray signals to verify presence of the marking composition included at least one surface of each
object of the plurality objects.
Patent
Family 6:
Method
for marking and authenticating precious stones (US16/091,222, granted, expires 20/10/2038, US Divisional 17/666,866, pending, filed 08/02/2022).
Abstract: Method and systems are presented for authentication of precious stones, according to their natural ID and/or predetermined
markings created in the stones, based on unique characteristic radiation response of the stone to predetermined primary radiation.
67
Patent
Family 7:
X-ray
fluorescence system and method for identifying samples (US11,112,372, granted, expires 03/06/2038). Abstract: A control system and method
are presented for controlling operation of an X-ray Fluorescent (XRF) system for detecting at least one material carried by a sample,
for example at least one marker carried by the sample. The control system comprises: data input utility for receiving input data comprising
material/marker related data about said at least one material/marker; and data processor and analyzer utility. The data processor and
analyzer utility is configured and operable for analyzing the input data and determining optimal geometrical characteristics of the XRF
system for optimizing operational conditions of said XRF system to maximize amount of primary X-ray radiation that reaches a predetermined
region of the sample and is absorbed by a volume of said region and to maximize a portion of secondary radiation emitted from said region
that reaches a detector of the XRF system; and for generating operational data to the XRF system enabling adjustment of the geometrical
characteristics of the XRF system.
Patent
Family 8:
Method
for Detecting Mishandling and Misuse of Food Products (US16/366,712, Pending, filed 25/09/2017). Abstract: The present invention provides
a method of labeling a product for human or animal use with an XRF identifiable label, the method comprising forming a pattern of at
least one FDA-grade material identifiable by XRF on at least an area of the product. Wherein the pattern is optionally at least partially
invisible to the naked eye and has predefined identifiable properties, wherein the product is selected from foods, therapeutics and cosmetics.
Patent
Family 9:
XRF-Identifiable
Transparent Polymers (US11,193,007, granted, expires 02/03/2038). Abstract: The invention provides formulations and masterbatches of
a polymeric material and XRF-identifiable markers, for producing transparent elements including a polymer and at least one XRF-identifiable
marker for a variety of industrial uses.
Patent
Family 10:
A
System for Virtual Currency based on Blockchain Architecture and Physical Marking (US16/609,686, Pending, filed 08/05/2018). Abstract:
Methods and system for management of transactions of marked objects are disclosed. In an embodiment, a method for recording a marked
object includes: determining specific and unique marking of the object by a reader unit; and communicating encrypted data indicative
of the marking and data indicative of the marked object to at least one server system, for generating at least one record of the object
and its marking thereat. The at least one server system may be a distributed blockchain system including: at least one blockchain service
module adapted for recording transactions of objects in a blockchain; and at least one management service module adapted for authorization
of each transaction of an object based on authentication of the transaction by: providing a reader unit with a certain reading scheme/parameters
that authorize/enable the reader unit to correctly read the specific marking on the object; and obtaining from the reader unit in response,
a reading data indicative of the marking being read using the reading scheme, and authenticating the object based on a match between
the reading data and stored data of the object's marking which is stored by the at least one server. In turn, before carrying out
a request for recordation of a transaction for the object in the blockchain, the blockchain service module is adapted to await authorization
of the transaction from the management service.
68
Patent
Family 11:
An
Object Marking System for Authentication and Verification (US11,221,305, granted, expires 23/10/2038). Abstract: Systems and methods
for marking of objects, such as keys/key-blanks, in a production line are disclosed. The objects are marked by applying a marking composition(s)
to pre-selected areas on the surface thereof. The system includes a marking unit for dispensing a volume of marking composition in one
or more localized pre-selected areas on the surface of an object to be marked; a holder/gripper for positioning the object to be marked
in one or more positions relative to the marking unit so as to allow the marking unit to dispense the marking composition on the one
or more pre-selected localized areas; a reading/verification unit for detecting the marking composition applied to the object thereby
verifying that the objects are properly marked; an orientation sensing unit for identifying the orientation of the object to be marked
relatively to the holder. The system also includes a controller configured for controlling the operation of the holder, orientation sensing
unit, and the marking unit. The reading/verification unit is adapted to identify the marking composition in the one or more pre-selected
areas on surface of the object by detecting an electromagnetic signal (such as XRF signal) emitted from the marking composition (e.g.
in response to its illumination by X-ray or gamma-ray).
Patent
Family 12:
Management
of Recyclable Goods and Their Source Materials (US17/766,874, Pending, filed 07/10/2020). Abstract: Techniques for monitoring production
and reuse of a recyclable material, and/or determining a currency or quality measure thereof, are disclosed. In the disclosed embodiments
one or more markers are introduced into ingredient material components of the recyclable material, where the one or more markers being
indicative of one or more properties of at least one of the ingredient material components. Information indicative of at least the one
or more properties is recorded in a database comprising a plurality of records, each associated with at least one of the one or more
markers. A signal obtained from a product comprising the recyclable material is processed for determining presence of at least one of
the one or more markers, and based thereon the information recorded in at least one of the database records associated therewith, and
a quality or currency measure of at least one of the ingredient material components of the recyclable material comprised in the product
is determined based on the one or more properties indicative by the information.
Patent
Family 13:
Systems
and Methods for Supply Chain Management and Integrity Verification Via Blockchain (US16/980,693, Pending, filed 14/03/2019). Abstract:
Systems and methods for managing transactions of physical objects are disclosed. The system is connectable to a first distributed ledger
adapted to record object transactions associated with transactions of one or more physical objects between parties. The system includes
a second distributed ledger adapted to record data indicative of object handling operations carried out with respect to the one or more
physical objects; and an object handling management module adapted to authenticate handling operations carried out with respect to the
one or more physical objects. The object handling management module is configured and operable for obtaining parameters of execution
of the handling operations, authenticating the parameters of execution of the handling operations, and recording the authenticated handling
operations in the second distributed ledger. The system thereby enables recordation of the object transactions associated with the one
or more physical objects upon authenticating that the parameters of execution of the handling operations that are carried out with respect
to the one or more physical objects satisfy one or more respective predetermined conditions.
Patent
Family 14:
System
and Method for Detection and Identification of Foreign Elements In A Substance (US17/285,167, Pending, filed 18/10/2019). Abstract: In
one embodiment, a system and method for inspecting a substance to detect and identify predetermined foreign element(s) in the substance.
The foreign element may carry X-ray responding material compositions, emitting X-ray signals in response to primary exciting X-ray or
Gamma-ray radiation. The inspection is performed during a relative displacement between the substance and an inspection zone, defined
by an overlap region between a solid angle of emission of an X-ray/Gamma-ray source and a solid angle of detection of X-ray radiation,
along a predetermined movement path, as the substance moves along said path, the detected X-ray radiation includes X-ray response signals
from successive portions of the substance propagating towards, through, and out of said overlap region. Measured data indicative of X-ray
response signals is analyzed to identify a signal variation pattern over time indicative of a location of at least one foreign element
carrying an X-ray responsive marker.
69
Patent
Family 15:
Method
and System for Classification of Samples (US17/594,406, Pending. filed 05/04/2020). Abstract: A method and system are provided for model-based
analysis of samples of interest and management of sample classification. Predetermined modeled data is provided comprising data indicative
of K models for respective K measurement schemes based on a predetermined function having a spectral line shape, data indicative of M
characteristic vectors of M predetermined group to which different samples relate, and data indicative of a common vector of weights
for the M groups. A data processor utilizes said data and operates to apply model-based processing to measured spectral data of a sample
of interest using said predetermined modeled data, and generate classification data indicative of relation of said specific sample of
interest to one of said M predetermined groups.
Patent
Family 16:
Traceable
Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
In Production Value Chains (US17/626,916, Pending, filed 15/07/2020). Abstract: The present invention is in the field of polymers comprising
XRF identifiable tracers allowing information to be encoded by the polymers, and in particular polymers for conservation, restoration
and retouching in artworks, electronics, coatings, plastics etc.
Patent
Family 17:
Traceable
Composite Polymers and Preparation Methods Thereof Traceable Composite Polymers and Preparation Methods Thereof for Providing Transparency
In Production Value Chains (US17/626,923, Pending, filed 15/07/2020). Abstract: The present invention is in the field of polymers comprising
identifiable tracers by spectroscopic methods such as XRF, IR, NIR and XRD allowing information to be encoded by the polymers, and in
particular polymers for conservation, restoration and retouching in artworks, electronics, coatings, plastics, packaging, 3D printing,
rubber, and the like.
Patent
Family 18:
Traceable
Composite for Marking Seeds and Plants (US17/639,397, application filed, filed 02/09/2020). Abstract: The invention concerns compositions
and methods for authenticating an agricultural product.
Patent
Family 19:
Management
of Recyclable Goods and Their Source Materials (US17/769,175, application filed, filed 15/10/2020). Abstract: Techniques for managing
production and reuse of a recyclable material are disclosed. Combination of markers introduced into one or more ingredient material components
of recyclable materials are used to indicate one or more properties of at least one of the ingredient material components e.g., a type
of material used, percentage of the material type in the recyclable material, and suchlike. A signal obtained from a product comprising
the recyclable material can be processed to detect presence or absence of the combination of markers therein. Based on the detection
of the combination of markers, information indicative of the one or more properties of the at least one ingredient material component
is determined, and based on the information it is decided either about a suitable recycling process for reusing the at least one ingredient
material component, or a suitable disposal process for disposing the product.
Patent
Family 20:
Device
and Method for Detection of Viruses by XRF (PCT/IL2021/050325, National Phase due by September 26, 2022). Abstract: The invention provides
methods and tools for the directed and indirect detection of infection with micro-organisms pathogens in biological and non- biological
samples, and specifically applications of XRF (X-ray fluorescence) methodology for the detection of infections with viral and bacterial
pathogens responsible for the widespread epidemics in mammals and humans, including COVID-19.
70
D.
Trend Information
Other
than as described elsewhere in this Annual Report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments or
events that are reasonably likely to have a material adverse effect on our revenue, income from continuing operations, profitability,
liquidity or capital resources, or that would cause our reported financial information not necessarily to be indicative of future operation
results or financial condition.
E.
Critical Accounting Policies and Estimates
Reverse
Acquisition Transaction
The
result of the merger between the Company and Security Matters PTY is that legally the Company owns the entire share capital of Security
Matters PTY.
Accordingly,
for financial reporting purposes, Security Matters PTY (the legal subsidiary) is the accounting acquirer, and the Company (the legal
parent) is the accounting acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under
the name of the Company, but they are a continuance of the financial statements of Security Matters PTY and reflect the fair values of
the assets and liabilities of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security
Matters PTY at fair value based on the quoted opening share price of the Company in its first trading day following the closing of the
business combination transaction ($11,599 thousand), and a recapitalization of its equity. This deemed issuance of shares is in fact
both an equity transaction under IAS 32 (receiving the net assets of the Company) and an equity-settled share-based payment transaction
under IFRS 2 (receiving the listing status of the Company). The difference, in the amount of $16,802 thousand, between the fair value
of the shares deemed to have been issued by Security Matters PTY and the fair value of the Company's identifiable net assets represent
a payment for the service of obtaining a stock exchange listing for its shares and it is therefore expensed immediately to profit or
loss at the closing date.
The
Company is initially consolidated in the financial statements from the Closing Date of the Business Combination. Substantially all of
the assets and liabilities of the Company were comprised of marketable securities held in a trust account ($4,921 thousand) and trade
and other payables and warrants ($10,127 thousand) respectively, with fair values that were equivalent to their carrying amounts. Below
are the implications of the accounting treatment on the financial statements:
1.
The
    assets and liabilities of Security Matters PTY have been recognized and measured in the consolidated financial statements of the
    Company for the year ended December 31, 2023, at their pre-combination carrying amounts.
2.
The
    retained earnings and other equity balances recognized in the consolidated financial statements of the Company for the year ended
    December 31, 2023, are the retained earnings and other equity balances of Security Matters PTY immediately before the Business Combination.
3.
The
    amount recognized as issued equity instruments in the consolidated financial statements of the Company for the year ended December
    31, 2023, has been determined by adding to the issued equity of Security Matters PTY immediately before the Business Combination
    the fair value of the deemed issuance of shares, as described above. However, the equity structure (the number and type of shares
    issued) reflects the equity structure of the Company, including the shares issued by the Company through recapitalization. Accordingly,
    the equity structure of Security Matters PTY (issued capital and addition paid in capital) in comparative periods is restated using
    the exchange ratio established in the Business Combination to reflect the number and par value of shares of the Company issued in
    the reverse acquisition transaction.
4.
The
    statement of comprehensive loss in the consolidated financial statements of the Company for the year ended December 31, 2023, reflects
    that of Security Matters PTY for the full period together with the post-acquisition results of the Company from the Closing Date.
    Loss per share of Security Matters PTY for periods prior to the acquisition date is restated such the denominator of the historical
    loss per share calculation is adjusted by multiplying the weighted-average shares used in each historically reported loss per share
    calculation by the exchange ratio established in the Business Combination.
71
true-Gold
Business Combination
On
October 3, 2023 (acquisition date), the Company has signed an agreement with true-Gold Consortium Pty Ltd. ("true-Gold")
shareholders to acquire an additional 7.5% which will increase the Company's holdings to 51.9% in true-Gold and result in the Company's
gain control over true-Gold. true-Gold uses the Company's advanced next-generation technology to invisibly mark and store multiple
data types at a molecular level as well as its blockchain digital platform. This strategic transaction through gaining control of true-Gold
diversifies the Company's operations into true-Gold's pioneering ventures in research and development and revenue commercialization.
The
Company previously held 44.4% of the shares of true-Gold which, up to the acquisition date and the beginning of consolidation, were treated
as an investment in a joint venture which accounted for under the equity method. At the time the transaction was completed, and control
was obtained, the balance of the investment was remeasured at fair value of $22,164 thousand and a gain was recognized in the amount
of $22,164 thousand, which was recorded in the statement of comprehensive loss (the carrying amount of the previous investment in true-Gold
was approximately nil). This fair value amount was added to the consideration transferred for the calculation of goodwill, as described
below.
The
Company has elected to measure the non-controlling interests in true-Gold at full fair value which includes also the non-controlling
interests' share in the entire goodwill of true-Gold. The fair value of the non-controlling interests in true-Gold was based on
the fair value of true-Gold as a whole, as described above, and was estimated using the discounted cash flow method of the income approach,
as true-Gold is a private company and therefore quoted market prices of its share were unavailable. The fair value has been determined
by management with the assistance of a valuation performed by an external and independent valuation specialist using valuation techniques
and assumptions as to estimates of projected net future cash flows of true-Gold and estimate of the suitable discount rate for these
cash flows. The significant assumptions used in estimating the fair value of true-Gold are:
1.
After-tax
    net cash flow discount rate (weighted average cost of capital) of 24.8%.
2.
Terminal
    value cash flow multiple of 4.59 and terminal growth rate of 3%.
3.
Discount
    for lack of marketability of 25.2% (or $11.17), resulting in a fair value of $33.12 per ordinary share of true-Gold).
The
total cost of the business combination comprised a full forgiveness of the outstanding payables from true-Gold to the Company which amounted
to AUD 475 thousand (approximately $307 thousand) at acquisition date. The calculating of any goodwill upon acquisition included also
the fair value of the previous investment in true-Gold.
See Note 2 in the notes to our consolidated financial statements appearing
elsewhere in this Annual Report for a description of critical accounting estimates.
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Executive Officers
The
following sets forth certain information, as of April 29, 2024, concerning our executive officers and members of the Board.
Name
Age
Position
Director
Ophir
    Sternberg
53
Chairman
    of the Board
Haggai
    Alon
50
Director
Amir
    Bader
61
Director
Pauline
    Khoo
64
Director
Roger
    Meltzer
73
Director
Thomas
    Hawkins
62
Director
Zeren
    Browne
44
Director
Executive
    Officers
Haggai
    Alon
49
Chief
    Executive Officer
Ofira
    Bar
43
Chief
    Financial Officer
Zeren
    Browne
44
Executive
    Vice President, Chief Strategy Officer, Managing Director of trueGold
72
Information
about Directors
Ophir
Sternberg.
Mr. Sternberg, our Chairman, was the Chairman, President and Chief Executive Officer of Lionheart since its inception
through the Business Combination. He has been our Chairman since the Business Combination, and has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr. Sternberg is the Founder and Chief Executive Officer of Miami-based
Lionheart Capital, founded in 2010. Lionheart Capital is a Miami-based diversified investment firm focused on building shareholder value
in high-growth companies.
Mr.
Sternberg began his career assembling, acquiring and developing properties in emerging neighborhoods in New York City, which established
his reputation for identifying assets with unrealized potential and combining innovative partnerships with efficient financing structures
to realize above average returns. Mr. Sternberg came to the United States in 1993 after completing three years of military service within
an elite combat unit for the Israeli Defense Forces.
Under
Mr. Sternberg's leadership, Lionheart Capital executed numerous prominent real estate transactions and repositions, including The
Ritz-Carlton Residences in Miami Beach, which resulted in a total sell-out value in excess of $550 million, as well as purchase of the
development's site, the former Miami Heart Institute. Additionally, Mr. Sternberg led the $120 million sale of The Seagull Hotel,
making it the highest grossing hotel sale of 2020 in Miami Beach. Mr. Sternberg and Lionheart Capital are currently in development on
a number of other projects, including retail properties in Miami's fashion and culture epicenter, The Design District. In addition
to The Ritz-Carlton Residences, Miami Beach, Lionheart Capital also developed The Ritz-Carlton Residences Singer Island, Palm Beach,
cementing a reputation for developing high-end luxury branded properties.
In
2017, Mr. Sternberg founded Out of the Box Ventures, LLC, a Lionheart Capital subsidiary, to acquire and reposition distressed retail
properties throughout the United States. With 19 properties in 14 states, Out of the Box Ventures currently controls over 5 million square
feet of big box stores, shopping centers and enclosed regional mall properties with plans to improve and expand upon these acquisitions.
Mr.
Sternberg and Lionheart Capital are dedicated to working with best-in-class operators and partners such as Marriot International. Lionheart
Capital has been able to execute numerous, marquee transactions due largely in part to Mr. Sternberg's extensive industry relationships
particularly with key institutional investors.
In
March 2020, Mr. Sternberg became Chairman of Nasdaq-listed OPES which on June 30, 2020, announced a definitive agreement to merge with
BurgerFi International LLC. The OPES-BurgerFi merger closed on December 16, 2020 to form BurgerFi International Inc., or BurgerFi, a
fast-causal "better burger" concept that consists of approximately 120 restaurants nationally and internationally. Mr. Sternberg
is the Chairman of the Nasdaq-listed company, BurgerFi (NASDAQ: BFI). The OPES team, led by Mr. Sternberg, evaluated over 50 potential
targets and negotiated business combination terms with multiple candidates in a span of a few months and acquired BurgerFi at what it
believed was an attractive multiple relative to its peers.
In
addition, in May 2021, Lionheart Capital led a partnership group to purchase the iconic American powerboat business, Cigarette Racing
Team, from its longtime owner.
In
addition, since its inception in December 2019, Mr. Sternberg has been the Chairman, President and Chief Executive Officer of Nasdaq-listed
Lionheart Acquisition Corporation II ("Lionheart II"), a SPAC. Lionheart II completed its initial public offering in August
2020, in which it sold an aggregate of 23,000,000 units (including the exercise of the underwriters' over-allotment option), each
unit consisting of one share of Lionheart II Class A common stock and one-half of one redeemable warrant for one share of Lionheart II
Class A common stock, for an offering price of $10.00 per unit, generating aggregate proceeds of $230,000,000. Lionheart II's units,
shares of Class A common stock and warrants currently trade on Nasdaq under the symbols "LIONU," "LION" and "LIONW,"
respectively. On July 12, 2021, Lionheart II announced a $32.6 billion business combination with MSP Recovery, Inc. (d/b/a LifeWallet)
(NASDAQ" LIFW), a leader in data-driven solutions that recovers improperly paid benefits on behalf of Medicare, Medicaid and other
commercial payers. The Lionheart II-MSP merger closed on May 23, 2022. Mr. Sternberg serves on the Board of Directors for MSP Recovery,
Inc. Mr. Sternberg is qualified to serve as a director due to his extensive experience in acquiring, developing, repositioning and investing
in all segments of the real estate industry.
73
Haggai
"H" Alon
. Haggai "H" Alon is the founder of Security Matters (SMX) and has served as the CEO of SMX Israel
since 2015 and a director and CEO of SMX since July 2018. Mr. Alon is also the CEO and a board member of trueGold Consortium Pty Ltd
since June 2020. Mr. Alon has over 25 years of experience in commercializing technology. Haggai Alon held several roles at the Ministry
of Defense and was the CEO of an economic consulting firm focusing on M&A. He has a master's degree from the Tel Aviv and Haifa
Universities in international relations and political science. Out of a total of 27 patent families filed in the name of SMX, Haggai
Alon is a named inventor on 26 of them. Most of the applications that are part of these patent families are under examination, many are
still unpublished. In 7 of the 26 patent families Haggai Alon is a named inventor, the patents have been issued in a variety of jurisdictions.
Presently, Haggai Alon is a named inventor on 19 patents, all of which are in the public domain. He has also published a White Paper—New
Plastic Economic Order: To regulate the entire value chain, not just the product, which calls for a transition to a new regulatory approach
by the EU over plastics. Mr. Alon's founding of Security Matters and his experience as CEO of Security Matters since 2015 makes
him a valuable asset to our board.
Amir
Bader
. Amir Bader is has served as the CEO of the Dairy Farm at the Golan Heights, currently the manager of one of Israel's
largest dairy farms, since April 2017. Previously, Mr. Bader served as the CEO of Degenya Cooperative Agricultural Association from 2012
through 2016. Mr. Bader has been a director of SMX since July 2018. Mr. Bader and has more than 38 years of experience at managerial
positions in dairy farms and other agricultural projects in Israel and Europe. Amir Bader also served as Kibbutz Degania A's business
manager for five years, during that period he served as the board member of several subsidiaries and companies related to the Kibbutz.
Amir Bader brings to the Company board extensive experience in the management of agricultural businesses.
Pauline
Khoo.
Ms. Khoo currently serves as the Wealth Planning Manager at Mishcon de Reya since January 2022 and was previously the Managing
Director of Credit Suisse Trust Limited from August 2009 to December 2021. Ms. Khoo has more than forty years of financial and managerial
experience in financial institutions, law firms and various companies. Ms. Khoo is a member of the Institute of Chartered Secretaries
(by completing exams), the Society of Trust and Estate Practitioners, the Institute of Chartered Secretaries and Administrators Chartered
Trustee of Singapore Trustees Association, Family Firm Institute-Business Advisory and Family Advisory and a senior member of the Global-Asia
Family Office Circle. We believe Ms. Khoo is well qualified to serve on our board due to her more than forty years of experience in financial
and managerial positions.
Thomas
Hawkins
. Thomas Hawkins, a director of Lionheart until the Business Combination, previously served as a Management Consultant for
MEDNAX, Inc. from February 2014 to December 2017, after serving as General Counsel and Board Secretary from April 2003 to August 2012.
Prior to that, Mr. Hawkins worked for New River Capital Partners as a Partner from January 2000 to March 2003; AutoNation, Inc. as Senior
Vice President of Corporate Development from May 1996 to December 1999; Viacom, Inc. as Executive Vice President from September 1994
to May 1996; and Blockbuster Entertainment Corporation as Senior Vice President, General Counsel, and Secretary from October 1989 to
September 1994. Mr. Hawkins currently serves on the board of directors of the Alumni Association of the University of Michigan and Jumptuit
Inc., a data analytics technology company. Mr. Hawkins also serves on the board of directors of MSP Recovery. Mr. Hawkins received his
Juris Doctor from Northwestern University in 1986 and his A.B. in Political Science from the University of Michigan in 1983. Mr. Hawkins
is qualified to serve as a director due to his experience as a senior executive and chief legal officer at several public companies (including
his experience acquiring companies) and with counseling and serving on boards of directors.
74
Roger
Meltzer, Esq.
Mr. Meltzer practiced law at DLA Piper LLP from 2007 and held various roles: Global Co-Chairman (2015 through 2020),
and currently as Chairman Emeritus; Americas Co-Chairman (2013 through 2020); Member, Office of the Chair (2011 through 2020); Member,
Global Board (2008 through 2020); Co-Chairman, U.S. Executive Committee (2013 through 2020); Member, U.S. Executive Committee (2007 through
2020); and Global Co-Chairman, Corporate Finance Practice (2007 through 2015). Prior to joining DLA Piper LLP, Mr. Meltzer practiced
law at Cahill Gordon & Reindel LLP from 1977 to 2007 where he was a member of the Executive Committee from 1987 through 2007, Co-Administrative
Partner and Hiring Partner from 1987 through 1999, and Partner from 1984 through 2007. Mr. Meltzer currently serves on the Advisory Board
of Harvard Law School Center on the Legal Profession (May 2015—Present); and the Board of Trustees, New York University Law School
(September 2011—Present); and previously served on the Corporate Advisory Board, John Hopkins, Carey Business School (January 2009—December
2012). He has previously served on the board of directors of: Lionheart II Corp (March 2021 to May 2022), Lionheart III Corp (March 2021
to August 2022), Haymaker Acquisition Corp. III (February 2021 to July 2022), certain subsidiaries of Nordic Aviation Capital (December
2021 to April 2022), The Legal Aid Society (November 2013 to January 2020), Hain Celestial Group, Inc. (December 2000 to February 2020),
American Lawyer Media (January 2010 to July 2014) and The Coinmach Service Corporation (December 2009 to June 2013). Mr. Meltzer has
also received several awards and honors and has been actively involved in philanthropic activity throughout his career. Mr. Meltzer received
Juris Doctor degree in law from New York University School of Law and an A.B. from Harvard College. In February 2021, Mr. Meltzer joined
the board of directors of Haymaker Acquisition Corp. 4, a special purpose acquisition company focused on identifying and implementing
value creation initiatives within the consumer and consumer-related products and services industries. In May 2022, Mr. Meltzer joined
the board of directors of MSP Recovery, Inc. following its business combination with Lionheart Acquisition Corp. II. In August 2022,
Mr. Meltzer joined the board of directors of the Company following the Business Combination. In April 2023, Mr. Meltzer joined the board
of directors of Cyxtera Technologies, Inc., a company specializing in
colocation and interconnection
services, with a footprint of more than 60 data centers in over 30 markets. In November 2023, Mr. Meltzer joined the board of directors
of Audacy Inc., a leading multi-platform audit content and entertainment company. Mr. Meltzer also serves on the board of directors of
various private companies as well.
Zeren
Browne.
Ms. Browne has previously held senior management roles and led the marketing and commercial business activities for brands
under luxury & lifestyle conglomerates LVMH and Estee Lauder Companies. Ms. Browne has been the Executive Vice President and Chief
Strategy Officer, of the Company and its predecessors since July 2018. She was formerly the Managing Director at Mulloway Pty Limited
from October 2016 to July 2020 and is currently the Managing Director of trueGold Consortium Pty Limited since June 2020. Ms. Browne
holds a Bachelor of Commerce Degree and an advanced MBA Degree from The University of Western Australia, where she was awarded the Dux
and The Women in Management Scholarship. Ms. Browne brings more than 20 years' experience in global marketing and strategic brand
management to our board.
Information
about Executive Officers
Haggai
Alon
. See "
Information about Directors
" above.
Ofira
Bar
. Prior to her appointment as Chief Executive Officer of the Company, from February 2018 through July 2021, Ms. Bar had been the
CFO of Mer Telemanagement Solutions Ltd., an Israeli-based global provider of solutions for telecommunications expense management, enterprise
mobility management, call usage and accounting software, then listed on Nasdaq. Thereafter, as a result of a reverse takeover which,
among other things, resulted in Mer Telemanagement changing its name to SharpLink Gaming, Ltd. and acquiring a new line of business,
from July 2021 until February 2024, Ms. Bar was CFO of the legacy business subsidiary of Mer Telemanagement. Prior to February 2018 and
from February 2017, Ms. Bar was chief financial officer of H.T.S Market, Ltd., an internet marketing firm, and was corporate controller
of EZTD Inc., a then-public company that engaged with software development and binary options online trading, from December 2014 to January
2017. In addition, from September 2005 to July 2013, Ms. Bar served as an audit team manager of public and private companies at Kesselman
and Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited. Ms. Bar holds a B.A.
degree in Accounting and Economics from Tel Aviv University and is licensed as a Certified Public Accountant in Israel.
75
Mr.
Alon and Ms. Bar have employment agreements with Security Matters Ltd., an Israeli company and subsidiary of SMX, and as provided in
their employment agreement will provide services to Security Matters Ltd., and its parent and any wholly owned subsidiary thereof. Pursuant
to his employment agreement, Mr. Alon will receive a salary of approximately $295,000, and be entitled to other benefits such as receipt
of options and bonus payments. Pursuant to her employment agreement, Ms. Bar will receive a salary of approximately ILS 740,000 in calendar
year ending December 31, 2024, and be entitled to other benefits such as receipt of options and bonus payments.
Zeren
Browne
. See "
Information about Directors
" above.
Nasdaq
Diversity Disclosure
The
matrix below reflects our Board's gender and racial characteristics and LGBTQ+ status, based on the self-identification of our
directors. Each of the categories listed below has the meaning as it is used in Nasdaq Rule 5605(f).
Country
    of Principal Executive Offices
Ireland
Foreign
    Private Issuer
Yes
Disclosure
                                            Prohibited under Home
Country
    Law
No
Total
    Number of Directors
7
Board
    Diversity Matrix (as of April 29, 2024)
Part
    I: Gender Identity:
Male
Female
Non-Binary
Did
                                            Not
Disclose
    Gender
Directors
5
2
Part
    II: Demographic Background:
Underrepresented
    individual in Home Country Jurisdiction
2
LGBTQ+
1
Did
    Not Disclose Demographic Background
1
Family
Relationships
There
are no family relationships among any of our executive officers or directors.
Family
Relationships
There
are no family relationships among any of our executive officers or directors.
Foreign
Private Issuer Exemption
We
are a "foreign private issuer," as defined by the SEC. As a result, in accordance with Nasdaq rules, we may comply with home
country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. While
we expect to voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited exemptions:
●
Exemption
    from filing quarterly reports on Form 10-Q containing unaudited financial and other specified information or current reports on Form
    8-K upon the occurrence of specified significant events;
●
Exemption
    from Section 16 rules requiring insiders to file public reports of their securities ownership and trading activities and providing
    for liability for insiders who profit from trades in a short period of time;
76
●
Exemption
    from quorum requirements for shareholder meetings;
●
Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers;
●
Exemption
    from the requirement to obtain shareholder approval for certain issuances of securities, including shareholder approval of share
    option plans;
●
Exemption
    from the requirement that our audit committee have review and oversight responsibilities over all "related party transactions,"
    as defined in Item 7.B of Form 20-F;
●
Exemption
    from the requirement that our board have a compensation committee that is composed entirely of independent directors with a written
    charter addressing the committee's purpose and responsibilities. We currently have only director who serves on the compensation
    committee who meets the heightened independence standards for members of a compensation committee; and
●
Exemption
    from the requirements that director nominees are selected, or recommended for selection by our board, either by (1) independent directors
    constituting a majority of our board's independent directors in a vote in which only independent directors participate, or
    (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable,
    addressing the nominations process is adopted.
Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as we, may rely on home country corporate governance practices in
lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). Most
recently, we have elected to (a) amend our 2022 Equity Incentive Plan to increase the number of shares authorized under the plan without
stockholder approval, and (b) follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d) to seek shareholder
approval in connection with certain transactions involving the sale, issuance and potential issuance of our Ordinary Shares (or securities
convertible into or exercisable for our Ordinary Shares) at a price less than certain referenced prices, if such shares equal 20% or
more of the Company's Ordinary Shares or voting power outstanding before the issuance, each as permitted under Irish law.
Accordingly,
our shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance
requirements of Nasdaq. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.
Limitation
on Liability and Indemnification of Directors and Officers
The
Company is subject to the ICA. Subject to exceptions, the ICA does not permit a company to exempt a director or certain officers from,
or indemnify a director against, liability in connection with any negligence, default, breach of duty or breach of trust by a director
in relation to the company. The exceptions allow a company to (i) purchase and maintain director and officer insurance against any liability
attaching in connection with any negligence, default, breach of duty or breach of trust owed to the company; and (ii) indemnify a director
or other officer against any liability incurred in defending proceedings, whether civil or criminal (a) in which judgement is given in
his or her favor or in which he or she is acquitted or (b) in respect of which an Irish court grants him or her relief from any such
liability on the grounds that he or she acted honestly and reasonably and that, having regard to all the circumstances of the case, he
or she ought fairly to be excused for the wrong concerned.
77
Under
the Company's Amended and Restated Memorandum and Articles of Association, subject to certain limitations and so far as may be
permitted by the ICA, each director, officer or employee of the Company, and each person who is or was serving at the request of the
Company as a director, officer or employee of another company, or of a partnership, joint venture, trust or other enterprise, including
service with respect to employee benefit plans maintained or sponsored by the Company, shall be entitled to be indemnified by the Company
against all costs, charges, losses, expenses and liabilities incurred by him or her in the execution and discharge of his or her duties
or in relation thereto, including any liability incurred by him or her in defending any proceedings, civil or criminal, which relate
to anything done or omitted or alleged to have been done or omitted by him or her as a director, officer or employee of the Company or
such other company, partnership, joint venture, trust or other enterprise, and in which judgment is given in his or her favor (or the
proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part) or in which
he or she is acquitted or in connection with any application under any statute for relief from liability in respect of any such act or
omission in which relief is granted to him or her by the court. However, any such indemnity shall not be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable for fraud or dishonesty in the performance of his or her
duty to the Company unless and only to the extent that the courts of Ireland or the court in which such action or suit was brought shall
determine upon application that despite the adjudication of liability, but in view of all the circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper.
The
Company on closing entered into indemnification agreements with each of its directors to provide contractual indemnification providing
for indemnification and advancements by the Company of certain expenses and costs relating to claims, suits or proceedings arising from
his or her service to the Company, and to Lionheart if applicable or, at Lionheart's request, service to other entities, as officers
or directors occurring at or prior to the Business Combination, to the maximum extent permitted by applicable law.
The
Company maintains standard policies of insurance under which coverage is provided (1) to its directors and officers against loss arising
from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of the Company,
and (2) to the Company with respect to payments which may be made by the Company to such officers and directors pursuant to any indemnification
provision contained in the Company's Amended and Restated Memorandum and Articles of Association or otherwise as a matter of law.
Board
Leadership Structure
It
is not anticipated that a policy requiring the positions of the Chairperson of the Board and Chief Executive Officer to be separate or
held by the same individual will be implemented by the Board, as the Board's determination is expected to be based on circumstances
existing from time to time, based on criteria that are in the Company's best interests and the best interests of its stockholders,
including the composition, skills and experience of the Board and its members, specific challenges faced by the Company or the industry
in which it operates and governance efficiency. If the Board convenes for a meeting, it is expected that the non-management directors
will meet in one or more executive sessions, if the circumstances warrant. The Board may consider appointing a lead independent director,
if the circumstances warrant.
Risk
Oversight
Upon
the consummation of the Business Combination, the Board administered the risk oversight function directly through the Board as a whole,
as well as through its committees, where applicable, monitoring and assessing strategic risk exposure, enterprise risk, and governance
risks. The audit committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management
has taken to monitor and control these exposures. The allocation of risk oversight responsibility may change, from time to time, based
on the evolving needs of the Company.
Code
of Business Conduct and Ethics
The
Board adopted a Code of Ethics applicable to our directors, executive officers and team members that complies with the rules and regulations
of Nasdaq and the SEC. The Code of Ethics is available on the Company's website. In addition, the Company intends to post on the
Corporate Governance section of its website all disclosures that are required by law or Nasdaq listing standards concerning any amendments
to, or waivers from, any provision of the Code of Ethics. The reference to the Company's website address in this Annual Report
does not include or incorporate by reference the information on the Company's website into this Annual Report.
78
B.
Compensation
The
aggregate compensation paid by Security Matters PTY to Security Matters PTY's directors for the fiscal year ended December 31,
2022 was approximately $136,000. The compensation for the year ended December 31, 2022 amount included 322,317 shares that were granted
to its directors as a group, with a value of $54,000.
The
aggregate compensation paid by the Company to the Board for the fiscal year ended December 31, 2023 was approximately $684,000. The compensation
for the year ended December 31, 2023 amount included 135,777 shares that were granted to its directors as a group, with a value of approximately
$147,996.
The
aggregate compensation paid by to our senior executive officers for the fiscal years ended December 31, 2023 and December 31, 2022 was
approximately $1 million and $541,000. In fiscal years 2023 and 2022, our predecessor granted stock option awards to its executive officers
to acquire an aggregate of 200,000 of Security Matters PTY's ordinary shares, all of the options are subject to performance condition.
In fiscal year 2023, we granted an aggregate of 81,551 restricted stock units to our executive officers, with a value of approximately
$88,891.
The
Company's CEO, CFO and Executive Vice President are subject to the terms of their employment agreements with SMX Israel. It is
expected that any executive compensation program beyond existing arrangements will include:
●
annual
    base salaries;
●
performance
    bonus opportunities, potentially in cash and/or equity awards;
●
long
    term incentive compensation in the form of stock options, restricted stock and stock appreciation awards, among others, and
●
with
    regard to key executive officers, formal employment arrangements to include change of control provisions.
Director
Compensation
For
the fiscal year ended December 31, 2023, each independent director was granted restricted stock units in an amount equal to $150,000
divided by the closing price on the last trading day of the fiscal year, generally to vest on the one-year anniversary of the date of
grant and be settled in Ordinary Shares, subject to such director's continuous services as a director until such time and earlier
vesting due to a change of control. In addition, each committee chair is entitled to receive an additional grant annually of restricted
stock units in an amount equal to $15,000 divided by the closing price on the last trading day of the fiscal year, subject to the same
terms listed in the prior sentence. Mr. Alon and Ms. Browne will not receive any director compensation as their compensation is governed
by their individual employment agreements. The Company's directors, other than Mr. Alon and Ms. Browne, were granted an aggregate
of 8,018 restricted stock units.
2022
Incentive Equity Plan and Other Plan Options
Our
Board and its shareholders approved and adopted the SMX Public Limited Company 2022 Incentive Equity Plan (the "2022 Incentive
Equity Plan"), which was subsequently amended by our board of directors, which reserved for grant and authorized 231,019 Ordinary
Shares. Additionally, pursuant to the 2022 Incentive Equity Plan, the Ordinary Shares reserved for issuance thereunder will automatically
increase annually by 5% on the first day of each fiscal year beginning with the 2023 fiscal year, by an amount equal to 5% of the number
of outstanding shares of the Company as of the last day of the prior fiscal year. As April 29, 2024, an aggregate of
1,731,898 restricted stock units or stock options have been granted under the 2022 Incentive Equity Plan. The Company received stockholder
approval at its 2023 annual general meeting of shareholders held on December 21, 2023, which increased the number of ordinary shares
by 1,500,000 to a total of 1,731,019 ordinary shares.
79
The
2022 Incentive Equity Plan provides for the grant of options, restricted shares units, phantom shares or substitute awards or any combination
of the foregoing including such other awards that may be denominated or payable in, value in whole or in part, by reference to or otherwise
based upon, or related to, shares to our employees, directors, and consultants and any of our affiliates' employees and consultants.
Our
Board, or any person or persons or committee to whom decision-making authority with respect to the 2022 Incentive Equity Plan is delegated
by our board of directors (the "Administrator") will administer the 2022 Incentive Equity Plan.
Our
Board and the Administrator have the authority to amend or suspend the 2022 Incentive Equity Plan at any time and from time to time,
and our Board has the authority to terminate the 2022 Incentive Equity Plan provided that such action does not materially impair the
existing rights of any participant without such participant's written consent. Certain material amendments also require the approval
of our shareholders.
In
addition, as part of the Business Combination, we assumed an aggregate of 1,326,747 options originally granted under Security Matters
PTY's 2018 Share Option Plan.
C.
Board Practices
Corporate
Governance
The
Company structured its corporate governance in a manner it believes closely aligns its interests with those of its shareholders. Notable
features of this corporate governance include:
●
The
    Company has four independent directors and independent director representation on our audit and compensation committees immediately.
    Furthermore, until members of a nominating committee have been appointed, director nominees will be selected, or recommended for
    the Board's selection, by independent directors constituting a majority of the Board's independent directors in a vote
    in which only independent directors participate.
●
The
    independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent
    directors;
●
The
    Company implemented a range of other corporate governance practices, including a robust director education program.
At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an "audit committee financial
expert" as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and understand
fundamental financial statements, including the Company's balance sheet, income statement, and cash flow statement. Additionally,
at least one member of the audit committee has past employment experience in finance or accounting, requisite professional certification
in accounting, or any other comparable experience or background which results in the individual's financial sophistication, and
accordingly believes that the audit committee can properly fulfill its functions and role as if at least one member was an "audit
committee financial expert" as defined by the SEC.
Classified
Board of Directors
In
accordance with the Company's Amended and Restated Memorandum and Articles of Association, its board of directors shall be divided
into three classes of directors with staggered terms depending on the class. The Board has designated Amir Bader and Thomas Hawkins as
Class I Directors with terms ending in 2026, Pauline Khoo, Roger Meltzer and Zeren Browne as Class II Directors with terms ending in
2024, and Haggai Alon and Ophir Sternberg as Class III Directors with terms ending in 2025.
80
Independence
of our Board of Directors
Four
of the Company's seven directors are independent as defined in Nasdaq listing standards and applicable SEC rules and the Company's
Board has an independent audit committee and a compensation committee. Furthermore, until members of a nominating committee have been
appointed, director nominees will be selected, or recommended for the Board's selection, by independent directors constituting
a majority of the Board's independent directors in a vote in which only independent directors participate.
Board
Committees
Audit
Committee
The
audit committee is responsible for, among other things:
●
appointing,
    compensating, retaining, evaluating, terminating and overseeing our independent registered public accounting firm;
●
discussing
    with our independent registered public accounting firm their independence from management;
●
reviewing,
    with our independent registered public accounting firm, the scope and results of their audit;
●
approving
    all audit and permissible non-audit services to be performed by our independent registered public accounting firm;
●
overseeing
    the financial reporting process and discussing with management and our independent registered public accounting firm the annual financial
    statements that we file with the SEC;
●
overseeing
    our financial and accounting controls and compliance with legal and regulatory requirements;
●
reviewing
    our policies on risk assessment and risk management;
●
reviewing
    related person transactions; and
●
establishing
    procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing
    matters.
The
members of the Company's audit committee are Pauline Khoo, Chairperson, Amir Bader and Thomas Hawkins.
Each
member of the Company's audit committee qualifies as an independent director according to the rules and regulations of the SEC
and Nasdaq with respect to audit committee membership. In addition, all audit committee members meet the requirements for financial literacy
under applicable SEC and Nasdaq rules. The audit committee's charter is available on the Company's website. The reference
to the Company's website address in this Annual Report on Form 20-F does not include or incorporate by reference the information on the Company's
website into this Annual Report on Form 20-F.
Compensation
Committee
The
compensation committee is responsible for, among other things:
●
reviewing
    and approving the corporate goals and objectives, evaluating the performance of and reviewing and approving, (either alone or, if
    directed by the board of directors, in conjunction with a majority of the independent members of the board of directors) the compensation
    of our Chief Executive Officer;
●
overseeing
    an evaluation of the performance of and reviewing and setting or making recommendations to our board of directors regarding the compensation
    of our other executive officers;
●
reviewing
    and approving or making recommendations to our board of directors regarding our incentive compensation and equity-based plans, policies
    and programs;
●
reviewing
    and approving all employment agreement and severance arrangements for our executive officers;
●
making
    recommendations to our shareholders regarding the compensation of our directors; and
●
retaining
    and overseeing any compensation consultants.
81
The
members of the Company's compensation committee are Roger Meltzer, Chairperson, Pauline Khoo and Amir Bader, all of whom qualify
as independent directors according to the rules and regulations of the SEC and Nasdaq with respect to compensation committee membership,
including the heightened independence standards for members of a compensation committee. The compensation committee's charter is
available on the Company's website. The reference to the Company's website address in this Annual Report on Form 20-F does not include or
incorporate by reference the information on the Company's website into this Annual Report on Form 20-F.
Nominating
and Corporate Governance Committee
The
Company has not yet appointed members of the Board to a nominating committee. Any nominating committee would be responsible for, among
other things:
●
identifying
    individuals qualified to become members of our board of directors, consistent with criteria approved by our board of directors;
●
overseeing
    succession planning for our Chief Executive Officer and other executive officers;
●
periodically
    reviewing our board of directors' leadership structure and recommending any proposed changes to our board of directors;
●
overseeing
    an annual evaluation of the effectiveness of our board of directors and its committees; and
●
developing
    and recommending to our board of directors a set of corporate governance guidelines.
Until
members of a nominating committee have been appointed, director nominees will be selected, or recommended for the Board's selection,
by independent directors constituting a majority of the Board's independent directors in a vote in which only independent directors
participate.
Any
nominating and corporate governance committee charter would be available on the Company's website. The reference to the Company's
website address in this Annual Report on Form 20-F does not include or incorporate by reference the information on the Company website into this Annual Report on Form 20-F.
D.
Employees
As
of April 29, 2024, the Company had 36 employees, 27 full time employees and 9 part time employees located in Israel. The Company also
has three employees in Singapore, one in Australia and one in the United Kingdom.
None
of the Company's employees are members of a union or subject to the terms of a collective bargaining agreement. In Israel, the
Company is subject to certain Israeli labor laws, regulations and Labor Court precedent rulings, as well as certain provisions of collective
bargaining agreements applicable to the Company by virtue of extension orders issued in accordance with relevant labor laws by the Israeli
Ministry of Economy and Industry, and which apply such agreement provisions to the Company's employees even though they are not
part of a union that has signed a collective bargaining agreement.
All
of the Company's employment and consulting agreements include standard non-compete and intellectual property assignment provisions,
as well as strict confidentiality obligations. The enforceability of non-compete provisions may be limited by Israeli law.
The
Company has a diversity policy in effect, last updated and approved by the board on February 7, 2021, according to which we are committed
to gender diversity across its Board, senior management team and across its entire workforce, with a particular goal of increasing the
representation of women in all areas.
82
E.
Share Ownership
For
information regarding the share ownership of our directors and executive officers, see "
Item 7.A Major Shareholders
"
and "
Item 6.B Compensation
" for a discussion of the 2022 Incentive Equity Plan.
F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
Not
applicable.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
Security
Ownership of Certain Beneficial Owners and Management of the Company
The
following table sets forth the information regarding the beneficial ownership of the Ordinary Shares as of April 29, 2024:
●
each
    person known by the Company to be the beneficial owner of more than 5% of the Company's Ordinary Shares; and
●
each
    of the Company's current executive officers and directors and all of the Company's executive officers and directors as
    a group.
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, and includes shares underlying warrants and
options, as applicable, that are currently exercisable or convertible or exercisable or convertible within 60 days. Ordinary Shares that
may be acquired within 60 days of April 29, 2024 pursuant to the exercise of warrants or options are deemed to be outstanding for the
purpose of computing the percentage ownership of such holder but are not deemed to be outstanding for computing the percentage ownership
of any other person or entity shown in the table.
Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to the Ordinary
Shares beneficially owned by them.
The
percentage of Ordinary Shares beneficially owned is computed on the basis of 38,334,442 Ordinary Shares outstanding on April 29, 2024.
Name
    and Address of Beneficial Owners
Number
    of Ordinary Shares
Percentage
    of Total Voting Power
Haggai
    Alon(1)
159,375
*
Ophir Sternberg(2)
223,009
*
Amir Bader(3)
25,554
*
Zeren Browne(4)
24,520
*
Pauline Khoo(5)
25,886
*
Thomas Hawkins(6)
26,973
*
Roger Meltzer(7)
27,164
*
Ofira
    Bar
-
-
All
    executive officers and directors as a group (9 persons)
512,481
1.33
%
Greater
    than 5% Holders
Doron Afik(8)
1,887,459
4.92
%
*
Less
    than 1%
83
(1)
Represents
    shares held by Benguy Escrow Company Ltd., a testamentary trust of which Mr. Alon is the beneficiary. Doron Afik is the trustee of
    Benguy Escrow Company Ltd. The amount of beneficial ownership includes 2,193 (adjusted pursuant to the Reverse Stock Split) Ordinary
    Shares issuable as a result of Security Matters PTY options held, that are currently exercisable or exercisable within 60 days. Also
    includes 55,802 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares granted
    to Mr. Alon, and an additional 53,850 (adjusted pursuant to the Reverse Stock Split) restricted stock units that settle into Ordinary
    Shares that vest within 60 days from April 29, 2024. Does not include an additional 417,353 (adjusted pursuant to the Reverse Stock
    Split) restricted stock units that do not vest within 60 days of April 29, 2024.
(2)
Ophir
    Sternberg, Lionheart's Chairman, President and Chief Executive Officer, is the member of the Sponsor. Mr. Sternberg disclaims
    beneficial ownership over any securities owned by the Sponsor in which he does not have any pecuniary interest. Also includes 36,562
    (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares granted to Mr. Sternberg,
    and an additional 30,000 (adjusted pursuant to the Reverse Stock Split) restricted stock units that settle into Ordinary Shares that
    vest within 60 days from April 29, 2024. Does not include an additional 249,642 (adjusted pursuant to the Reverse Stock Split) restricted
    stock units that do not vest within 60 days of April 29, 2024.
(3)
Includes
    7,466 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares and includes
    11,111 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.
(4)
Represents
    shares held by Sooperduper Pty Ltd., which is owned by Ms. Browne and Simon Browne. Ms. Browne is the control person of Sooperduper
    Pty Ltd. Includes 6,692 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares.
    Also includes 11,395 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.
(5)
Represents
    shares held by in nominee by HSBC Bank Australia Limited. Includes 7,657 (adjusted pursuant to the Reverse Stock Split) vested restricted
    stock units that settle into Ordinary Shares. Also includes 11,111 restricted stock units that settle into Ordinary Shares that vest
    within 60 days from April 29, 2024.
(6)
Includes
    7,466 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares and includes
    11,111 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.
(7)
Includes
    7,657 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares. Also includes
    11,111 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.
(8)
Includes
    2,778 (adjusted pursuant to the Reverse Stock Split) vested restricted stock units that settle into Ordinary Shares. Also includes
    5,556 restricted stock units that settle into Ordinary Shares that vest within 60 days from April 29, 2024.
B.
Related Party Transactions
trueGold
On
July 29, 2020, Security Matters PTY signed a shareholders' agreement with W.A. Mint Pty Ltd. ("Perth Mint") and trueGold.
The shareholders' agreement and the ancillary agreements discuss the establishment of a new entity—trueGold—by Security
Matters PTY and Perth Mint. Security Matters PTY granted to trueGold, subject to the terms of the license agreement, an exclusive, worldwide,
perpetual license to use Security Matters PTY's technology for the purpose of commercializing it within the industry comprising
gold as a precious metal (as elaborated below). Security Matters PTY owns any development of its intellectual property and, while trueGold
owns all generated data it creates, trueGold granted to Security Matters PTY a free non-exclusive, irrevocable, perpetual, royalty free
license to use the generated data, subject to regulatory requirements and to the extent that it relates to the Isorad License Agreement
technology or Security Matters PTY's technology. The parties agreed that neither Perth Mint or Security Matters PTY are required
to provide any funding to trueGold and that any investment by any of them in trueGold from time to time will be by way of in-kind contributions.
Third party equity investors will contribute the working capital will fund R&D, development capital and other expenses in accordance
with the business plan.
84
Other
than with the consent of the other shareholders or between affiliates (defined, inter alia, as a related body corporate of a shareholder;
a company in which the shareholder beneficially owns 50% or more of the issued shares) a transfer of shares will be done subject to a
right of first refusal of the other shareholders, whom will also have tag-along rights and a drag-along (as elaborated below). Under
the constitution (as amended in July, 2022, to add the specific right of Security Matters PTY to purchase shares before any other shareholders)
any shareholder wishing to transfer shares must notify the board of directors and, before the board of directors authorize the transfer
of any share or shares, the share or shares must first have been offered to Security Matters PTY (for its own benefit and unless Security
Matters PTY is 50% owned by one entity), and if SMX does not notify within 30 days that it wishes to purchase, then to all other shareholders
(including Security Matters PTY) at a price to be agreed on by the transferor and the directors of trueGold. If the transferor and the
directors of trueGold are unable to agree on a price, the price of the relevant shares will be a price which: represents a fair market
price; and is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance with the ADC Rules
for Expert Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into the constitution
of trueGold. The determination of such person in relation to the price of the relevant shares will be final and binding on all shareholders.
Subject
to certain terms and conditions, a drag-along right is established under which where shareholders wish to dispose of all of their share
to a third party that wishes to acquire 100% of trueGold and 75% or more of the aggregate number of shares on issue at that time agreed,
the remaining shareholders may be forced to transfer to the third party all of the shares held by each of the remaining shareholders.
In case of a deadlock (defined as a case where the board of directors disagrees on a material matter regarding the fundamental operation
of trueGold or the business and cannot resolve the disagreement within 10 business days of the disagreement first arising), if the shareholders
are unable to reach agreement on any matter, a dispute resolution mechanism was created.
The
board of directors of trueGold was agreed to consist of not less than three and not more than seven. The board is comprised as follows:
Security Matters PTY may appoint (remove or replace) up to two directors; Zeren Browne; Perth Mint may appoint (remove or replace) up
to two directors; and Hugh Morgan, who is a non-executive, independent chair. A list of resolutions was set, which require a board majority
including at least one Security Matters PTY appointed director and one Perth Mint appointed director. Another list of resolutions was
set, which require a resolution carried by a majority of the shareholders including Security Matters PTY and Perth Mint. trueGold and
Yahaloma (defined below) agreed to bear the payments to Soreq related thereto of 4.2% of its revenues. SMX's CEO, Mr. Haggai Alon,
provides CEO services to trueGold and reports to the board of directors of trueGold, and Zeren Browne provides General Manager services
to trueGold.
On
October 3, 2023, Security Matters PTY entered into the Investment Agreement with trueGold. Pursuant to the Investment Agreement, the
AUD475,000 of indebtedness as of June 30, 2023 trueGold owes to Security Matters PTY was waived by Security Matters PTY in exchange for
the issuance of additional shares of True Gold (the "True Gold Shares") such that Security Matters PTY's holdings in
trueGold shall be increased to 51.9% of the total issued and outstanding shares of trueGold, making Security Matters PTY the majority
owner of trueGold. Additionally, the existing license agreement as between Security Matters PTY and trueGold was amended to include additional
intellectual property of Security Matters PTY to be licensed to trueGold thereunder. Security Matters PTY shall further supply to trueGold
a credit line for research and development work by its employees of up to AUD1,000,000, free of interest and collateral.
Business
Combination
On
March 7, 2023, we consummated the Business Combination. See Item 4. Information of the Company-History and Development of the
Company-Business Combination, elsewhere in this Annual Report on Form 20-F, and Note 1.B. The SPAC Transaction, to the audited
financial statements of the Company on page F-10, included in this Annual Report on Form 20-F for a discussion of the Business
Combination and the related party transactions with respect to the Business Combination.
85
Bridge
Loans
Between
August 2022 to January 2023, Security Matters PTY entered into bridge loan agreements (the "Bridge Loans") with eleven lenders,
including Doron Afik and Jessica Wasserstrom, who lent Security Matters PTY an aggregate amount of $3,860,000. The Bridge Loans have
a maturity date of up to two years and bear an interest rate of 10% per annum.
In
March 2023, the Company signed an addendum to the Bridge Loans agreements which converted $1,350,000 of principal and $1,000,000 of redeemable
warrants into 872,418 Ordinary Shares.
On
December 31, 2023, the Company signed an addendum to the Bridge Loans, which converted $750,000 of principal and $1,450,000 redeemable
warrants into 4,032,256 Ordinary Shares. According to the addendum, the Company issued to the lenders an aggregate of 4,032,256 warrants
to purchase up to an aggregate of 4,032,256 Ordinary Shares at an exercise price of $1.17 per share. The warrants were exercisable immediately
upon issuance and will expire three years following their issuance.
General
Legal Counsel
On
January 10, 2017, an affiliate of Lionheart's Sponsor, Lionheart Equities, LLC ("Lionheart Equities"), engaged Jessica
L. Wasserstrom, LLC ("Wasserstrom"), to represent Lionheart Capital and its affiliated companies, as corporate general counsel
and otherwise in connection with any corporate and/or transactional matters as requested by Lionheart Equities. The engagement letter
between Lionheart Equities and Wasserstrom is for an indefinite period only subject to termination rights of either party, of which no
termination has occurred since the agreement was executed. Jessica Wasserstrom, the principal of Wasserstrom, currently holds the title
of Chief Legal Officer of Lionheart Equities and its affiliated companies.
In
connection therewith, Wasserstrom was specifically engaged by Lionheart to provide counsel for general corporate legal matters, including
related to mergers and acquisitions activity and, as such, may be deemed to be a related party of Lionheart. For the year ended December
31, 2023, the Company paid to Wassertrom an aggregate of approximately $300,000, in the form of cash payments, issuance of Ordinary Shares
and issuances of warrants to purchase Ordinary Shares, for legal services provided to Lionheart through the closing of the Business Combination
in March 2023. As of April 29, 2024, an aggregate of $100,000 is remains unpaid and outstanding.
Chairman
Agreement
Mr.
Ophir Sternberg and the Company entered into a Chairman Agreement (the "Chairman Agreement"). Pursuant to the Chairman Agreement,
beginning at the closing of the Business Combination, Mr. Sternberg will serve as the Chairman of the Board for so long as he serves
as a member of the Board, unless he is earlier terminated. Mr. Sternberg will not receive any cash compensation for his service on the
Board nor will he be entitled to participate in any employee benefit plans of the Company.
The
Chairman Agreement provides that Mr. Sternberg will be granted restricted stock units of the Company representing 3% of the issued and
outstanding Ordinary Shares as of the grant date in accordance with and subject to the terms and conditions of the Company's 2022
Incentive Equity Plan. Mr. Sternberg's restricted stock units are subject to time-based vesting, as follows: 20% vest on the grant
date, and the remaining restricted stock units will vest in quarterly installments thereafter over a period of three years subject to
his continued service on the Board as of each vesting date subject to earlier vesting as forth below.
In
the event of the expiration or termination of the Chairman Agreement for any reason other than termination for Cause (as defined in the
Chairman Agreement), any unvested outstanding equity awards held by Mr. Sternberg will immediately vest and become nonforfeitable. In
the event of the termination of the Chairman Agreement by the Company for Cause, all unvested outstanding equity awards will be cancelled
and forfeited, and Mr. Sternberg will not be entitled to any payment in connection therewith.
86
The
Chairman Agreement states that Mr. Sternberg will honor his confidentiality obligations after the termination of his services.
Independent
Contractor Agreement
Mr.
Faquiry Diaz and the Company entered into an independent contractor agreement (the "Independent Contractor Agreement"). The
Independent Contractor Agreement provides for an initial term of three years that automatically renews for one-year terms thereafter,
so long as Ophir Sternberg is the Chairman of the Board. Notwithstanding the foregoing, the Independent Contractor Agreement is terminable
by either party at any time, with or without Cause (as defined in the Independent Contractor Agreement), effective upon notice to the
other party.
In
exchange for his services, Mr. Diaz Cala will be compensated and reimbursed in the total amount of $84,000, annually, payable in twelve
equal monthly payments. In addition, the Independent Contractor Agreement provides that Mr. Diaz Cala will be granted restricted stock
units of the Company representing 1% of the issued and outstanding Ordinary Shares as of the grant date in accordance with and subject
to the terms and conditions of the Company's 2022 Incentive Equity Plan. Mr. Diaz Cala's restricted stock units are subject
to time-based vesting, as follows: 20% vest on the grant date, and the remaining restricted stock units will vest in quarterly installments
thereafter over a period of three years subject to his continued service on the Board as of each vesting date subject to earlier vesting
as set forth below.
In
the event of the termination of the Independent Contractor Agreement by the Company without Cause or upon a Change in Control (each such
term as defined in the Independent Contractor Agreement), any unvested outstanding equity awards held by Mr. Diaz Cala will immediately
vest and become nonforfeitable. In the event of the termination of the Independent Contractor Agreement for Cause by the Company or for
any reason by Mr. Diaz Cala, all unvested outstanding equity awards will be cancelled and forfeited without consideration.
The
Independent Contractor Agreement also contains non-solicitation and non-competition covenants, generally prohibiting Mr. Diaz Cala from
(i) soliciting or hiring employees or business contacts during the one-year period that follows the termination of the Independent Contractor
Agreement and (ii) directly or indirectly competing with the Company during the term of the Independent Contractor Agreement. In addition,
the Independent Contractor Agreement states that Mr. Diaz Cala will honor his confidentiality obligations after the termination of his
services.
The
only discussions involving continuing employment or involvement for any persons affiliated with Lionheart before the Business Combination
were with Ophir Sternberg relating to the Chairman Agreement with The company and with Faquiry Diaz relating to an independent contractor
agreement, with the Company, which provides for certain services to the Company. There has not been any formal or informal commitment
to retain any financial advisors after the Business Combination, and there are no pre-existing relationships between Lionheart (or individuals
affiliated with Lionheart) and additional investors.
Borrowings
From Related Parties
In
2015, SMX Israel signed an agreement to receive a loan of ILS 2 Million ($512,558 at 2015) from Kibbutz Ketura, and Kibbutz Degania A,
an entity associated with Mr. Bader on back-to-back terms from a third party (the Kamea Fund). The loan bears an interest at an annual
rate of 4%. The loan was fully repaid in August 2022. The balance as of December 31, 2021 was $269,311 (including provision for bonus
at the amount $87,311), and as of December 31, 2020 was $279,939. The balance includes interest and there was no change in the interest
rate
.
In
consideration with providing the funding, SMX Israel agreed to provide, as additional consideration, a bonus payment on the occurrence
of an exit or major liquidity event. The bonus payment is capped at ILS 3 Million (approximately $965,000) per each of Kibbutz Ketura
and Kibbutz Degania A (together, the "Bonus Payments"). The Bonus Payments are intended to operate in one of the two trigger
events: (i) dividend distributions by Security Matters Ltd.; or (ii) the sale of shares by either Kibbutz Ketura and Kibbutz Degania
A in SMX Israel (either in the event of a takeover or otherwise). Only if the aggregate amounts of one of the two trigger events exceeds
the investment of Kibbutz Ketura and Kibbutz Degania A in SMX Israel (by loan or shares), the either party would be entitled to the Bonus
Payment.
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We
entered into an Amended and Restated Promissory Note dated as of March 7, 2023 in the principal amount of $549,000, in favor of Lionheart
Management, LLC and Lionheart Equities, LLC, which are affiliates of Ophir Sternberg, our Chairman of the Board, Such note was amended
in April 2023 to extend the maturity date thereunder to June 10, 2024; however, we prepaid the note in full in May 2023. Such note amended
and restated a Promissory Note, executed by Lionheart in favor of the holders, in the original aggregate principal amount of $549,000,
to reflect the assumption of all rights and responsibilities of Lionheart by the Company.
In
August 2022, the Company signed an addendum to the Loan agreement that reduces the amount of the Bonus payment for both lenders to a
total fixed amount of ILS 2.5 million ($710,000) that was to be paid upon the completion of the Business Combination. On March 2, 2023,
the Bonus payment date was postponed to March 31, 2024 and on April 28, 2023, it was further postponed to June 1, 2024.
On
September 19, 2023, the Company amended the loan agreements dated September 7, 2015, by and between SMX Israel, the Company's shareholders
and Kamea Fund. Pursuant to the amendment to the loan agreements, Kamea agreed to convert $657,000 of indebtedness under the loan agreements
into 487,281 Ordinary Shares (post share reverse split) of the Company, as payment in full for such indebtedness; provided however, that
in the event the proceeds received from Kamea with respect to any sales of the shares are not at least equal to the indebtedness amount,
the Company will remain liable to Kamea for the balance of the indebtedness amount. In accordance with management estimation the fair value of this indebtedness is immaterial.
Additionally,
Kibbutz Ketura provides administrative services for SMX Israel for which it was paid $34,000 in 2023 and $36,000 in 2022. Until 2020,
SMX Israel's lab was located in Kibbutz Ketura.
Proof
Of Concept Projects Paid By Affiliated Companies
The
Company is engaged in Proof of Concept (POC) agreements according to which it receives funds for financing research and development expenses
from prospective customers and affiliated companies. Affiliated companies paid for reimbursement of POC projects the amount of $858,000
in 2023 and $1,426,000 in 2022.
Lock-Up
Agreements
At
the closing of the Business Combination, certain of our shareholders, executive officers and directors entered into lock-up agreements,
as filed hereto as Exhibit 4.34 through 4.43, pursuant to which, among other things, they agreed not to offer, sell, contract to sell
or otherwise transfer or dispose of any of their Ordinary Shares for six months after the Closing Date, subject to the exceptions described
in the agreements.
Review,
Approval or Ratification of Transactions with Related Persons
We
have a related party transaction policy that requires the review and, if applicable, approval or ratification of any related party transaction
by the Audit Committee.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
Financial Statements
Our
consolidated financial statements are appended at the end of this Annual Report, starting at page F-1.
Legal
Proceedings
From
time to time, the Company may become involved in legal proceedings or may be subject to claims arising in the ordinary course of our
business. Although the results of these proceedings and claims cannot be predicted with certainty, the Company currently believes that
the final outcome of these ordinary course matters will not have a material adverse effect on our business, operating results, financial
condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs,
diversion of management resources and other factors. We were not a party to any material litigation and did not have material contingency
reserves established for any liabilities as of December 31, 2023.
Dividends
and Dividend Policy
We
have never declared or paid cash dividends on our share capital. We intend to retain all available funds and any future earnings, if
any, to fund the development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future.
Any future determination related to dividend policy will be made at the discretion of our Board of Directors and will depend upon, among
other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and
other factors our Board of Directors may deem relevant.
Under
Irish law, among other things, we may only pay dividends if we have sufficient distributable reserves (on a non-consolidated basis),
which are our accumulated realized profits that have not been previously distributed or capitalized, less our accumulated realized losses,
so far as such losses have not been previously written off in a reduction or reorganization of capital. In addition, no distribution
or dividend may be made if our net assets are not, or if making such distribution or dividend will cause our net assets to not be, equal
to or in excess of the aggregate of our called up share capital plus undistributable reserves.
As
we are an Irish company, Irish dividend withholding tax, or DWT, currently at a rate of 25%, will arise in respect of dividends or other
distributions to our shareholders unless an exemption applies. There are exemptions that may be available to U.S. Holders; such shareholders
should consult their respective tax advisors. Where DWT arises, we are responsible for deducting DWT at source and accounting for the
relevant amount to the Revenue Commissioners of Ireland.
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B.
Significant Changes
Share Issuances to Debtholders
In April
2024, the Company issued an aggregate of 690,000 Ordinary Shares to certain former debtholders of the Company as further consideration
relating to the December 2023 conversion of their indebtedness and related obligations. Furthermore, the Company issued an aggregate
of an additional 891,069 Ordinary Shares to those same former debtholders, for the conversion and termination of an aggregate of 3,564,277
warrants held by them.
Alpha
SEPA
On
April 19, 2024, the Company entered into a Stock Purchase Agreement (the "SPA") with Generating Alpha Ltd. ("Alpha"),
pursuant to which Alpha has committed to purchase from us up to $30,000,000 of our ordinary shares, subject to the terms and conditions
specified in the SPA. The Company entering into the SPA was a condition of the Company's previously announced note and warrant
transaction with Alpha from April 11, 2024.
Subject
to the terms and conditions of the SPA, the Company has the right from time to time at its discretion, any time after the three month
anniversary of the shares underlying the SPA being registered for resale pursuant to the Registration Rights Agreement referred to below,
to direct Alpha to purchase a specified amount of our ordinary shares (each such sale, a "Put") by delivering written notice
to Alpha (each, a "Put Notice"). There is a $20,000 mandatory minimum amount for any Put and it may not exceed $500,000,
subject to a volume threshold equal to the quotient of (a) the number of ordinary shares requested by the Company in a Put Notice divided
by (b) 0.30. The ordinary shares will be purchased at a price equal to: (a) 95% of the lowest daily traded price of the Company's
ordinary shares during the five trading day valuation period (provided that it shall not be less than a Company-specified minimum acceptable
price) ("Market Price"), if the market price of the ordinary shares is over $1.00; (b) 90% of the Market Price, if the market
price of the ordinary shares is between $0.80 and $1.00: (c) 85% of the Market Price, if the market price of the ordinary shares is between
$0.60 and $0.80; (d) 80% of the Market Price, if the market price of the ordinary shares is between $0.40 and $0.60; (e) 75% of the Market
Price, if the market price of the ordinary shares is between $0.20 and $0.40; and (f) 50% of the Market Price, if the market price of
the ordinary shares is below $0.20.
The
Company will control the timing and amount of any sales of ordinary shares to Alpha. Actual sales of our ordinary shares to Alpha as
a Put under the SPA will depend on a variety of factors to be determined by the Company from time to time, which may include, among other
things, market conditions, the trading price of the Company's ordinary shares and determinations by the Company as to the appropriate
sources of funding for its business and operations.
The
obligations of Alpha to accept any Put pursuant to a Put Notice is subject to customary conditions, including that Alpha is not required
to purchase any ordinary shares pursuant to a Put if it would result in Alpha beneficially owning in excess of 4.99% of the Company's
ordinary shares, and that the ordinary shares subject to the Put be registered for resale. The Company agreed to pay a commitment fee
to Alpha equal to 1.5% of the commitment amount, payable in shares, or 2,725,621 ordinary shares and which shall be subject to a three
month lock-up.
The
net proceeds under the SPA to the Company will depend on the frequency and prices at which the Company sells ordinary shares to Alpha.
The Company expects that any proceeds received by it from such sales to Alpha will be used for working capital and general corporate
purposes; provided, however, that in the event the Company owes any indebtedness to Alpha, 50% of any such proceeds shall be applied
to repayment of such indebtedness.
The
SPA will automatically terminate on the earliest to occur of (a) the first day of the month next following the 36-month anniversary of
the date of the SPA or (ii) the date on which Alpha shall have made payment of Puts pursuant to the SPA for ordinary shares equal to
$30,000,000. The Company has the right to terminate the SPA at no cost or penalty upon five (5) trading days' prior written notice
to Alpha, provided that there are no outstanding Put Notices for which ordinary shares need to be issued and the Company has paid all
amounts owed to Alpha pursuant to the SPA and any indebtedness the Company otherwise owes to Alpha or its affiliates. The Company and
Alpha may also agree to terminate the SPA by mutual written consent. Neither the Company nor Alpha may assign or transfer its respective
rights and obligations under the SPA, and no provision of the SPA may be modified or waived by the Company or Alpha other than by an
instrument in writing signed by both parties.
89
The
SPA contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties
and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the
benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. The SPA contains
restrictions on the Company's ability to enter into any Variable Rate Transaction (as defined in the SPA), as described in the
SPA.
The
Company further entered into a Registration Rights Agreement with Alpha, pursuant to which the Company agreed to register for resale
ordinary shares underlying the SPA.
April
11, 2024 Securities Purchase Agreement
On
April 11, 2024 (the "April Effective Date"), the Company consummated the transactions pursuant to a Securities Purchase Agreement
("April SPA") and issued and sold to an institutional investor a promissory note and warrants, for gross proceeds to the
Company of approximately US$2.0 million, before deducting fees and other offering expenses payable by the Company. Notwithstanding such
consummation of the transactions, funding of the proceeds occurred on or about April 15, 2024.
The
Company used the net proceeds from the sale of the note to repay approximately $425,000 of certain amounts owed by the Company, and for
working capital and general corporate purposes.
The
note is in the principal amount of $2,250,000. The actual amount loaned by the investor pursuant to the note is approximately $2.0 million
after a 10% original issue discount. The maturity date of the note is the 12-month anniversary of the April Effective Date, and is the
date upon which the principal amount, as well as any accrued and unpaid interest and other fees, shall be due and payable. Interest accrues
in the amount of 12% per year from the April Effective Date and shall be payable on the maturity date or upon acceleration or by prepayment
or otherwise.
The
investor has the right, at any time, to convert all or any portion of the then outstanding and unpaid principal amount and interest (including
any costs, fees and charges) into the Company's Ordinary Shares, at a fixed conversion price of $0.24 per share, subject to customary
adjustments as provided in the note including for fundamental transactions. In addition, in the event that the Company is no longer subject
to certain limitations on entering into variable rate transactions, the investor may instead convert the note at a 15% discount to the
lowest volume weighted average price during the 15 trading days prior to the conversion notice. Any such conversion is subject to customary
conversion limitations set forth in the note so the investor beneficially owns less than 4.99% of the Company's Ordinary Shares.
Additionally, the Company has the right to convert in whole or in part the note into Ordinary Shares; provided that in no case shall
the Company so convert the note if the result of the issuance of Ordinary Shares thereby would result in the beneficial ownership of
the investor of Ordinary Shares in excess of 4.99%. In the event of the Company's failure to timely deliver Ordinary Shares upon
conversion of the note, the Company would be obligated to pay a "Conversion Default Payment" of $2,000 per day, pursuant
to the terms of the note.
Subject
to exceptions described in the purchase agreement, the Company may not sell any equity or debt securities for a period of 90 business
days after the April Effective Date without the investor's consent.
The
note contains customary Events of Default for transactions similar to the transactions contemplated by the purchase agreement and the
note, which entitle the investor, among other things, to accelerate the due date of the unpaid principal amount of, and all accrued and
unpaid interest on, the note. Any principal amount or interest on the note which is not paid when due shall bear interest at the rate
of the lesser of (i) 24.5% per annum and (ii) the maximum amount permitted by law during the Event of Default. Upon the occurrence of
any Event of Default, the principal amount then outstanding plus accrued interest (including any costs, fees and charges) increases to
120% of such amount through the date of full repayment (or upon the occurrence of certain Events of Default, 500% tacked back to the
April Effective Date), as well as all costs of collection.
90
The
April SPA and the note contains restrictions on the Company's ability to enter into any transaction with a Variable Security (as
defined in the Note) component, as well as other restrictions on and covenants by the Company, all as described in the note and the purchase
agreement.
The
April SPA contains customary representations and warranties made by each of the Company and the investor. It further grants to the investor
certain rights of participation and first refusal, and certain most-favored nation rights, all as set forth in the purchase agreement
and the note.
The
Company is subject to customary indemnification terms in favor of the Investor and its affiliates and certain other parties.
The
warrant, for 11,825,508 Ordinary Shares, has an exercise price of $0.157 per share, subject to customary adjustments and certain price-based
anti-dilution protections (in the event that the Company is no longer subject to certain limitations on entering into variable rate transactions),
and may be exercised at any time until the five and one-half year anniversary of the warrant. The warrant also may be exercised pursuant
to a cashless or net exercise provision. The exercise of the warrant is subject to a beneficial ownership limitation of 4.99% of the
number of Ordinary Shares outstanding immediately after giving effect to such exercise. In the event of the Company's failure to
timely deliver Ordinary Shares upon exercise of the warrants, the Company would be obligated to pay a "Buy-In" amount pursuant
to the terms of the warrant.
The
Company further entered into a Registration Rights Agreement with the investor, pursuant to which the Company agreed to register for
resale all of the Ordinary Shares underlying the note and the warrant.
Also
on the April Effective Date, as a further inducement of the Company for the investor to enter into the transaction, the Company entered
into a Warrant Amendment and Inducement Letter with the investor, with respect to its outstanding "B" warrants of the Company
to purchase 2,619,367 Ordinary Shares. The outstanding "B" warrants were issued to the investor as of September 6, 2023 pursuant
to a Securities Purchase Agreement dated as of September 5, 2023, and had a fixed exercise price of $1.6378 per share.
Pursuant
to the Warrant Amendment and Inducement Letter, the investor exercised for cash the outstanding "B" warrants in full at a
reduced exercise price of $0.0022 per share, or approximately $5,762.
The
Company agreed to register for resale the shares underlying the outstanding "B" warrants.
The
Company paid to EF Hutton LLC as placement agent, approximately $20,000 in cash fees in relation to the transactions contemplated by
the purchase agreement.
Industrial
Marking Process for Natural Rubber for Vehicle and Truck Tires
On
April 10, 2024, the Company announced that it has successfully completed the marking of 21 tons of natural rubber sourced in Latin America
from tree to tire. The program covered the marking at the tree in Latin America through manufacturing and production in the region. The
Company's marker was added to the cup lump harvesting by the farmers prior to transfer to the manufacturing centre where the 42
tons of latex was converted to 21 tons of natural rubber. The bails were then transferred to tire manufacturing for commercial car, truck
and lorry tires. The tires were then sent for evaluation. The results demonstrated 100% success rates on all marked tires to have a proven
verification technology for origin authentication of the natural rubber and full traceability all along the entire supply chain data
and integrity from tree to tire.
91
Industrial
Marking Process for the Steel Industry
On
March 27, 2024, the Company announced that it finalized a solution to track and report the ethical sourcing of ores and can demonstrate
a market-leading verification process for premium steel products spanning virgin and recycled steel.
The
Company's technology would enable customers to demonstrate with accurate data embedded within their steel products that they can
track, authenticate and report origination and amount of recycled content in steel products, in an enhanced and compliant manner across
their operations.
Appointment
of Dr. Amnon Azoulay
On
March 20, 2024, the Company announced its appointment of Dr. Amnon Azoulay as the new head of online and industrial detectors for the
Company. Dr. Azoulay has a Ph.D. in condensed matter physics and has spent over 25 years transforming ideas into turnkey products, demonstrating
ability to create vision and inspire teams towards achieving innovative outcomes.
Dr.
Azoulay's background includes work in additive manufacturing, particularly in 3D polymer printing, as well as non-destructive evaluation
(NDE) and imaging systems, including ultrasound, X-Ray, Neutrons, and Terahertz technologies. His expertise extends to the development
of nuclear sensors, gas-surface interaction analysis, and the creation of highly complex automated systems incorporating robotics, fast
data acquisition, and diverse sensing technologies. The Company believes that this wide-ranging experience positions him to contribute
to the Company's endeavors in enhancing recycling processes and advancing circular economy initiatives through innovative scanning
technology.
Throughout
his career, Dr. Azoulay has held significant positions, including Head of the 3D Printing Lab at the National Research Center (NRC),
where he established a center for developing new printing methods and polymers for additive manufacturing technologies. His role in leading
the NDT Department and the Ultrasonic Section at NRC involved the management of large projects, budgeting, and the establishment of scientific
infrastructures, highlighting his capability in leadership and business development in cutting-edge technological fields.
$2,910,000
Offering
On
February 20, 2024, the Company closed an underwritten public offering of securities for gross proceeds of approximately $2.9 million,
prior to deducting underwriting discounts and commissions and offering expenses payable by the Company. The offering was pursuant to
an underwriting agreement with EF Hutton LLC relating to the public offering of 12,124,666 Ordinary Shares at a subscription price per
share of $0.24. Additionally, to the extent that the purchase of such shares would cause the beneficial ownership of a purchaser in the
offering, together with its affiliates and certain related parties, to exceed 4.99% of the Ordinary Shares, the Company agrees to issue
the underwriter, for delivery to such purchasers, at the election of the purchasers, a number of Pre-Funded Warrants which are initially
convertible on a 1-for-1 basis into Ordinary Shares, at a price per Pre-Funded Warrant of $0.2378 (100% of the public offering price
allocated to each firm share less $0.0022).
The
net proceeds to the Company upon the closing of the offering, after deducting the underwriting commissions and estimated offering expenses
payable by the Company, were approximately $2.66 million. The Company used the net proceeds from the Offering for (i) sales and marketing;
(ii) payment of certain outstanding liabilities and working capital; and (iii) digital branding consulting services. The Company entered
into various agreements with consultants to provide the marketing and digital branding consulting services, effective as of the closing
of the Offering.
Pursuant
to the underwriting agreement, the Company paid the underwriter a cash fee equal to 2.5% of the gross proceeds of the Offering, and also
paid $100,000 of expenses of the underwriter in connection with the offering.
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Letter
Agreement with YA II PN, Ltd.
On
February 2, 2024, the Company entered into a Letter Agreement with YA II PN, Ltd., a Cayman Islands exempt limited partnership ("Yorkville")
dated February 1, 2024 (the "Letter Agreement"), which amends and supplements the Standby Equity Purchase Agreement dated
February 23, 2023, by and between the Company and Yorkville (the "SEPA") pursuant to which, among other things, Yorkville
advanced to the Company pre-paid advances in the aggregate of $2,000,000 evidenced by a convertible promissory note issued to Yorkville
dated May 23, 2023 as amended by that Letter Agreement dated July 27, 2023 (the "May Pre-Paid Advance").
Pursuant
to the Letter Agreement, the Company agreed to make payments to Yorkville, which may include proceeds of Advances (as defined in the
SEPA) under the SEPA, to repay the amounts outstanding under the May Pre-Paid Advance plus Payment Premium (as defined in the SEPA),
until all such amounts are fully repaid, and shall use commercially reasonable best efforts to do so by April 1, 2024. The Letter Agreement
further provided that any proceeds from any capital raise after April 1, 2024, other than advances under the SEPA, will be utilized to
pay down outstanding principal, outstanding default interest and Payment Premium under the May Pre-Paid Advance. As a result, subsequent
to the effective date of the Letter Agreement, the Company issued an aggregate of 1,000,000 Ordinary Shares as advances, the proceeds
of which were applied to pay the first $100,000 fee described below and the remainder to repay a portion of the principal and interest
outstanding under the convertible promissory note evidencing the remaining Pre-paid Advance.
The
Company agreed to pay a fee to Yorkville equal to $200,000, of which $100,000 shall be payable from the next Advance after the date of
the Letter Agreement and $100,000 shall be payable by April 1, 2024 (the "Second Tranche Fee"); provided, that the Second
Tranche Fee will not be due if the total amount due and outstanding under the May Pre-Paid Advance is paid in full by April 1, 2024.
The
Company further agreed to issue to Yorkville a 5-year warrant to purchase 250,000 ordinary shares of the Company at an exercise price
of $0.0022 per share (the "Yorkville Warrant"). Such ordinary shares issuable upon exercise of the Yorkville Warrant have
demand registration rights, and the Company further agreed to register additional ordinary shares that may be issued pursuant to the
SEPA as provided in the Letter Agreement.
The
Company also agreed to file a registration statement to register additional Registrable Securities (defined in the SEPA) and the Ordinary
Shares issuable upon exercise of the Yorkville Warrant no later than thirty (30) calendar days from the date of the Letter Agreement
and to file a registration statement to register additional Registrable Securities any time the Registrable Securities are less than
500,000 Ordinary Shares.
On
or about April 19, 2024, the Company terminated the SEPA in accordance with its terms.
Notice
of Failure to Satisfy a Continued Listing Rule
On
January 26, 2024, the Company received a deficiency letter from the Listing Qualifications Department (the "Staff") of Nasdaq,
notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement")
for continued listing on the Nasdaq Capital Market, as the bid price of the Company's Ordinary Shares on the Nasdaq Capital Market
was below $1.00 for 30 consecutive business days, from December 11, 2023 to January 25, 2024.
In
accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"), the Company has a period of 180 calendar
days, or until July 24, 2024 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. If, at
any time before the Compliance Date, the closing bid price of the Company's Ordinary Shares is at least $1.00 for a minimum of
ten consecutive business days, the Staff will provide a written confirmation to the Company that it has regained compliance with the
Minimum Bid Price Requirement.
If
the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for
additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement,
and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse
stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional
180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq will provide notice that its securities will be subject to delisting. At that time, the Company may appeal the Staff's
delisting determination to a Nasdaq Listing Qualifications Panel (the "Panel") pursuant to the procedures set forth in the
applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the
delisting determination by the Staff to the Panel, such appeal would be successful.
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Additionally,
there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, or will otherwise
be compliant with other Nasdaq Listing Rules.
Conversion
and Exchange of Notes and Warrants
On
or about January 12, 2024, the Company issued an aggregate of 4,032,256 Ordinary Shares and warrants to purchase an aggregate of 4,032,256
Ordinary Shares, to holders (the "Note Holders") of existing convertible notes (the "Existing Notes") and Redeemable
Warrants (the "Redeemable Warrants"), in exchange for the cancellation of an aggregate of (a) approximately $750,000 owed
to the Note Holders under the Existing Notes and (b) $1,450,000 cash value of Redeemable Warrants. The Company also issued 457,682 Ordinary
Shares to a service provider (the "Service Provider") as payment in full for $260,000 worth of services previously provided
to the Company by the Service Provider. Such transactions were evidenced by a series of substantially similar Conversion and Exchange
Rights Agreements executed as of December 31, 2023.
Agreement
with R&I Trading of New York
On
January 12, 2024, the Company announced that it entered into a $5 million contract with R&I Trading of New York ("R&I Trading").
The agreement with R&I Trading aims to set new standards in brand protection, authentication, ethical sourcing, and origination,
specifically for the Fast-Moving Consumer Goods (FMCG) sector, including Beverage and Pharmaceutical industries.
Discussions
of other significant changes since December 31, 2023, are provided under Item 4 of this Report and elsewhere in this Report and are
incorporated herein by reference.
ITEM
9. THE OFFER AND LISTING
A.
Offer and Listing Details
Our
Ordinary Shares and Warrants are listed on The Nasdaq Stock Market LLC under the symbols "SMX" and "SMXWW," respectively.
Holders of our Ordinary Shares and Warrants should obtain current market quotations for their securities. There can be no assurance that
our Ordinary Shares and/or Warrants will remain listed on Nasdaq. If we fail to comply with the Nasdaq listing requirements, our Ordinary
Shares and/or Warrants could be delisted from Nasdaq. A delisting of our Ordinary Shares will likely affect the liquidity of our Ordinary
Shares and could inhibit or restrict our ability to raise additional financing. See the sections entitled "
Item 3. Key Information
- D. Risk Factors v- General Risks - There can be no assurance that we will be able to comply with the continued listing standards of
Nasdaq
" and
"Item 8 Financial Information – B. Significant Changes - Notice of Failure to Satisfy a Continued
Listing Rule."
B.
Plan of Distribution
Not
applicable.
C.
Markets
The
Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "SMX" and the Public Warrants are listed on the
Nasdaq Capital Market under the symbol "SMXWW."
If the Company fails to comply with
the Nasdaq listing requirements, the Ordinary Shares and/or Public Warrants could be delisted from Nasdaq. A delisting of the Ordinary
Shares will likely affect the liquidity of the Ordinary Shares and could inhibit or restrict the ability of the Company to raise additional
financing
. See
"Item 8 Financial
Information – B. Significant Changes - Notice of Failure to Satisfy a Continued Listing Rule."
D.
Selling Shareholders
Not
applicable.
94
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable
ITEM
10. ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
The
Company is a public limited company organized and existing under the laws of Ireland. The Company was formed on July 1, 2022 as a public
limited company incorporated in Ireland under the name "Empatan Public Limited Company". The Company changed its name to
SMX (Security Matters) Public Limited Company on February 17, 2023. Its affairs are governed by its Amended and Restated Memorandum and
Articles of Association, the ICA, and the laws of Ireland.
A copy of our Amended and Restated
Memorandum and Articles of Association are filed as Exhibit 1.5 to this Annual Report on Form 20-F, and is incorporated by reference into
this Annual Report. Exhibit 2.1 to this Annual Report, which contains a description of our Ordinary Shares and our Constitution, is incorporated
by reference into this Annual Report.
C.
Material Contracts
Material
Contracts Relating to the Company's Operations
In
addition to the contracts described elsewhere in this Annual Report, the following are summaries of each material contract, other
than contracts entered into in the ordinary course of business,
to which we are a party, for
the two years preceding the date of this Annual Report. For additional information on our material contracts, please see
"
Item 4. Information on the Company
,"
"Item 5. Operating and Financial Review and Prospects,"
"
Item 6. Directors, Senior Management and Employees
," and "
Item 7.B Related Party
Transactions
" of this Annual Report.
A
discussion of other material contracts, are provided under Item 8(b) of this Report and is incorporated herein by reference.
Material
Contracts Relating to the Business Combination
The
description of the Business Combination Agreement and Scheme Implementation Deed and related and ancillary agreements are included in
this Annual Report in "
Item 4. Information on the Company
,"
"
Item
5
.
Operating and Financial Review and Prospects
" and "
Item 7.B. Related Party Transactions
", which
are incorporated herein by reference.
D.
Exchange Controls
Under
the laws of Ireland,
except as indicated below,
there are currently no Irish
restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of
dividends (other than dividend withholding tax where an exemption does not apply) to nonresident holders of our ordinary
shares.
It is an
offence under Irish law (pursuant to various statutory instruments) to transfer funds or make funds or economic resources available, directly
or indirectly to any person or entity in contravention of Irish, EU or United Nations sanctions or to otherwise contravene Irish, EU or
United Nations sanctions.
Under the
Financial Transfers Act 1992 (the "1992 Act"), the Minister for Finance of Ireland may make provision for the restriction
of financial transfers between Ireland and other countries. Financial transfers are broadly defined, and dividends would fall within this
definition.
The 1992 Act and
underlying EU regulations prohibit financial transfers with certain persons and entities listed in the EU Consolidated Financial Sanctions
List and United Nations Security Council Consolidated List, each of which is updated on an ongoing basis.
95
E.
Taxation
Certain
Material U.S. Federal Income Tax Considerations
The
following is a discussion of certain material U.S. federal income tax considerations generally applicable to the acquisition, ownership,
and disposition of the Ordinary Shares by a "U.S. Holder." This discussion applies only to the Ordinary Shares that are held
by a U.S. Holder as "capital assets" within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended
(the "Code") (generally, property held for investment). This discussion does not describe all U.S. federal income tax considerations
that may be relevant to a U.S. Holder in light of such U.S. Holder's particular circumstances, nor does it address any state, local,
or non-U.S. tax considerations, any non-income tax (such as gift or estate tax) considerations, the alternative minimum tax, the special
tax accounting rules under Section 451(b) of the Code, the Medicare contribution tax on net investment income, or any tax consequences
that may be relevant to U.S. holders that are subject to special tax rules, including, without limitation:
●
banks
    or other financial institutions;
●
insurance
    companies;
●
mutual
    funds;
●
pension
    or retirement plans;
●
S
    corporations;
●
broker
    or dealers in securities or currencies;
●
traders
    in securities that elect mark-to-market treatment;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
trusts
    or estates;
●
tax-exempt
    organizations (including private foundations);
●
persons
    that hold the Ordinary Shares as part of a "straddle," "hedge," "conversion," "synthetic
    security," "constructive ownership transaction," "constructive sale," or other integrated transaction
    for U.S. federal income tax purposes;
●
persons
    that have a functional currency other than the U.S. dollar;
●
certain
    U.S. expatriates or former long-term residents of the United States;
●
persons
    owning (directly, indirectly, or constructively) 5% (by vote or value) or more of our stock;
●
persons
    that acquired the Ordinary Shares pursuant to an exercise of employee stock options or otherwise as compensation;
●
partnerships
    or other entities or arrangements treated as pass-through entities for U.S. federal income tax purposes and investors in such entities;
●
"controlled
    foreign corporations" within the meaning of Section 957(a) of the Code;
●
"passive
    foreign investment companies" within the meaning of Section 1297(a) of the Code; and
●
corporations
    that accumulate earnings to avoid U.S. federal income tax.
If
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Ordinary Shares,
the tax treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership
and the partner. Partnerships holding the Ordinary Shares should consult their tax advisors regarding the tax consequences in their particular
circumstances.
This
discussion is based on the Code, the U.S. Treasury regulations promulgated thereunder, administrative rulings, and judicial decisions,
all as currently in effect and all of which are subject to change or differing interpretation, possibly with retroactive effect. Any
such change or differing interpretation could alter the tax consequences described herein. Furthermore, there can be no assurance that
the Internal Revenue Service (the "IRS") will not challenge the tax considerations described herein and that a court will
not sustain such challenge.
96
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of the Ordinary Shares, that is, for U.S. federal income
tax purposes:
●
an
    individual who is a U.S. citizen or resident of the United States;
●
a
    corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under
    the laws of the United States, any state thereof, or the District of Columbia;
●
an
    estate the income of which is subject to U.S. federal income taxation regardless of its source; or
●
a
    trust (i) if a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more "United States persons" within the meaning of Section 7701(a)(30) of the Code have the authority to control all
    substantial decisions of the trust or (B) that has in effect a valid election under applicable U.S. Treasury regulations to be treated
    as a United States person.
THIS
DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE ORDINARY SHARES IN THEIR PARTICULAR CIRCUMSTANCES.
Distributions
on the Ordinary Shares
Subject
to the PFIC rules discussed below under "-
Passive Foreign Investment Company Rules
," distributions on the Ordinary
Shares generally will be taxable as a dividend for U.S. federal income tax purposes to the extent paid from our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Such distributions in excess of our current and accumulated
earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the applicable
U.S. Holder's adjusted tax basis in its Ordinary Shares. Any remaining excess will be treated as gain realized on the sale or other
taxable disposition of the Ordinary Shares and will be treated as described below under "-
Sale or Other Taxable Disposition
of the Ordinary Shares.
" The amount of any such distributions will include any amounts required to be withheld by us (or another
applicable withholding agent) in respect of any non-U.S. taxes. Any such amount treated as a dividend will be treated as foreign-source
dividend income. Any such dividends received by a corporate U.S. Holder generally will not qualify for the dividends-received deduction
generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations. With respect to non-corporate U.S.
Holders, any such dividends generally will be taxed at currently preferential long-term capital gains rates only if (i) the Ordinary
Shares are readily tradable on an established securities market in the United States or we are eligible for benefits under an applicable
tax treaty with the United States, (ii) we are not treated as a PFIC with respect to the applicable U.S. Holder at the time the dividend
was paid or in the preceding year, and (iii) certain holding period and other requirements are met. Any such dividends paid in a currency
other than the U.S. dollar generally will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date
of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder
may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.
As
noted above and subject to applicable limitations, taxing jurisdictions other than the United States may withhold taxes from distributions
on the Ordinary Shares, and a U.S. Holder may be eligible for a reduced rate of withholding to the extent there is an applicable tax
treaty between the applicable taxing jurisdiction and the United States and/or may be eligible for a foreign tax credit against the U.S.
Holder's U.S. federal income tax liability. The foreign tax credit rules are complex and U.S. Holders should consult their tax
advisers regarding the application of such rules, including the creditability of foreign taxes, in their particular circumstances.
97
Sale
or Other Taxable Disposition of the Ordinary Shares
Subject
to the PFIC rules discussed below under "-
Passive Foreign Investment Company Rules
," upon any sale or other taxable
disposition of the Ordinary Shares, a U.S. Holder generally will recognize gain or loss in an amount equal to the difference, if any,
between (i) the sum of (A) the amount of cash and (B) the fair market value of any other property received in such sale or disposition
and (ii) the U.S. Holder's adjusted tax basis in the Ordinary Shares. Any such gain or loss generally will be capital gain or loss
and will be long-term capital gain or loss if the U.S. Holder's holding period for such Ordinary Shares exceeds one year. Long-term
capital gain recognized by non-corporate U.S. Holders generally will be taxed at currently preferential long-term capital gains rates.
The deductibility of capital losses is subject to limitations. For foreign tax credit purposes, any such gain or loss generally will
be treated as U.S. source gain or loss.
If
the consideration received by a U.S. Holder upon a sale or other taxable disposition of the Ordinary Shares is not paid in U.S. dollars,
the amount realized will be the U.S. dollar value of such payment calculated by reference to the exchange rate in effect on the date
of such sale or disposition. A U.S. Holder may have foreign currency gain or loss to the extent of the difference, if any, between (i)
the U.S. dollar value of such payment on the date of such sale or disposition and (ii) the U.S. dollar value of such payment calculated
by reference to the exchange rate in effect on the date of settlement.
U.S.
Holders should consult their tax advisors regarding the tax consequences of a sale or other taxable disposition of the Ordinary Shares,
including the creditability of foreign taxes imposed on such sale or disposition by a taxing jurisdiction other than the United States,
in their particular circumstances.
Information
Reporting and Backup Withholding
Payments
of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries are subject
to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient
or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is
not subject to backup withholding.
Backup
withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit
against the U.S. Holder's U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required
information is timely furnished to the IRS.
THIS
DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE ORDINARY SHARES, INCLUDING THE IMPACT OF ANY POTENTIAL CHANGE
IN LAW, IN THEIR PARTICULAR CIRCUMSTANCES.
98
Possible
Constructive Distributions
The
terms of each Public Warrant provide for an adjustment to the number of Ordinary Shares for which the Public Warrant may be
exercised or to the exercise price of the Public Warrant in certain events, as discussed in the Exhibit to this Annual Report
entitled "
Description of Securities
." An adjustment which has the effect of preventing dilution generally is not
taxable. A U.S. holder of a Public Warrant would, however, be treated as receiving a constructive distribution from the Company if,
for example, the adjustment increases the holder's proportionate interest in the Company's assets or earnings and
profits (e.g., through an increase in the number of Ordinary Shares that would be obtained upon exercise of such warrant) as a
result of a distribution of cash to the holders of the Ordinary Shares which is taxable to the U.S. holders of such shares as
described under the section entitled "
-Distributions on the Ordinary Shares
" above. Such constructive
distribution would be subject to tax as described under that section in the same manner as if the U.S. holder of such warrant
received a cash distribution from the Company equal to the fair market value of such increased interest. The rules regarding
constructive distributions are complex. U.S. holders should consult their own tax advisors regarding the application of the rules to
them in light of their own circumstances.
Passive
Foreign Investment Company Rules
Generally.
The treatment of U.S. holders of the Ordinary Shares could be materially different from that described above if the Company is treated
as a passive foreign investment company (a "PFIC"), for U.S. federal income tax purposes. A PFIC is any foreign corporation
with respect to which either: (i) 75% or more of the gross income for a taxable year constitutes passive income for purposes of the PFIC
rules, or (ii) 50% or more of such foreign corporation's assets in any taxable year (generally based on the quarterly average of
the value of its assets during such year) is attributable to assets, including cash, that produce passive income or are held for the
production of passive income. Passive income generally includes dividends, interest, certain royalties and rents, annuities, net gains
from the sale or exchange of property producing such income and net foreign currency gains. The determination of whether a foreign corporation
is a PFIC is based upon the composition of such foreign corporation's income and assets (including, among others, its proportionate
share of the income and assets of any other corporation in which it owns, directly or indirectly, 25% (by value) of the stock), and the
nature of such foreign corporation's activities. A separate determination must be made after the close of each taxable year as
to whether a foreign corporation was a PFIC for that year. Once a foreign corporation qualifies as a PFIC it is, with respect to a shareholder
during the time it qualifies as a PFIC, and subject to certain exceptions, always treated as a PFIC with respect to such shareholder,
regardless of whether it satisfied either of the qualification tests in subsequent years.
Based
on the projected composition of the Company's income and assets, including goodwill, the Company does not expect to be classified
as a PFIC for its taxable year that includes the date of the Business Combination. The tests for determining PFIC status are applied
annually after the close of the taxable year, and it is difficult to predict accurately future income and assets relevant to this determination.
The fair market value of the assets of the Company is expected to depend, in part, upon (a) the market value of the Ordinary Shares,
and (b) the composition of the assets and income of the Company. Further, because the Company may value its goodwill based on the market
value of the Ordinary Shares, a decrease in the market value of the Ordinary Shares and/or an increase in cash or other passive assets
(including as a result of the Business Combination) would increase the relative percentage of its passive assets. Moreover, any interest
income that the Company earns on its cash deposits would generally be treated as passive income and increase the risk that the Company
would be treated as a PFIC. The application of the PFIC rules is subject to uncertainty in several respects and, therefore, no assurances
can be provided that the IRS will not assert that the Company is a PFIC for the taxable year that includes the date of the Business Combination, the Company's current taxable year
or in a future year.
99
If
the Company is or becomes a PFIC during any year in which a U.S. holder holds Ordinary Shares, there are three separate taxation regimes
that could apply to such U.S. holder under the PFIC rules, which are the (i) excess distribution regime (which is the default regime),
(ii) mark-to-market regime and (iii) QEF regime (as defined below). A U.S. holder who holds (actually or constructively) stock in a foreign
corporation during any year in which such corporation qualifies as a PFIC is subject to U.S. federal income taxation under one of these
three regimes. The effect of the PFIC rules on a U.S. holder will depend upon which of these regimes applies to such U.S. holder. However,
dividends paid by a PFIC are generally not eligible for the lower rates of taxation applicable to qualified dividend income ("QDI")
under any of the foregoing regimes.
Excess
Distribution Regime.
If a U.S. holder does not make a mark-to-market election, as described below, the U.S. holder will be subject
to the default "excess distribution regime" under the PFIC rules with respect to (i) any gain realized on a sale or other
disposition (including a pledge) of Ordinary Shares, and (ii) any "excess distribution" received on Ordinary Shares (generally,
any distributions in excess of 125% of the average of the annual distributions on Ordinary Shares during the preceding three years or
the U.S. holder's holding period, whichever is shorter). Generally, under this excess distribution regime:
●
the
    gain or excess distribution will be allocated ratably over the period during which the U.S. holder held Ordinary Shares;
●
the
    amount allocated to the current taxable year, will be treated as ordinary income; and
●
the
    amount allocated to prior taxable years will be subject to the highest tax rate in effect for that taxable year, and the interest
    charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
The
tax liability for amounts allocated to years prior to the year of disposition or excess distribution will be payable generally without
regard to offsets from deductions, losses and expenses. In addition, gains (but not losses) realized on the sale of Ordinary Shares cannot
be treated as capital gains, even if you hold the shares as capital assets. Further, no portion of any distribution will be treated as
QDI.
Mark-to-Market
Regime.
Alternatively, a U.S. holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC
shares generally are marketable if: (i) they are "regularly traded" on a national securities exchange that is registered
with the Securities and Exchange Commission or on the national market system established under Section 11A of the Securities Exchange
Act of 1934; or (ii) they are "regularly traded" on any exchange or market that the Treasury Department determines to have
rules sufficient to ensure that the market price accurately represents the fair market value of the stock. It is expected that Ordinary
Shares, which are expected to be listed on Nasdaq, will qualify as marketable shares for the PFIC rules purposes, but there can be no
assurance that Ordinary Shares will be "regularly traded" for purposes of these rules. Pursuant to such an election, a U.S.
holder would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted basis
at the end of the taxable year. A U.S. holder may treat as ordinary loss any excess of the adjusted basis of the stock over its fair
market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the election
in prior years. A U.S. holder's adjusted tax basis in the PFIC shares will be increased to reflect any amounts included in income,
and decreased to reflect any amounts deducted, as a result of a mark-to-market election. Any gain recognized on a disposition of Ordinary
Shares will be treated as ordinary income and any loss will be treated as ordinary loss (but only to the extent of the net amount of
income previously included as a result of a mark-to-market election). A mark-to-market election only applies for the taxable year in
which the election was made, and for each subsequent taxable year, unless the PFIC shares ceased to be marketable or the IRS consents
to the revocation of the election. U.S. holders should also be aware that the Code and the Treasury Regulations do not allow a mark-to-market
election with respect to stock of lower-tier PFICs that is non-marketable. There is also no provision in the Code, Treasury Regulations
or other published authority that specifically provides that a mark-to-market election with respect to the stock of a publicly traded
holding company (such as the company) effectively exempts stock of any lower-tier PFICs from the negative tax consequences arising from
the general PFIC rules. U.S. holders should consult their own tax advisors to determine whether the mark-to-market tax election is available
to them and the consequences resulting from such election. In addition, U.S. holders of Public Warrants will not be able to make a mark-to-market
election with respect to their Public Warrants.
100
QEF
Regime.
Alternatively, a U.S. holder of a PFIC may avoid the adverse PFIC tax consequences described above in respect of stock of
the PFIC (but not warrants) by making and maintaining a timely and valid qualified electing fund ("QEF") election (if eligible
to do so) to include in income its
pro rata
share of the PFIC's net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the first taxable year of
the U.S. Holder in which or with which the PFIC's taxable year ends and each subsequent taxable year. In order to comply with the
requirements of a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from the PFIC. The company does not presently
intend to provide a PFIC Annual Information Statement in order for U.S. Holders to make or maintain a QEF election. However, as described
above, the company does not expect to be classified as a PFIC for the taxable year that includes the Business Combination.
PFIC
Reporting Requirements.
A U.S. holder of Ordinary Shares will be required to file an annual report on IRS Form 8621 containing such
information with respect to its interest in a PFIC as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable
year may result in substantial penalties and result in the U.S. holder's taxable years being open to audit by the IRS until such
Forms are properly filed.
Additional
Reporting Requirements
Certain
U.S. holders holding specified foreign financial assets with an aggregate value in excess of the applicable dollar thresholds are required
to report information to the IRS relating to Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares
held in accounts maintained by U.S. financial institutions), by attaching a complete IRS Form 8938 to their tax return, for each year
in which they hold Ordinary Shares. Substantial penalties apply to any failure to file IRS Form 8938, unless the failure is shown to
be due to reasonable cause and not willful neglect. Also, in the event a U.S. holder does not file IRS Form 8938 or fails to report a
specified foreign financial asset that is required to be reported, the statute of limitations on the assessment and collection of U.S.
federal income taxes of such U.S. holder for the related taxable year may not close before the date which is three years after the date
on which the required information is filed. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules
on the ownership and disposition of Ordinary Shares.
Certain
U.S. holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer
of property to the company. Substantial penalties may be imposed on a U.S. holder that fails to comply with this reporting requirement
and the statute of limitations on the assessment and collection of U.S. federal income taxes will be extended in the event of any such
failure to comply.
Non-U.S.
Holders
This
section applies to non-U.S. holders. For purposes of this discussion, a "non-U.S. holder" means a beneficial owner (other
than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Ordinary Shares or Public Warrants
that is not a U.S. holder, including:
●
a
    nonresident alien individual, other than certain former citizens and residents of the United States;
●
a
    foreign corporation; or
●
a
    foreign estate or trust;
but,
generally, does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition.
101
Ownership
and Disposition of Ordinary Shares and Public Warrants
by Non-U.S. Holders.
A non-U.S. holder of Ordinary Shares will generally
not be subject to U.S. federal income tax or, subject to certain reporting or withholdings,
U.S. federal withholding tax on any dividends received on Ordinary Shares or any gain recognized on a sale or other disposition of Ordinary
Shares (including, any distribution to the extent it exceeds the adjusted basis in the non-U.S. holder's Ordinary Shares) unless
the dividend or gain is effectively connected with the non-U.S. holder's conduct of a trade or business in the United States and,
if required by an applicable tax treaty, is attributable to a permanent establishment maintained by the non-U.S. holder in the United
States. In addition, special rules may apply to a non-U.S. holder that is an individual present in the United States for 183 days or
more during the taxable year of the sale or disposition, and certain other requirements are met. Such holders should consult their own
tax advisors regarding the U.S. federal income tax consequences of the sale or disposition of Ordinary Shares.
Dividends
and gains that are effectively connected with a non-U.S. holder's conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally
will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. holder and,
in the case of a non-U.S. holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch
profits tax at a 30% rate or a lower applicable tax treaty rate.
The
U.S. federal income tax treatment of a non-U.S. holder's exercise of a Public Warrant, or the lapse of a Public Warrant held by
a non-U.S. holder generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S.
holder, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described
in the preceding paragraphs above for a non-U.S. holder's gain on the sale or other disposition of the Ordinary Shares and Public
Warrants.
CERTAIN
MATERIAL IRISH TAX CONSIDERATIONS TO NON-IRISH HOLDERS
Scope
The
following is a summary of the anticipated material Irish tax consequences of the acquisition, ownership and disposal of Ordinary Shares
and Public Warrants. The summary is based upon Irish tax laws and the practice of the Irish Revenue Commissioners in effect on the date
of this Annual Report and submissions which will be made to the Irish Revenue Commissioners. Changes in law and/or administrative practice
may result in a change in the tax consequences described below, possibly with retrospective effect.
A
"
Non-Irish Holder
" is an individual who beneficially owns their Ordinary Shares and/or Public Warrants, that is neither
a resident nor ordinarily resident in Ireland for Irish tax purposes and does not hold their Ordinary Shares and/or Public Warrants,
in connection with a trade carried on by such person through an Irish branch or agency.
102
This
summary does not constitute tax advice and is intended only as a general guide. The summary is not exhaustive and securityholders should
consult their tax advisors about the Irish tax consequences (and tax consequences under the laws of other relevant jurisdictions) of
the business combination and of the acquisition, ownership and disposal of Ordinary Shares and Public Warrants. The summary applies only
to Non-Irish Holders who own their Ordinary Shares and/or Public Warrants, as capital assets and does not apply to other categories of
Non-Irish Holders, such as dealers in securities, trustees, insurance companies, collective investment schemes and Non-Irish Holders
who acquired, or are deemed to have acquired, their Ordinary Shares and/or Public Warrants by virtue of an Irish office or employment
(performed or carried on to any extent in Ireland).
The
summary does not, except where expressly stated, consider the position of Non-Irish Holders who hold their Ordinary Shares and/or Public
Warrants directly (and not beneficially through a broker or custodian (through DTC)). The Irish tax consequences of transactions in Ordinary
Shares and/or Public Warrants held directly are generally negative when compared with Ordinary Shares and/or Public Warrants held through
DTC. Any Non-Irish Holder contemplating holding their Ordinary Shares and/or Public Warrants directly should consult their personal tax
advisors as to the Irish tax consequences of acquiring, owning and disposing of such Ordinary Shares and/or Public Warrants.
Irish
Tax on Chargeable Gains (Irish CGT)
The
current rate of tax on chargeable gains (where applicable) in Ireland is 33%.
Non-Irish
Holders will not be within the territorial scope of a charge to Irish CGT on a disposal of their Ordinary Shares and/or Public Warrants,
provided that such Ordinary Shares and/or Public Warrants neither (a) were used in or for the purposes of a trade carried on by such
Non-Irish Holder through an Irish branch or agency, nor (b) were used, held or acquired for use by or for the purposes of an Irish branch
or agency.
Stamp
Duty
The
rate of stamp duty (where applicable) on transfers of shares or warrants of Irish incorporated companies is 1% of the greater of the
price paid or market value of the shares or warrants acquired. Where Irish stamp duty arises it is generally a liability of the transferee.
However, in the case of a gift or transfer at less than fair market value, all parties to the transfer are jointly and severally liable.
Irish
stamp duty may be payable in respect of transfers of Ordinary Shares and Public Warrants, depending on the manner in which the Ordinary
Shares and Public Warrants are held. The Company entered into arrangements with DTC to allow the Ordinary Shares and Public Warrants
to be settled through the facilities of DTC. As such, the discussion below discusses separately the securityholders who hold their shares
through DTC and those who do not.
Ordinary
Shares or Public Warrants Held Through DTC
The
Irish Revenue Commissioners have confirmed to the Company that transfers of Ordinary Shares and Public Warrants effected by means of
the transfer of book entry interests in DTC will not be subject to Irish stamp duty.
Ordinary
Shares or Public Warrants Held Outside of DTC or Transferred Into or Out of DTC
A
transfer of Ordinary Shares or Public Warrants where any party to the transfer holds such Ordinary Shares or Public Warrants outside
of DTC may be subject to Irish stamp duty.
Holders
of Ordinary Shares or Public Warrants wishing to transfer their Ordinary Shares or Public Warrants into (or out of) DTC may do so without
giving rise to Irish stamp duty provided that:
●
there
    is no change in the beneficial ownership of such shares as a result of the transfer; and
●
the
    transfer into (or out of) DTC is not effected in contemplation of a sale of such shares or warrants by a beneficial owner to a third
    party.
103
Withholding
Tax on Dividends (DWT)
Distributions
made by the Company will, in the absence of one of many exemptions, be subject to DWT, currently at a rate of 25%.
For
DWT and Irish income tax purposes, a distribution includes any distribution that may be made by the Company to holders of Ordinary Shares,
including cash dividends, non-cash dividends and additional stock taken in lieu of a cash dividend. Where an exemption from DWT does
not apply in respect of a distribution made to a holder of Ordinary Shares, the Company is responsible for withholding DWT prior to making
such distribution.
General
Exemptions
Irish
domestic law provides that a non-Irish resident holder of Ordinary Shares is not subject to DWT on distributions received from the Company
if such holder of Ordinary Shares is beneficially entitled to the distribution and is either (for a List of Relevant Territories for
DWT purposes see Exhibit 15.3 to this Annual Report):
●
a
    person (not being a company) resident for tax purposes in a Relevant Territory (including the United States) and is neither resident
    nor ordinarily resident in Ireland;
●
a
    company resident for tax purposes in a Relevant Territory, provided such company is not under the control, whether directly or indirectly,
    of a person or persons who is or are resident in Ireland;
●
a
    company that is controlled, directly or indirectly, by persons resident in a Relevant Territory and who is or are (as the case may
    be) not controlled by, directly or indirectly, persons who are not resident in a Relevant Territory;
●
a
    company whose principal class of shares (or those of its 75% direct or indirect parent) is substantially and regularly traded on
    a stock exchange in Ireland, on a recognized stock exchange either in a Relevant Territory or on such other stock exchange approved
    by the Irish Minister for Finance; or
●
a
    company that is wholly owned, directly or indirectly, by two or more companies where the principal class of shares of each of such
    companies is substantially and regularly traded on a stock exchange in Ireland, a recognized stock exchange in a Relevant Territory
    or on such other stock exchange approved by the Irish Minister for Finance;
and
provided, in all cases noted above (but subject to "
-Ordinary Shares Held by U.S. Resident Shareholders
" below),
the Company or, in respect of Ordinary Shares held through DTC, any qualifying intermediary appointed by the Company, has received
from the holder of such Ordinary Shares, where required, the relevant DWT Forms prior to the payment of the distribution. In
practice, in order to ensure sufficient time to process the receipt of relevant DWT Forms, the holders of Ordinary Shares, where
required, should furnish the relevant DWT Form to:
●
its
    broker (and the relevant information is further transmitted to any qualifying intermediary appointed by the Company) before the record
    date for the distribution (or such later date before the distribution payment date as may be notified to the holder of Ordinary Shares
    by the broker) if its Ordinary Shares are held through DTC; or
●
The
    Company's transfer agent before the record date for the distribution if its Ordinary Shares are held outside of DTC.
Links
to the various DWT Forms are available at: http://www.revenue.ie/en/tax/dwt/forms/index.html. The information on such website does not
constitute a part of, and is not incorporated by reference into, this Annual Report.
For
non-Irish resident holders of Ordinary Shares that cannot avail themselves of one of Ireland's domestic law exemptions from DWT,
it may be possible for such holder of Ordinary Shares to rely on the provisions of a double tax treaty to which Ireland is party to reduce
the rate of DWT.
104
Ordinary
Shares Held by U.S. Resident Shareholders
Distributions
paid in respect of Ordinary Shares that are owned by a U.S. resident and held through DTC will not be subject to DWT provided the address
of the beneficial owner of such Ordinary Shares in the records of the broker holding such Ordinary Shares is in the United States (and
such broker has further transmitted the relevant information to a qualifying intermediary appointed by the Company). It is strongly recommended
that such holders of Ordinary Shares ensure that their information is properly recorded by their brokers (so that such brokers can further
transmit the relevant information to a qualifying intermediary appointed by the Company).
If
any holder of Ordinary Shares that is resident in the United States receives a distribution from which DWT has been withheld, the holder
of Ordinary Shares should generally be entitled to apply for a refund of such DWT from the Irish Revenue Commissioners, provided the
holder of Ordinary Shares is beneficially entitled to the distribution.
Ordinary
Shares Held by Residents of Relevant Territories Other Than the United States
Holders
of Ordinary Shares who are residents of Relevant Territories, other than the United States, must satisfy the conditions of one of the
exemptions referred to above under the heading "
-General Exemptions
", including the requirement to furnish valid DWT
Forms, in order to receive distributions without suffering DWT. If such holders of Ordinary Shares hold their Ordinary Shares through
DTC, they must provide the appropriate DWT Forms to their brokers (so that such brokers can further transmit the relevant information
to a qualifying intermediary appointed by the Company) before the record date for the distribution (or such later date before the distribution
payment date as may be notified to holder of Ordinary Shares by the broker). If such holders of Ordinary Shares hold their Ordinary Shares
outside of DTC, they must provide the appropriate DWT Forms to the Company's transfer agent before the record date for the distribution.
If
any holder of Ordinary Shares who is resident in a Relevant Territory receives a distribution from which DWT has been withheld, the holder
of Ordinary Shares may be entitled to a refund of DWT from the Irish Revenue Commissioners provided the holder of Ordinary Shares is
beneficially entitled to the distribution.
Shares
Held by Other Persons
Holders
of Ordinary Shares that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions
from DWT. If any holders of Ordinary Shares are exempt from DWT, but receive distributions subject to DWT, such holders of Ordinary Shares
may apply for refunds of such DWT from the Irish Revenue Commissioners.
Distributions
paid in respect of Ordinary Shares held through DTC that are owned by a partnership formed under the laws of a Relevant Territory and
where all the underlying partners are resident in a Relevant Territory will be entitled to exemption from DWT if all of the partners
complete the appropriate DWT Forms and provide them to their brokers (so that such brokers can further transmit the relevant information
to a qualifying intermediary appointed by the Company) before the record date for the distribution (or such later date before the distribution
payment date as may be notified to the holder of Ordinary Shares by the broker). If any partner is not a resident of a Relevant Territory,
no part of the partnership's position is entitled to exemption from DWT.
Qualifying
Intermediary
Prior
to paying any distribution, the Company will put in place an agreement with an entity that is recognized by the Irish Revenue Commissioners
as a "qualifying intermediary," which will provide for certain arrangements relating to distributions in respect of Ordinary
Shares that are held through DTC, which are referred to as the "Deposited Securities." The agreement will provide that the
qualifying intermediary shall distribute or otherwise make available to Cede & Co., as nominee for DTC, any cash dividend or other
cash distribution with respect to the Deposited Securities after the Company delivers or causes to be delivered to the qualifying intermediary
the cash to be distributed.
105
The
Company will rely on information received directly or indirectly from its qualifying intermediary, brokers and its transfer agent in
determining where holders of Ordinary Shares reside, whether they have provided the required U.S. tax information and whether they have
provided the required DWT Forms. Holders of Ordinary Shares that are required to file DWT Forms in order to receive distributions free
of DWT should note that such forms are generally valid, subject to a change in circumstances, until December 31 of the fifth year after
the year in which such forms were completed.
Income
Tax on Dividends Paid on Ordinary Shares
Irish
income tax may arise for certain persons in respect of distributions received from Irish resident companies.
A
Non-Irish Holder that is entitled to an exemption from DWT will generally have no Irish income tax or universal social charge liability
on a distribution from the Company. A Non-Irish Holder that is not entitled to an exemption from DWT, and therefore is subject to DWT,
generally will have no additional Irish income tax liability or liability to universal social charge. The DWT deducted by the Company
discharges the Irish income tax liability and liability to universal social charge.
Capital
Acquisitions Tax (CAT)
CAT
comprises principally gift tax and inheritance tax on property situated in Ireland for CAT purposes or otherwise within the territorial
scope of CAT. CAT could apply to a gift or inheritance of Ordinary Shares and Public Warrants because Ordinary Shares and Public Warrants
are regarded as property situated in Ireland for CAT purposes. The person who receives the gift or inheritance has primary liability
for CAT.
CAT
is currently levied at a rate of 33% on the value of any taxable gift or inheritance above certain tax-free thresholds. The appropriate
tax-free threshold depends upon (1) the relationship between the donor and the donee and (2) the aggregation of the values of previous
taxable gifts and inheritances received by the donee from persons within the same group threshold. Gifts and inheritances passing between
spouses are exempt from CAT, as are gifts to certain charities. Children have a lifetime tax-free threshold of €335,000 in respect
of taxable gifts or inheritances received from their parents. There is also a "small gift exemption" from CAT whereby the
first €3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from
CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.
THE
IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE ANY DEFINITIVE TAX REPRESENTATIONS
TO HOLDERS. EACH SECURITYHOLDER SHOULD CONSULT HIS OR HER TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH SECURITYHOLDER.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on Display
Documents
concerning the Company referred to in this Report may be inspected at the principal executive offices of the Company at
Mespil
Business Centre, Mespil House, Sussex Road, Dublin 4, Ireland, D04 T4A6.
106
We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a "foreign private issuer,"
our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our equity securities. In addition, we are not
required to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent registered public accounting firm. We will also furnish to the SEC, on Form 6-K, unaudited financial information with
respect to our first six-month period of our fiscal year. The SEC also maintains a website at http://www.sec.gov that contains reports
and other information that we file with or furnish electronically with the SEC.
I.
Subsidiary Information
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The
Company is exposed to market risks in the ordinary course of business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of U.S. dollar/ILS
Israeli Shekels exchange rates, which is discussed in detail in the following paragraph.
Foreign
Currency Exchange Risk
Currency
Fluctuations
The
Company's operating expenses are denominated in ILS, AUD, EURO and SGD, and therefore are currently subject to foreign currency
risk. We have been affected by changes in some of such rates compared to the U.S. dollar, as of December 31, 2023, the ILS increased
against the U.S. dollar by approximately 3%, the AUD increased against the U.S. dollar by approximately 0%, the EUR increased against
the U.S. dollar by approximately 4% and the SGD increased against the U.S. dollar by approximately 1%.
The
Company's policy is not to enter into any currency hedging transactions, and we cannot assure you that we will not be adversely
affected by currency fluctuations in the future.
Credit
Risk
Credit
risk is a risk of financial loss if a counterparty or customer fails to meet its contractual obligations. We closely monitor the activities
of our counterparties and control the access to its intellectual property which enables it to ensure a prompt collection. Our main financial
assets are cash and cash equivalents as well as other receivables and represent the Company's maximum exposure to credit risk in
connection with its financial assets. Wherever possible and commercially practical, the Company holds cash with major and sound financial
institutions in Israel and Australia.
Liquidity
Risk
Liquidity
risk is the risk that we will encounter in meeting our obligations associated with our financial liabilities that are settled by delivering
cash or another financial asset. The Company seeks to minimize that risk by maintaining sufficient cash and other highly liquid current
assets and by having available an adequate amount of committed credit facilities. For more details, please refer to the section titled,
"Liquidity and Capital Resources".
107
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not
applicable.
B.
Warrants and Rights
Not
applicable.
C.
Other Securities
Not
applicable.
D.
American Depositary Shares
Not
applicable.
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not
applicable.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM
15. CONTROLS AND PROCEDURES
A.
Disclosure Controls and Procedures
As
required by Rule 13a-15 under the Exchange Act, management, including our Chief Executive Officer and our Chief Financial Officer,
has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report (the "Evaluation Date").
Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be
disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitations, controls and
procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the
Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or
persons performing similar functions, as appropriate to allow timely decisions regarding our required disclosures. Based on such
evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective in
recording, processing, summarizing and reporting, on a timely basis, information required to be included in periodic filings under
the Exchange Act and that such information is accumulated and communicated to management, including our principal executive and
financial officers, as appropriate to allow timely decisions regarding required disclosure.
B.
Management's Annual Report on Internal Control Over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with international
financial reporting standards. Our internal control over financial reporting includes those policies and procedures that:
●
Pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of the Company;
●
Provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    international financial reporting standards, and that our receipts and expenditures are being made only in accordance with authorizations
    of our management and directors; and
●
Provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that
    could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with policies and procedures may deteriorate. Under the supervision of our Chief Executive Officer and
Chief Financial Officer, our management assessed the design and effectiveness of our internal control over financial reporting as of
December 31, 2023. In making its assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission, or COSO, in Internal Control — Integrated Framework (2013).
Based
on our assessment and those criteria, our management has concluded that our Company maintained effective internal control over financial
reporting as of December 31, 2023.
This
Annual Report on Form 20-F does not include an attestation report of our registered public accounting firm regarding internal control
over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant
to the rules of the Securities and Exchange Commission that permit us to provide only management's report in this Annual Report
on Form 20-F.
108
C.
Attestation Report of the Registered Public Accounting Firm
This
Annual Report does not include an attestation report of the Company's registered public accounting firm on management's assessment
of the Company's internal control over financial reporting since we are an emerging growth company.
D.
Changes in Internal Control Over Financial Reporting
During
the year ended December 31, 2023, there were no changes in our internal control over financial reporting that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM
16. [RESERVED]
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an "audit committee financial
expert" as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and
understand fundamental financial statements, including the Company's balance sheet, income statement, and cash flow statement.
Additionally, at least one member of the audit committee meets the criteria of having past employment experience in finance or
accounting, requisite professional certification in accounting, or other comparable experience or background which results in
the individual's financial sophistication, and accordingly believes that the audit committee can properly fulfill its
functions and role as if at least one member was an "audit committee financial expert" as defined by the SEC.
ITEM
16B. CODE OF ETHICS
The
Board adopted a Code of Ethics applicable to our directors, executive officers and team members that complies with the rules and regulations
of Nasdaq and the SEC. The Code of Ethics is available on the Company's website. In addition, the Company intends to post on the
Corporate Governance section of its website all disclosures that are required by law or Nasdaq listing standards concerning any amendments
to, or waivers from, any provision of the Code of Ethics. The reference to the Company's website address in this Annual Report
does not include or incorporate by reference the information on the Company's website into this Annual Report.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
BDO
Ziv Haft has served as our independent registered public accountant since 2023 and has audited our consolidated financial statements
for the years ended December 31, 2023, 2022 and 2021.
The
following table shows the aggregate fees for services rendered by BDO Ziv Haft to us and our subsidiaries, in the fiscal year ended December
31, 2023 and 2022.
Year
    Ended December 31,
(in
    USD)
2023
2022
Audit
    Fees
$
215,250
$
188,500
Audit-Related
    Fees
71,250
25,000
Tax
    Fees
-
-
All
    Other Fees
-
$
-
Total
$
286,500
$
213,500
Auditor
    Name
Auditor
    Location
Auditor
    Firm ID
Ziv
    Haft
Tel
    Aviv, Israel
03-6386868
109
Audit
fees
. Audit fees consisted of fees for the audit of our annual financial statements and other professional services provided in connection
with the statutory and regulatory filings or engagements, including fees for the review of our interim financial information.
Audit-related
fees
. Audit-related fees included fees for assurance reporting on our current and historical financial information included in our
SEC registration statements, including services that generally only the independent accountant can reasonably provide.
Tax
Fees.
Tax fees included fees for tax compliance, tax advice, and tax planning.
All
Other Fees.
All Other Fees are any additional amounts billed for products and services provided by Ziv Haft.
Audit
and Risk Committee Pre-Approval Policies and Procedures
Our
audit committee reviews and pre-approves the scope and the cost of audit services related to us and permissible non-audit services performed
by the independent auditors. All of the services related to us provided by Ziv Haft during the last fiscal year have been pre-approved
by our audit committee.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARD FOR AUDIT COMMITTEES
Not
applicable.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASER
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM
16G. CORPORATE GOVERNANCE
We
are a "foreign private issuer," as defined by the SEC. As a result, in accordance with Nasdaq rules, we will comply with
home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards.
While we expect to voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage of the following limited
exemptions:
●
Exemption
    from filing quarterly reports on Form 10-Q containing unaudited financial and other specified information or current reports on Form
    8-K upon the occurrence of specified significant events;
110
●
Exemption
    from Section 16 rules requiring insiders to file public reports of their securities ownership and trading activities and providing
    for liability for insiders who profit from trades in a short period of time;
●
Exemption
    from quorum requirements for shareholder meetings;
●
Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers;
●
Exemption
    from the requirement to obtain shareholder approval for certain issuances of securities, including shareholder approval of share
    option plans;
●
Exemption
    from the requirement that our audit committee have review and oversight responsibilities over all "related party transactions,"
    as defined in Item 7.B of Form 20-F;
●
Exemption
    from the requirement that our board have a compensation committee that is composed entirely of independent directors with a written
    charter addressing the committee's purpose and responsibilities. We currently have only director who serves on the compensation
    committee who meets the heightened independence standards for members of a compensation committee; and
●
Exemption
    from the requirements that director nominees are selected, or recommended for selection by our board, either by (1) independent directors
    constituting a majority of our board's independent directors in a vote in which only independent directors participate, or
    (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable,
    addressing the nominations process is adopted.
Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as we, may rely on home country corporate governance practices in
lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). Most
recently, we have elected to (a) amend our 2022 Equity Incentive Plan to increase the number of shares authorized under the plan without
stockholder approval, and (b) follow home country practice in lieu of the requirements under Nasdaq Rule 5635(d) to seek shareholder
approval in connection with certain transactions involving the sale, issuance and potential issuance of our Ordinary Shares (or securities
convertible into or exercisable for our Ordinary Shares) at a price less than certain referenced prices, if such shares equal 20% or
more of the Company's Ordinary Shares or voting power outstanding before the issuance, each as permitted under Irish law.
Accordingly,
our shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance
requirements of Nasdaq. We may utilize these and possibly other future exemptions for as long as we continue to qualify as a foreign
private issuer.
The
Company structured its corporate governance in a manner it believes closely aligns its interests with those of its shareholders. Notable
features of this corporate governance include:
●
The
    Company has four independent directors and independent director representation on our audit and compensation committees immediately.
    Furthermore, until members of a nominating committee have been appointed, director nominees will be selected, or recommended for
    the Board's selection, by independent directors constituting a majority of the Board's independent directors in a vote
    in which only independent directors participate.
111
●
The
    independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent
    directors;
●
The
    Company implemented a range of other corporate governance practices, including a robust director education program.
At
this time, the Company does not have on its Audit Committee at least one member who qualifies as an "audit committee financial
expert" as defined by the SEC; however, the Company believes that all of the audit committee members are able to read and understand
fundamental financial statements, including the Company's balance sheet, income statement, and cash flow statement. Additionally,
at least one member of the audit committee has past employment experience in finance or accounting, requisite professional certification
in accounting, or any other comparable experience or background which results in the individual's financial sophistication, and
accordingly believes that the audit committee can properly fulfill its functions and role as if at least one member was an "audit
committee financial expert" as defined by the SEC.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM
16J. INSIDER TRADING POLICIES
We
have adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities by directors,
senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations,
and any listing standards applicable to our company. The insider trading policy is filed as an exhibit to this Annual report on Form
20-F.
ITEM
                                            16K. CYBERSECURITY
Since
our formation, our business focus has primarily been on identifying brands and manufacturers in order to create a new market standard
for circular economy solutions, brand authentication and supply chain integrity, using our proprietary technology. We have 41 full and
part time employees and also use third-party vendors and service providers for certain activities.
We
use a third-party sub-contractor to manage all Information Technology (IT) issues, including protection against, detection, and response
to cyberattacks.
The
measures that are taken to ensure proper protection include:
●
All
                                            computers are protected using a cloud-powered endpoint security solution that helps enterprises
                                            prevent, detect, investigate, and respond to advanced threats on their networks. It offers
                                            endpoint protection, endpoint detection and response, mobile threat defense, and integrated
                                            vulnerability management. It also provides, among other things, malware and spyware detection
                                            and remediation, rootkit detection and remediation and network vulnerability detection.
●
All
                                            Company e-mails are protected by a cloud-based email filtering service designed to protect
                                            the Company against advanced threats related to email and collaboration tools.
●
Periodically,
                                            all users on the Company's computer network are required to perform multi-factor authentication.
●
The
                                            Company uses a cloud-based identity and access management service that enables access to
                                            external resources, which use two-factor authentication.
●
Backup
                                            is performed using a secure, automatic cloud-based backup and restore service.
Additionally,
we believe that our third-party vendors and service providers have their own respective cybersecurity protocols which our management
believes to be adequate for protecting any of the Company's data that might be in their possession from time to time; however,
having such protocols is not necessarily a condition for us using or not using the services of any such vendors or providers.
Our
senior management and part-time chief technology officer is responsible for assessing and managing cybersecurity risks, through
oversight of our IT service provider that manages our IT, but our management does not have specific cybersecurity expertise. The
Company has an Information Technology Policy that, among other things, governs and provides for cybersecurity policies and
processes, including to define safety measures to protect the Company's confidentiality, integrity and availability of data
and other intellectual property, as well as to define the manner in which information is stored, saved and routed in the
Company's network. Additionally, the Board and management believe cybersecurity represents an important component of the
Company's overall approach to risk management and oversight. The Company also has cybersecurity insurance in effect as of the date of this Annual Report on Form 20-F.
Cybersecurity
threats have not materially affected, and are not reasonably likely to affect, the Company, including its business strategy, results
of operations or financial condition while we are strategically focused on pursuing brands and manufacturers. The Company is not aware
of any material security breach to date. Accordingly, the Company has not incurred any expenses over the last two years relating to information
security breaches. The occurrence of cyber-incidents, or a deficiency in our cybersecurity or in those of any of our third-party service
providers could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential
information and systems, or damage to our business relationships or reputation, all of which could negatively impact our business and
results of operations. There can be no assurance that the Company's third-party vendors' and service providers' cybersecurity
risk management processes, including their policies, controls or procedures, will be fully implemented, complied with or effective in
protecting the Company's systems and information.
PART
III
ITEM
17. FINANCIAL STATEMENTS
See
pages F-1 though F-43 of this Annual Report.
ITEM
18. FINANCIAL STATEMENTS
Not
applicable.
112
ITEM
19. EXHIBITS
EXHIBIT
INDEX
Exhibit
No.
Description
1.1
Articles
    of Association of the Company (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form F-4 (Reg. No. 333-267301),
    as amended, initially filed with the SEC on September 6, 2022).
1.2
Form
    of Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Annex C to the Registration
    Statement on Form F-4 (Reg. No. 333-267301), as amended, initially filed with the SEC on September 6, 2022).
1.3
Certificate
    of Incorporation on Change of Name (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form F-1 (Reg. No.
    333-270674), as amended, initially filed with the SEC on March 17, 2023).
1.4
Amended Public Limited Company Constitution of SMX (Security Matters) Public Limited Company Memorandum of Association (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 6-K filed with the SEC on August 18, 2023).
1.5
Further Amended Public Limited Company Constitution of SMX (Security Matters) Public Limited Company Memorandum of Association (incorporated by reference to Exhibit 3.7 to the Registration Statement on Form F-1 (Reg. No. 333-274774), as amended, initially filed with the SEC on September 29, 2023).
2.1*
Description of Securities
2.2
Promissory Note between the Company and EF Hutton, dated March 7, 2023 (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-1 (Reg. No. 333-270674), as amended, initially filed with the SEC on March 17, 2023).
2.3
Warrant Agreement, dated November 3, 2021, by and between the Company and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by Lionheart III Corp with the SEC on November 9, 2021)
2.4
Form of Warrant A (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)
2.5
Form of Warrant B (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)
2.6
Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)
2.7
Form of Underwriter's Warrant (incorporated by reference to Exhibit 4.6 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)
2.8
Form of Warrant Agent Agreement with Respect to Warrant A, by and between the Company and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.7 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)
2.9
Form of Warrant Agent Agreement with Respect to Warrant B, by and between the Company and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.8 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023)
2.10
Form of A Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 6-K filed with the SEC on September 6, 2023)
2.11
Form of B Warrant (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 6-K filed with the SEC on September 6, 2023)
2.12
Form of New Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 6-K filed with the SEC on December 7, 2023).
2.13
Warrant to YAII PN, Ltd. (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 6-K filed with the SEC on February 2, 2024).
2.14
Form of New Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 6-K filed with the SEC on December 7, 2023).
2.15
Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.14 to the Company's Registration Statement on Form F-1 (Reg. No. 333-276760), as amended, initially filed with the SEC on February 8, 2024).
2.16
Form of Ordinary Share Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 6-K filed with the SEC on April 12, 2024).
2.17
Form of Warrant.
113
Exhibit
    No.
Description
4.1
Registration Rights Agreement, dated November 3, 2021, by and between Lionheart III Corp, Lionheart Equities, LLC and certain securityholders (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, initially filed with the SEC on September 6, 2022).
4.2
Private Placement Securities Subscription Agreement, dated November 3, 2021, by and between Lionheart III Corp and Lionheart Equities, LLC (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, initially filed with the SEC on September 6, 2022).
4.3
Form of Indemnity Agreement (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, initially filed with the SEC on September 6, 2022).
4.4
Amended and Restated Sponsor Agreement, dated July 26, 2022, by and among Lionheart III Corp, Lionheart Equities, LLC, and certain insiders (incorporated by reference herein to Exhibit 10.9 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, initially filed with the SEC on September 6, 2022).
4.5
Amended and Restated Registration Rights Agreement, by and between the Company, Lionheart Equities, LLC and Holders, dated February 23, 2023 (incorporated by reference to Exhibit 4.10 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.6
Employment Agreement, dated June 1, 2021, by and between Security Matters Ltd. and Haggai Alon (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.7
Employment Agreement, dated April 25, 2021, by and between Security Matters Ltd. and Limor Moshe Lotker (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.8
Amendment I, dated June 9, 2022, to Employment Agreement dated June 1, 2021, by and between Security Matters Ltd. and Haggai Alon (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.9
Amendment I, dated June 9, 2022, to Employment Agreement dated April 25, 2021, by and between Security Matters Ltd. and Limor Moshe Lotker (incorporated by reference to Exhibit 10.15 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.10
License Agreement, dated January 1, 2015, by and between Isorad Ltd. and Security Matters Ltd. (incorporated by reference to Exhibit 10.16 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.11
Amendment to License Agreement, dated July 10, 2018, by and between Isorad Ltd. and Security Matters Ltd. (incorporated by reference to Exhibit 10.17 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.12
Addendum to License Agreement, dated April 30, 2019, by and between Isorad Ltd. and Security Matters Ltd. (incorporated by reference to Exhibit 10.18 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.13
TrueGold Licensing Agreement dated July 26, 2020, by and between Security Matters Ltd. and True Gold Consortium Pty Ltd. (incorporated by reference to Exhibit 10.20 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.14
Shareholders Agreement dated July 27, 2020 by and among Security Matters PTY, W.A. Mint Pty Ltd. and True Gold Consortium Pty Ltd. (incorporated by reference to Exhibit 10.21 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.15
True Gold R&D Services Agreement dated November 16, 2022, by and between Security Matters Ltd. and True Gold Consortium Pty Ltd. (incorporated by reference to Exhibit 10.22 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.16
Services Agreement dated June 16, 2021, by and between Security Matters PTY and True Gold Consortium Pty Ltd. (incorporated by reference to Exhibit 10.23 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.17
Amendment, dated May 26, 2022, to True Gold R&D Services Agreement, by and between Security Matters, Ltd. and True Gold Consortium Pty. Ltd. (incorporated by reference to Exhibit 10.24 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.18
Shareholders Agreement dated April 30, 2019, by and among Security Matters Ltd., Trifecta Industries Ltd. and Newco (incorporated by reference to Exhibit 10.25 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.19
Chairman Agreement dated July 26, 2022, by and among Ophir Sternberg and the Company (incorporated by reference to Exhibit 10.26 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.20
Independent Contractor Agreement dated July 26, 2022, by and among Faquiry Diaz and the Company (incorporated by reference to Exhibit 10.27 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
4.21
Form of Assignment, Assumption and Amendment Agreement with respect to the Warrant Agreement (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form F-4 (Reg. No. 333-267301), as amended, filed with the SEC on December 28, 2022).
114
Exhibit
    No.
Description
4.22
Reciprocal Standby Equity Purchase Agreement with YA II PN, LTD., dated February 23, 2023 (incorporated by reference to Exhibit 4.27 to the Shell Company Report on Form 20-F (File No. 001-41639), as amended, filed with the SEC on March 7, 2023).
4.23
Convertible Promissory Note with YA II PN, LTD., dated March 9, 2023 (incorporated by reference to Exhibit 4.28 to the Shell Company Report on Form 20-F (File No. 001-41639), as amended, filed with the SEC on March 7, 2023).
4.24
Form of Senior Secured Promissory Note (incorporated by reference to Exhibit 4.29 to the Shell Company Report on Form 20-F (File No. 001-41639), as amended, filed with the SEC on March 7, 2023).
4.25
Form of Specific Security Deed (incorporated by reference to Exhibit 4.30 to the Shell Company Report on Form 20-F (File No. 001-41639), as amended, filed with the SEC on March 7, 2023).
4.26
Form of 15% Senior Convertible Note due 2024 Growth Financing Termsheet (incorporated by reference to Exhibit 4.31 to the Shell Company Report on Form 20-F (File No. 001-41639), as amended, filed with the SEC on March 7, 2023).
4.27
Amended and Restated Promissory Note with Lionheart Management, LLC and Lionheart Equities, LLC, dated March 7, 2023 (incorporated by reference to Exhibit 4.32 to the Shell Company Report on Form 20-F (File No. 001-41639), as amended, filed with the SEC on March 7, 2023).
4.28
2022 Incentive Equity Plan (incorporated by reference to Exhibit 4.33 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.29
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Ophir Sternberg (incorporated by reference to Exhibit 4.34 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.30
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Thomas Hawkins (incorporated by reference to Exhibit 4.35 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.31
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Faquiry Diaz Cala (incorporated by reference to Exhibit 4.36 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.32
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Haggai Alon (incorporated by reference to Exhibit 4.37 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.33
Lock-Up Agreement, dated February 23, 2023, by and between the Company and James Anderson (incorporated by reference to Exhibit 4.38 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.34
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Lionheart Equities, LLC (incorporated by reference to Exhibit 4.39 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.35
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Roger Meltzer (incorporated by reference to Exhibit 4.40 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.36
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Thomas Byrne (incorporated by reference to Exhibit 4.41 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
115
Exhibit
    No.
Description
4.37
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Benguy Escrow Co. Ltd. A/C. (incorporated by reference to Exhibit 4.42 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.38
Lock-Up Agreement, dated February 23, 2023, by and between the Company and Paul Rapisarda (incorporated by reference to Exhibit 4.43 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.39
Form of 2022 Incentive Equity Plan, Option Award Agreement (incorporated by reference to Exhibit 4.44 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.40
Form of 2022 Incentive Equity Plan, RSU Award Agreement (incorporated by reference to Exhibit 4.45 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.41
Amendment to Binding Terms of Agreement, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.46 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.42
Amendment to 10% Secured Notes, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.47 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.43
Amendment to Binding Terms of Agreement, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.48 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.44
Amendment to Senior Secured Promissory Note Due August 24, 2024, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.49 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.45
Amendment to Senior Secured Promissory Note, dated March 2, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.50 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 28, 2023).
4.46
Amendment to 10% Secured Notes Due July 1
st
, 2023, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.51 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.47
Amendment to 10% Secured Notes, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.52 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.48
Amendment to 10% Secured Bridge Notes, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.53 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.49
Amendment to Binding Terms of Agreement, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.54 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.50
Amendment to Loan Agreement, dated March 2, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.55 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
116
Exhibit No.
Description
4.51
Amendment to Senior Secured Promissory Note Due July 31, 2023, dated March 5, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.56 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.52
Amendment to Senior Secured Promissory Note Due December 19, 2023, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.57 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.53
Conversion and Exchange Rights Agreement, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.58 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.54
Conversion and Exchange Rights Agreement, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.59 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.55
Amendment to Senior Secured Promissory Note Due December 19, 2023, dated March 1, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.60 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.56
Amendment to Senior Secured Promissory Note Due July 31, 2023, dated March 5, 2023, by and between the Company and Subscriber (incorporated by reference to Exhibit 4.61 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.57
Amended and Restated Promissory Note dated as of March 7, 2023, in favor of Lionheart Management, LLC and Lionheart Equities, LLC (incorporated by reference to Exhibit 4.62 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 28, 2023).
4.58
Amendment dated April 27, 2023 to Amended and Restated Promissory Note dated as of March 7, 2023 (incorporated by reference to Exhibit 4.63 to the Company's Annual Report on Form 20-F filed with the SEC on April 28, 2023),
4.59
Convertible Promissory Note with YA II PN, LTD., dated May 22, 2023 (incorporated by reference to Exhibit 10.59 to the Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023).
4.60
Letter Agreement by and between the Company and YA II PN, Ltd., dated July 27, 2023 (incorporated by reference to Exhibit 10.60 to the Company's Registration Statement on Form F-1 (Reg. No. 333-274378), as amended, initially filed with the SEC on September 6, 2023).
4.61
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on September 6, 2023).
4.62
Form of Promissory Note (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 6-K filed with the SEC on September 6, 2023).
4.63
Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 6-K filed with the SEC on September 6, 2023).
4.64
Employment Agreement by and between Security Matters Pty and Zeren Browne, dated July 21, 2022 (incorporated by reference to Exhibit 10.64 to the Company's Registration Statement on Form F-1 (Reg No. 333-276258), as amended, initially filed with the SEC on December 22, 2023).
4.65
Form of Conversion and Exchange Rights Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on January 25, 2024).
117
Exhibit No.
Description
4.66
Form of Conversion and Exchange Rights Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 6-K filed with the SEC on January 25, 2024).
4.67
Letter Agreement with YAII PN, Ltd. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on February 2, 2024).
4.68
Form of Inducement Letter (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on December 7, 2023).
4.69
Investment Agreement dated as of October 3, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on October 10, 2023).
4.70
Employment Agreement by and between Security Matters Ltd. and Ofira Bar dated December 23, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on March 1, 2024).
4.71
Private Placement Binding Term Sheet by and between the Company and Steve Wallitt, dated February 25, 2024 (incorporated by reference to Exhibit 10.71 the Company's Registration Statement on Form F-1 (Reg. No. 333-277482), as amended, filed with the SEC on March 7, 2024).
4.72
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 6-K filed with the SEC on April 12, 2024).
4.73
Form of Promissory Note (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 6-K filed with the SEC on April 12, 2024).
4.74
Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 6-K filed with the SEC on April 12, 2024).
4.75
Form of Warrant Amendment and Inducement Letter (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 6-K filed with the SEC on April 12, 2024).
4.76
Stock
    Purchase Agreement, by and between Generating Alpha Ltd. and the Company, dated April 19, 2024 (incorporated by reference to Exhibit
    10.76 to the Company's Registration Statement on Form F-1 (File No. 333-376257), as amended, initially filed with the SEC on
    December 22, 2023).
4.77*
Form of Conversion and
Exchange Rights Agreement
8.1
List of Subsidiaries of the Company (incorporated by reference to Exhibit 21.1 to the Company's Registration Statement on Form F-1 (Reg. No. 333-272503), as amended, initially filed with the SEC on June 7, 2023).
11.1
Company's Code of Conduct and Business Ethics (incorporated by reference to Exhibit 11.1 to the Company's Annual Report on Form 20-F filed with the SEC on May 1, 2023).
11.2
Company's Insider Trading Policy (incorporated by reference to Exhibit 11.2 to the Company's Annual Report on Form 20-F filed with the SEC on May 1, 2023).
12.1*
Certification by Principal Executive Officer pursuant to Securities Exchange Act Rules 13-a-12(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2*
Certification by Principal Financial Officer pursuant to Securities Exchange Act Rules 13-a-12(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1*
Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2*
Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
15.1
Relevant Territories for withholding Tax on Dividends (incorporated by reference to Exhibit 99.1 to the Company's Registration Statement on Form F-1 (Reg. No. 333-270674), as amended, initially filed with the SEC on March 17, 2023).
101.INS*
Inline
    XBRL Instance Document
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover
    Page Interactive Data File (embedded within the Inline XBRL document).
#
Indicates
    a management contract or any compensatory plan, contract or arrangement
*
Filed
    herewith
118
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Report on its behalf.
SMX
    (SECURITY MATTERS) PUBLIC LIMITED COMPANY
April
    30, 2024
By:
/s/
    Haggai Alon
Name:
Haggai
    Alon
Title:
CEO
119
INDEX
TO FINANCIAL STATEMENTS
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
FINANCIAL STATEMENTS
AS
OF DECEMBER 31, 2023 and 2022
TABLE
OF CONTENTS
Page
Report of independent registered public accounting firm
PCAOB #
1185
F-2
Consolidated statements of financial position
F-3
Consolidated statements of comprehensive loss
F-4
Consolidated statements of changes in equity
F-5
    - F-7
Consolidated statements of cash flows
F-8
    - F-9
Notes to the consolidated financial statements
F-10
    - F-43
The
amounts are stated in thousands of U.S. Dollars
F-
1
Report
of Independent Registered Public Accounting Firm
to
the Shareholders of
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated statements of financial position of SMX (Security Matters) Public Limited Company and subsidiaries
(the "Company") as of December 31, 2023, and 2022, the related consolidated statements of comprehensive loss, changes in
equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively, the "consolidated
financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Tel-Aviv,
    Israel
/s/
Ziv Haft
April
                                            19, 2024
We
    have served as the Company's auditor since 2023
Certified
    Public Accountants (Isr.)
BDO
    Member Firm
F-
2
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF FINANCIAL POSITION
December
    31, 2023
December
    31, 2022
Note
US$
    in thousands
Current
    assets
Cash
    and cash equivalents
168
1,398
Other
    current receivables
4
634
3,673
Total
    current assets
802
5,071
Non-current
    assets
Intangible
    assets, net
3,7
16,486
5,027
Goodwill
3
32,957
-
Property,
    plant and equipment, net
5
411
555
Right
    of use assets
11
389
414
Investment
    in associated companies
6
115
221
Total
    non-current assets
50,358
6,217
Total
    assets
51,160
11,288
Current
    liabilities
Trade
    payables
10,515
2,972
Other
    payables
12
2,483
650
Convertible
    notes
8
377
563
Warrants
    - derivative financial liability
9
1,143
-
Pre-paid
    advance
10
700
-
Bridge
    loans liabilities
9
1,750
-
Convertible
    promissory note
8
1,013
-
Borrowings
    from related parties
13
-
710
Lease
    liabilities
11
41
30
Total
    current liabilities
18,022
4,925
Non-current
    liabilities
Lease
    liabilities
11
411
440
Bridge
    loans liabilities
9
483
3,682
Long
    term payables
-
85
Total
    non-current liabilities
894
4,207
Total
    liabilities
18,916
9,132
Equity
Issued
    capital and additional paid-in capital
14
62,901
32,713
Foreign
    currency translation reserve
(
491
)
(
537
)
Accumulated
    losses
(
50,934
)
(
30,020
)
Total
    equity attributable to owners of the parent
11,476
2,156
Non-
    controlling interest
20,768
-
Total
    equity
32,244
2,156
51,160
11,288
/s/ Ofira Bar
/s/ Haggai Alon
/s/ Pauline Khoo
April
19, 2024
Ofira
                                            Bar
Chief
    Financial Officer
Haggai
                                            Alon
Chief
    Executive Officer
Pauline
                                            Khoo
Audit
    Committee Chairperson
Date
    of approval of financial statements
The
accompanying notes are an integral part of the financial statements.
F-
3
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF COMPREHENSIVE LOSS
Year
    ended
December
    31, 2023
December
    31, 2022
December
    31, 2021
Note
US$
    in thousands
Research
    and development expenses
15
2,711
1,898
2,039
Selling
    and marketing expenses
661
569
453
General
    and administrative expenses
16
16,567
2,723
2,482
Listing
    expenses
16,802
-
-
Operating
    loss
(
36,741
)
(
5,190
)
(
4,974
)
Finance
    expenses
7,891
1,128
101
Finance
    income
1,580
28
237
Gain
    from remeasurement of investment in associated company
22,164
-
-
Share
    of net profit (loss) of associated companies
6
(
101
)
106
(
101
)
Loss
    before income tax
(
20,989
)
(
6,184
)
(
4,939
)
Income
    tax
17
-
-
-
Net
    loss
(
20,989
)
(
6,184
)
(
4,939
)
Other
    comprehensive loss
:
Items
    that will not be reclassified to profit or loss:
Adjustments
    arising from translating financial statements from functional currency to presentation currency
(
224
)
(
522
)
(
7
)
Items
    that will or may be reclassified to profit or loss:
Exchange
    losses arising on translation of foreign operations
(
59
)
(
238
)
(
375
)
Total
    other comprehensive loss
(
283
)
(
760
)
(
382
)
Total
    comprehensive loss
(
21,272
)
(
6,944
)
(
5,321
)
Net
    loss attributable to:
Equity
    holders of the Company
(
20,914
)
-
-
Non-
    controlling interest
(
75
)
-
-
Basic
    and diluted loss per share attributable to shareholders
18
(
7.82
)
*
(
8.47
)
*
(
7.41
)
*
Restated
                                            as a result of the SPAC transaction and after giving effect to the reverse stock split (see
                                            also Note 1.B)
The
accompanying notes are an integral part of the consolidated financial statements.
F-
4
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF CHANGES IN EQUITY
Issued
    capital and Additional paid-in capital
Foreign
    currency translation reserve
Accumulated
    loss
Total
    equity attributable to owners of the parent
Non-
    controlling interests
Total
    equity
Balance
    as of January 1, 2023
32,713
(
537
)
(
30,020
)
2,156
-
2,156
Comprehensive
    loss
Net
    loss
-
-
(
20,914
)
(
20,914
)
(
75
)
(
20,989
)
Other
    comprehensive income
-
46
-
46
17
63
Total
    comprehensive loss
-
46
(
20,914
)
(
20,868
)
(
58
)
(
20,926
)
Issuance
    of shares, net
4,896
-
-
4,896
-
4,896
Recapitalization
    due to issuance of shares following the SPAC transaction, net
11,460
-
-
11,460
-
11,460
Share-based
    compensation
3,269
-
-
3,269
-
3,269
Conversion
    of financial liabilities to shares
5,955
-
-
5,955
-
5,955
Exercise
    of options into shares
10
-
-
10
-
10
Issuance
    of shares and warrants B, net (See note 14.B.3)
1,837
-
-
1,837
-
1,837
Conversion
    of warrants A to ordinary shares (See note 14.B.3)
1,008
-
-
1,008
-
1,008
Exercise
    of warrants B, net (See note 14 B.3)
888
-
-
888
-
888
Issuance
    of warrants B after reset (See note 14 B.3)
865
-
-
865
-
865
Non-controlling
    interests arising from initially consolidated companies
-
-
-
-
20,826
20,826
Balance
    as of December 31, 2023
62,901
(
491
)
(
50,934
)
11,476
20,768
32,244
The
accompanying notes are an integral part of the consolidated financial statements.
F-
5
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF CHANGES IN EQUITY
Issued
                                            capital and
Additional
                                            paid-in capital
Foreign
                                            currency translation
reserve
Accumulated
    loss
Total
                                            equity
Balance
    as of January 1, 2022
31,504
223
(
23,836
)
7,891
Comprehensive
    loss
Loss
    after income tax for the year
-
-
(
6,184
)
(
6,184
)
Other
    comprehensive loss for the year
-
(
760
)
-
(
760
)
Total
    comprehensive loss for the year
-
(
760
)
(
6,184
)
(
6,944
)
Issuance
    of shares, net
182
-
-
182
Share-based
    compensation
306
-
-
306
Issuance
    of options to acquire intangible asset
721
-
-
721
Balance
    as of December 31, 2022
32,713
(
537
)
(
30,020
)
2,156
The
accompanying notes are an integral part of the consolidated financial statement
s.
F-
6
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF CHANGES IN EQUITY
Issued
                                            capital and
Additional
                                            paid-in capital
Foreign
                                            currency translation
reserve
Accumulated
    loss
Total
                                            equity
Balance
    as of January 1, 2021
24,733
605
(
18,897
)
6,441
Comprehensive
    loss
Loss
    after income tax for the year
-
-
(
4,939
)
(
4,939
)
Other
    comprehensive loss for the year
-
(
382
)
-
(
382
)
Total
    comprehensive loss for the year
-
(
382
)
(
4,939
)
(
5,321
)
Issuance
    of shares, net
5,892
-
-
5,892
Exercise
    of warrants
395
-
-
395
Share-based
    compensation
484
-
-
484
Balance
    as of December 31, 2021
31,504
223
(
23,836
)
7,891
The
accompanying notes are an integral part of the consolidated financial statements.
F-
7
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF CASH FLOWS
Year
    ended December 31, 2023
Year
    ended December 31, 2022
Year
    ended December 31, 2021
US$
    in thousands
Cash
    flows from operating activities:
Loss
    before tax for the year
(
20,914
)
(
6,184
)
(
4,939
)
Share
    based compensation
3,269
306
484
Depreciation
    and amortization
225
290
315
Decrease
    (increase) in other current receivables
2,938
(
2,936
)
(
463
)
Increase
    in trade payables
2,074
2,217
401
Increase
    (decrease) in other payables
(
235
)
114
60
Increase
    (decrease) in other liabilities
19
17
(
3
)
Revaluation
    of financial liabilities at fair value
1,496
387
-
Interest
    expenses
4,281
51
47
Revaluation
    of convertible notes
(
382
)
-
-
Remeasurement
    of investment in associated company
(
22,164
)
-
-
Provision
    of borrowing to related parties
-
621
89
Share
    in (earnings) losses of associated companies, net
101
(
106
)
101
Issuance
    of options to underwriters
11
-
-
SPAC
    transaction - listing costs
16,802
-
-
Net
    cash flow used in operating activities
(
12,479
)
(
5,223
)
(
3,908
)
Cash
    flows from investing activities:
Purchase
    of property, plant and equipment
(
60
)
(
152
)
(
297
)
Capitalized
    development cost
(
976
)
(
975
)
(
1,468
)
Net
    cash flow used in investing activities
(
1,036
)
(
1,127
)
(
1,765
)
Cash
    flows from financing activities:
Payments
    of borrowings to related parties
-
(
172
)
(
103
)
Payment
    of lease liabilities
(
42
)
(
55
)
(
98
)
Proceeds
    from issuance of shares, warrants A and B, net (see note 14 B.3)
2,630
-
-
Exercise
    of warrants B (see note 14 B.3)
642
-
395
Proceeds
    from issuance of convertible notes (see note 8.A)
250
581
-
Advance
    payment for equity, net (see note 10)
2,679
-
-
Repayment
    of bridge loans (see note 9)
(
30
)
-
-
Proceeds
    from issuance of shares, net
-
182
5,892
Proceeds
    from issuance of bridge loans and warrants (see note 9)
550
3,310
32
Proceeds
    from issuance of promissory note (see note 8.C)
2,356
-
-
Issuance
    of shares in the SPAC transaction, net
2,919
-
-
Net
    cash flow from financing activities
11,954
3,846
6,118
Increase
    (decrease) in cash and cash equivalents
(
1,561
)
(
2,504
)
445
Cash
    and cash equivalents at beginning of year
1,398
4,171
4,341
Exchange
    rate differences on cash and cash equivalent
331
(
269
)
(
615
)
Cash
    and cash equivalents at end of year
168
1,398
4,171
F-
8
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
CONSOLIDATED
                                 STATEMENTS OF CASH FLOWS
Year
    ended December 31, 2023
Year
    ended December 31, 2022
Year
    ended December 31, 2021
US$
    in thousands
Appendix
    A – Non-cash transactions during the year:
-
-
Conversion
    of liability to ordinary shares (see note 10)
2,300
-
-
Conversion
    of warrants A to ordinary shares (see note 14.B.3)
1,008
-
-
Conversion
    of bridge loans and derivative financial liability to ordinary shares
5,192
-
-
Exercise
    of options and warrants into ordinary shares
2,925
-
-
Conversion
    of convertible notes to ordinary shares
175
-
-
Conversion
    of liability to ordinary shares (see note 14)
3,030
-
-
Remeasurement
    of investment in associated company (see note 3)
(
22,164
)
-
-
The
accompanying notes are an integral part of the consolidated financial statements.
F-
9
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
1 -
GENERAL
:
A.
SMX
                                            (Security Matters) Public Limited Company ("Security Matters" or the "Company"
                                            and together with its subsidiaries, the "Group") was incorporated in July 1,
                                            2022 under the laws of Ireland with registered number 722009 and its registered office at
                                            Mespil Business Center, Mespil House, Sessex Road, Dublin 4, Ireland, D04 T4A6. The Company
                                            was incorporated in 2022 as part of the Business Combination (see Note 1.B).
The
Company integrates chemistry, physics, and computer science to give materials memory and create a culture of transparency and trust across
multiple industries. The Company's nearly 100 patents support unique marking, measuring, and tracking technologies allowing clients
to seamlessly deploy transparency at all levels of development and provide stakeholders with a complete provenance of material composition
and history, from virgin material to recycled, to address manufacturing challenges and ESG goals while maintaining sustainable growth.
As a result, SMX's technologies are designed and developed to help companies address ESG commitments and transition more successfully
to a low-carbon economy.
The
Company's technology seeks to enable global companies across various industries to transition more successfully to a sustainable
circular economy. By adopting our technology, they would be able to tangibly measure and track the raw material from origination, through
the supply chain and at the end of life-where the amount of material recycled/reused from that product item can be measured and as well
as the number of times that specific material/item has been recycled/reused.
The
Company provides one solution to solve both authentication and track and trace challenges in order to uphold supply chain integrity and
provide quality assurance and brand accountability to producers of goods. Its technology works as a track and trace system using a marker,
a reader and an algorithm to identify embedded sub-molecular particles in order to track and trace different components along a production
process (or any other marked good along a supply chain) to the end producer.
Its
proprietary marker system embeds a permanent or removable (depending on the needs of the customer) mark on solid, liquid or gaseous objects
or materials. One reader can detect embedded data in various materials, from metals to fabrics to food and plastics, with all data logged
onto the same digital platform.
Each
marker is comprised of a combination of marker codes such that each marker is designed to be unique and unable to be duplicated. The
marker system is coupled with patented reader that responds to signals from the marker and, together with a patented algorithm, captures
the details of the product retrieved and stored on a blockchain digital ledger. Each marker can be stored, either locally on the reader
and on private servers, cloud servers or on a blockchain ledger, to protect data integrity and custody.
B.
The
                                            SPAC transaction:
On
March 7, 2023 (the "Closing Date") the Company completed its SPAC transaction (the "Business Combination") with
Lionheart III Corp ("Lionheart"), following that Lionheart and Security Matters PTY Ltd. (formerly named Security Matters
Limited, which was incorporated in May 2018 under Australian law) became the Company's wholly-owned subsidiaries and the Company
listed its ordinary shares and public warrants on the NASDAQ stock market under the tickers SMX and SMXWW, respectively. On July 26,
2022, Security Matters PTY Ltd. and Lionheart, a publicly traded special purpose acquisition company (SPAC), entered into a business
combination agreement (the "BCA") and accompanying scheme implementation deed ("SID"). Under the BCA, the existing
Lionheart stockholders received the Company's shares and warrants in exchange for their existing Lionheart shares and warrants
and all shares existed in Security Matters PTY Ltd. were cancelled in return for the Company's shares and resulting in Security
Matters PTY Ltd. becoming a wholly owned subsidiary of the Company. Security Matters PTY Ltd. shareholders received consideration of
1
ordinary share per
10.3624
Security Matters PTY Ltd. shares, having an implied
value of $
10.00
per ordinary share and the Company became the
holder of all of the issued shares in Security Matters PTY Ltd. and Lionheart, with Security Matters PTY Ltd. being delisted from the
Australian Stock Exchange. The Business Combination resulted in
97.58
%
redemption by Lionheart's public shareholders which resulted in leaving $
3,061
of funds remaining in the trust account.
C.
On
                                            October 3, 2023, the Company has signed an agreement with True Gold Consortium Pty Ltd.'s
                                            ("TrueGold") shareholders to acquire an additional
7.5
%
                                            which will increase the Company's holdings to
51.9
%
                                            in TrueGold and result in the Company's gain control over TrueGold, See also Note 3.
D.
During
                                            the 12 months ended December 31, 2023, the Company incurred operating losses and negative
                                            cash flows from operating activities. The Company has not yet generated revenues. As discussed
                                            in Note 10, the Company executed an equity line agreement to raise up to $
25,000
in
                                            consideration of the issuance of common stock over the course of 36 months with YA II PN,
                                            LTD ("Yorkville"). Furthermore, and as described in note 10 and note 24(10),
                                            in April 2024, the Company terminated the equity line agreement with Yorkville and entered
                                            into a similar agreement for $
30,000
with
                                            an institutional investor.  The Company is continuing with additional capital raising and
                                            as described in note 24(5), post balance sheet date it received an additional $
3
million
                                            in funding. The Company also plans to secure a convertible note between $
500
and
                                            $
1,000
in
                                            addition to second round funding to raise approximately $
5,800
after
                                            balance sheet date. The Company has also the ability to decrease its expenses and capitalize
                                            debt in order to meet its existing cash flow streams. Furthermore, the Company expect that
                                            the $
5,000
NATO
                                            government agreement describe in note 24 (2), shall continue in the second half of 2024.
                                            Management believes that the proceeds from the recent funding agreements, combined with its
                                            cash on hand, equity line and the Company's plans, are sufficient to meet the Company's
                                            obligations as they come due in the foreseeable future. There are no assurances, however,
                                            that the Company will be able to obtain an adequate level of financial resources that are
                                            required for its long-term business plan.
F-
10
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
1 - GENERAL (CONT.):
E.
The
                                            Company operates primarily through 9 wholly owned subsidiaries and one majority owned all
                                            of which have been consolidated in these consolidated financial statements.
Controlled
    entity
Country
                                            of
Incorporation
Percentage
                                            Owned
December
                                            31, 2023
Percentage
                                            Owned
December
                                            31, 2022
Security
    Matters (SMX) PLC
Ireland
100
%
-
Security
    Matters PTY Ltd.
(Formerly - Security Matters Limited)
Australia
100
%
-
Lionheart
    III Corp
USA
100
%
**
SMX
    Circular Economy Platform PTE, Ltd.
Singapore
100
%
*
SMX
    (Security Matters) Ireland Limited
Ireland
100
%
*
SMX
    Fashion and Luxury
France
100
%
-
TrueSilver
    SMX Platform Ltd.
Canada
100
%
-
SMX
    (Security Matters) Israel Ltd.
(Formerly - Security Matters Ltd.)
Israel
100
%
100
%***
Security
    Matters Canada Ltd.
Canada
100
%
100
%***
SMX
    Beverages Pty Ltd.
Australia
100
%
100
%***
True
    Gold Consortium Pty Ltd.
Australia
51.9
%***
See
                                            note 6
In
addition, the Company's has the following investments in associated companies:
Entity
Country
                                            of
Incorporation
Percentage
                                            Owned
December
                                            31, 2023
Percentage
                                            Owned
December
                                            31, 2022
Yahaloma
    Technologies Inc.
Canada
50
%
50
%***
The
proportion of ownership interest is equal to the proportion of voting power held.
*
Incorporated
                                            in 2023.
**
Merger
                                            occurred in March 2023 as part of the Business Combination.
***
Owned
                                            by Security Matters PTY Ltd. (formerly - Security Matters Limited) as of December 31, 2023.
F-
11
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 -
SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS:
The
    significant accounting policies followed in the preparation of the financial statements, on a consistent basis, are:
Basis
of preparation
These
financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board ("IASB"). The financial statements have been prepared under the historical cost convention except
for certain financial liabilities which are measured at fair value.
Principles
of consolidation
The
consolidated financial statements incorporate the assets and liabilities of all subsidiaries of SMX (Security Matters) Public Limited
Company as of December 31, 2023 and 2022 and the results of all subsidiaries for the three years in the period then ended. SMX (Security
Matters) Public Limited Company, a public limited company and its subsidiaries together are referred to in these financial statements
as the Group or the "consolidated entity".
Subsidiaries
are all those entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Company and until the date that control
is lost.
Intercompany
transactions between entities in the consolidated entity are eliminated. Unrealized losses are also eliminated unless the transaction
provides evidence of the impairment of the asset transferred.
Investments
in associated companies
Investments
in associated companies are accounted under the equity method and are initially recognized at cost. The investment's cost includes
transaction costs. The consolidated financial statements include the Group's share in net income or loss, in other comprehensive
income or loss, and in the net assets of associated companies accounted by the equity method from the date when significant influence
or joint control materialized, until the date on which the conditions for significant influence or joint control are no longer met.
Losses
of an associate in amounts which exceed its equity are recognized by the Company to the extent of its investment in the associate plus
any losses that the Company may incur as a result of a guarantee or other financial support provided in respect of the associate.
Reverse
acquisition transaction
The
result of the merger between the Company and Security Matters PTY Ltd. as described in Note 1.B is that legally the Company owns the
entire share capital of Security Matters PTY Ltd.
Accordingly,
for financial reporting purposes, Security Matters PTY Ltd. (the legal subsidiary) is the accounting acquirer, and the Company (the legal
parent) is the accounting acquiree. The consolidated financial statements prepared following the reverse acquisition are issued under
the name of the Company, but they are a continuance of the financial statements of Security Matters PTY Ltd. and reflect the fair values
of the assets and liabilities of the Company (the acquiree for accounting purposes), together with a deemed issuance of shares by Security
Matters PTY Ltd. at fair value based on the quoted opening share price of the Company in its first trading day following the closing
of the business combination transaction ($
11,599
),
and a recapitalization of its equity. This deemed issuance of shares is in fact both an equity transaction under IAS 32 (receiving the
net assets of the Company) and an equity-settled share-based payment transaction under IFRS 2 (receiving the listing status of the Company).
The difference, in the amount of $
16,802
,
between the fair value of the shares deemed to have been issued by Security Matters PTY Ltd. and the fair value of the Company's
identifiable net assets represent a payment for the service of obtaining a stock exchange listing for its shares and it is therefore
expensed immediately to profit or loss at the closing date.
F-
12
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
The
Company is initially consolidated in the financial statements from the closing date of the Business Combination. Substantially all of
the assets and liabilities of the Company were comprised of marketable securities held in a trust account ($
4,921
)
and trade and other payables and warrants ($
10,127
)
respectively, with fair values that were equivalent to their carrying amounts. Below are the implications of the accounting treatment
on the financial statements:
1.
The
                                            assets and liabilities of Security Matters PTY Ltd. have been recognized and measured in
                                            these consolidated financial statements at their pre-combination carrying amounts.
2.
The
                                            retained earnings and other equity balances recognized in those consolidated financial statements
                                            are the retained earnings and other equity balances of Security Matters PTY Ltd. immediately
                                            before the Business Combination.
3.
The
                                            amount recognized as issued equity instruments in these consolidated financial statements
                                            has been determined by adding to the issued equity of Security Matters PTY Ltd. immediately
                                            before the Business Combination the fair value of the deemed issuance of shares, as described
                                            above. However, the equity structure (the number and type of shares issued) reflects the
                                            equity structure of the Company, including the shares issued by the Company through recapitalization.
                                            Accordingly, the equity structure of Security Matters PTY Ltd. (issued capital and addition
                                            paid in capital) in comparative periods is restated using the exchange ratio established
                                            in the Business Combination to reflect the number and par value of shares of the Company
                                            issued in the reverse acquisition transaction.
4.
The
                                            statement of comprehensive loss reflects that of Security Matters PTY Ltd. for the full period
                                            together with the post-acquisition results of the Company from the Closing Date. Loss per
                                            share of Security Matters PTY Ltd. for periods prior to the acquisition date is restated
                                            such the denominator of the historical loss per share calculation is adjusted by multiplying
                                            the weighted-average shares used in each historically reported loss per share calculation
                                            by the exchange ratio established in the Business Combination.
Foreign
currency
The
consolidated financial statements are prepared in US Dollars which is the functional and presentation currency of the Company. Security
Matters (SMX) PLC functional currency is US Dollar. The functional currency of Lionheart III Corp is US Dollar. The functional currency
of SMX Fashion and Luxury is EURO. The functional currency of True Silver SMX Platform is Canadian Dollars. The functional currency of
SMX (Security Matters) Ireland Limited is US Dollar. The functional currency of SMX Circular Economy Platform PTE, Ltd. is Singapore
Dollar. Security Matters Pty Ltd.'s functional currency is Australian Dollars. The functional currency of Security Matters Ltd.
(Israel) is New Israeli Shekels. The functional currency of Security Matters Canada Ltd. is Canadian Dollars. The functional currency
of SMX Beverages Pty Ltd. is Australian Dollar. The functional currency of True Gold consortium PYT LTD. is Australian Dollar.
Transactions
and balances in foreign currencies are converted into US Dollars in accordance with the principles set forth by International Accounting
Standard (IAS) 21 ("The Effects of Changes in Foreign Exchange Rates"). Accordingly, transactions and balances have been
converted as follows:
●
Assets
    and liabilities – at the rate of exchange applicable at the reporting date.
●
Expense
    items – at annual average rate at the statements of financial position date.
●
Share
    capital, capital reserve and other capital movement items were at rate of exchange as of the date of recognition of those items.
●
Accumulated
    deficit was based on the opening balance for the beginning of the reporting period in addition to the movements mentioned above.
●
Exchange
    gains and losses from the aforementioned conversion are recognized in the statement of other comprehensive lose in Foreign Currency
    Translation Reserve.
F-
13
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
Issue
of a unit of financial instruments
The
issue of a unit of financial instruments such as a financial liability (e.g., a loan) and free-standing derivative (e.g. warrants) involves
the allocation of the proceeds received (before issuance costs) to financial derivatives and other financial instruments measured at
fair value in each period and to financial liabilities that are measured at amortized cost, with residual allocated to equity instruments.
Issuance costs are allocated to each component pro rata to the amounts determined for each component in the unit.
Governmental
grants
Government
grants received for the use of research and development activities, for which the Group undertook to pay royalties to the state, contingent
on future sales arising from this financing, were treated as forgivable loans. The grant was recognized as a liability in the financial
statements, except when there is reasonable assurance that the Group will comply with the conditions for the forgiveness of the loan,
then it would be recognized as a government grant. When the loan bears a below-market rate of interest, the liability is recognized at
its fair value in accordance with the market interest rate prevailing at the time of receiving the grant. The difference between the
consideration received and the liability recognized at inception was treated as a government grant and recognized as a reimbursement
of research expenses. The repayment of the liability to the state is reviewed every reporting period, with changes in the liability resulting
from a change in the expected royalties recognized in profit or loss.
Fair
value measurement
Fair
value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
The
fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
A.
In
                                            the principal market for the asset or liability; or
B.
In
                                            the absence of a principal market, in the most advantageous market for the asset or liability.
The
principal or the most advantageous market must be accessible to the Group.
The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest.
A
fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.
The
Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Classification
of financial instruments by fair value hierarchy
The
financial instruments presented in the statements of financial position at fair value are grouped into classes with similar characteristics
using the following fair value hierarchy which is determined based on the source of input used in measuring fair value:
Level
    1
-
Quoted
    prices (unadjusted) in active markets for identical assets or liabilities.
Level
    2
-
Inputs
    other than quoted prices included within Level 1 that are observable either directly or indirectly.
Level
    3
-
Inputs
    that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data).
Financial
assets
The
Group classifies its financial assets into one of the following categories, depending on the purpose for which the asset was acquired.
The Group's accounting policy for each category is as follows:
Other
receivables: These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They arise principally through the provision of goods and services, but also incorporate other types of contractual monetary asset. These
assets are carried at amortized cost less any provision for impairment.
The
Group has no financial assets classified at fair value through profit or loss.
F-
14
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
Financial
liabilities
financial
liabilities measured at amortized cost:
Financial
liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of financial liability.
After
initial recognition, the Group measures all financial liabilities at amortized cost using the effective interest rate method, which ensures
that any interest expense over the period is at a constant interest rate on the balance of the liability carried in the statement of
financial position, except for financial liabilities which are measured at fair value through profit or loss.
measured
at fair value through profit or loss:
These
financial liabilities comprise of derivatives that are options which are to be settled in equity instruments but nevertheless do not
meet the definitions of equity instruments. The Group measures those financial liabilities at fair value. Transaction costs are recognized
in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss.
Impairment
of non-financial assets
Intangible
assets and goodwill that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more
frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized
for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's
fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating
to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not
have independent cash flows are grouped together to form a cash-generating unit.
Property,
plant and equipment
Items
of property, plant and equipment are initially recognized at cost. Cost includes directly attributable costs and the estimated present
value of any future costs of dismantling and removing items. Depreciation is computed by the straight-line method, based on the estimated
useful lives of the assets, as follows:
%
Computers
33
Machines
    and equipment
20
Furniture
    and office equipment
10
Leasehold
    improvements
8
Leasehold
improvements are depreciated over the term of the expected lease including optional extension, or the estimated useful lives of the improvements,
whichever is shorter.
Reimbursement
of research and development expenses
Reimbursements
in proof of concept (POC) agreements of expenditures on research and development in order to achieve commercial agreement once this activity
will be successful, are offset in profit or loss against the related expenses (research and development expenses). Any intellectual property
generated from this activity remains at the ownership of the Group.
Right-of-use
assets
All
leases are accounted for by recognizing a right-of-use asset and a lease liability, excluding leases where the lease term is 12 months
or less, or where the underlying asset is of low-value. These leases expenditures are recognized on a straight-line basis over the lease
term. A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises
the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net
of any lease incentives received.
Right-of-use
assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever
is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over
its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
F-
15
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
Lease
liabilities
All
leases are accounted for by recognizing a right-of-use asset and a lease liability. Lease liabilities are measured at the present value
of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate implicit
in the lease unless (as is typically the case) this is not readily determinable, in which case the Group's incremental borrowing
rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they
depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged
throughout the lease term. Other variable lease payments are expensed in the period to which they relate.
On
initial recognition, the carrying value of the lease liability also includes:
●
amounts
    expected to be payable under any residual value guarantee;
●
the
    exercise price of any purchase option granted in favor of the Group if it is reasonably certain to exercise that option; and
●
any
    penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being
    exercised.
Subsequent
to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are
reduced for lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from a change
in an index or rate or when there is a change in the assessment of the term of any lease the remeasurement being recognized in front
of the right of use assets.
Capitalized
technology development costs
Expenditures
on research activities are recognized in profit or loss as incurred. Expenditures on internally developed products are mainly employee
salaries and legal fees for filing of patents and are capitalized when the Group demonstrates all the following criteria:
a.
The
    technical feasibility of completing the intangible asset so that it will be available for use or sale.
b.
The
    intention to complete the intangible asset and use or sell it.
c.
The
    ability to use or sell the intangible asset.
d.
The
    probability of the intangible asset to generate future economic benefits. Among other things, the Group considers the existence of
    a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness
    of the intangible asset.
e.
The
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
f.
The
    ability to measure reliably the expenditures attributable to the intangible asset during its development.
The
recognition criteria above are considered by the Group at each stage of development to determine when the criteria have been initially
met in full.
The
technical feasibility criteria is determined to be met when a milestone of initial marking and reading capabilities is satisfied. The
milestone's identification occurs only following a detailed broad mapping of the raw material characteristics and establishing
the formula for the chemical marker architecture to be embedded into the raw material based on industry standards and regulations. The
result is the initial evidence that the x-ray algorithm of the designated reader is in a stage that can identify the marker and convey
information. At this stage, the Group believes that the technical feasibility of completing the development for use is probable.
The
Group notes that technical feasibility has been established and the achieved technology is ready for the next stage which consists of
performing a proof-of-concept pilot with an industry partner, in order to adapt the technology for the relevant industry and adjust the
development to meet the industry's needs.
F-
16
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
Capitalized
technology development costs (Cont.)
Currently,
the Group's capitalized development activities focus on:
1.
Development
    of marker architecture to be embedded topically or in-situ (application) for each material/product within the optimal industrial
    manufacturing phase, based on industry standards and regulations.
2.
Semi
    Industrial scale – technology implementation in semi-industrial production.
3.
Development
    of a digital platform to support the end-to-end traceability from raw material to final product to recycling.
The
Group's management has the full intention to complete the development of the technology and ultimately to sell it. This intention
is demonstrated by initiating partnerships with industry market leaders and continuing the development into the next phase. The Group's
intention is also reflected in the Group's approved budget.
The
Group's management intends to concentrate its future sales and marketing efforts in the U.S. market, including recruitment of sales
and marketing personnel. It plans to advance successful proof-of-concept pilots performed with industry leading partners, and further
advance its innovative technology and commercialization efforts and collaborations in the segments relevant to its technology.
The
Group's business model targets leading brands and manufacturers in order to create a new market standard for circular economy solutions,
brand authentication and supply chain integrity. The Group's technology is applicable for multiple industries such as gold, fashion,
electronics and circular economy – plastic and rubber. The Group is able to provide an adaptive solution for multiple market segments,
based on a unified technology solution, through collaborative relationships with leading market companies which provide it with access
to various potential entities to sell its solution. This is part of the Group's strategy to create strategic partnerships with
market leaders across its main segments of activity. The Group believes that this close collaboration with market leaders, and developing
a product that meets their requests, suggest that there is a strong potential market for its development.
Adequate
technical and financial resources are available to complete the development; the development will be completed by the Group's technology
team which consists of professional experienced scientists and engineers, with a track record in the industrial sector and with financial
resources successfully raised through the issuance of ordinary shares and loans. The Group has already accomplished its core technology
development and is currently focused on development of specific adjustments for different market segments. This stage is focused and
short-termed, therefore, management believes that limited financial resources are required for completing the development and that there
is high probability for commencing commercial agreements following the successful proof-of-concept pilots.
The
Group has financial systems in place that allow it to maintain records in sufficient detail that enable it to measure reliably the expenditures
attributable to the intangible asset during its development.
Development
expenditures not satisfying all the above criteria are recognized in the consolidated statement of comprehensive income as incurred.
Subsequent
measurement
In
subsequent periods, capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment
losses.
An
asset is ready for its intended use, when the developed technology becomes operational and the Group completes an initial customization
for a client's specific needs, which means that the technology is fully implemented in the customer's manufacturing processes
and ready for its intended use. The management estimates that in approximately two years such customization will be completed, and amortization
will commence.
F-
17
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
Capitalized
technology development costs (Cont.)
Intangible
assets with a finite useful life are amortized over their estimated useful lives and reviewed for impairment whenever there is an indication
that the asset may be impaired. The amortization period and the amortization method for intangible assets are reviewed at least at each
year end.
The
carrying amount of these assets is reviewed whenever events or changes in circumstances indicate that the carrying value of an asset
may not be recoverable. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between
the carrying value and the fair value of the impaired asset. An expenditure incurred in development activities, including the Group's
software development is capitalized only where it clearly increases the economic benefits to be derived from the asset to which it relates,
the expenditure will lead to new or substantially improved products, the products are technically and commercially feasible and the Group
has sufficient resources to complete the development and reach the stage for which the product is ready for use.
All
other expenditure, including those incurred in order to maintain an intangible assets current level of performance, is expensed as incurred.
Share-based
compensation
The
Group measures the share-based expense and the cost of equity-settled transactions with employees and service providers by reference
to the fair value of the equity instruments at the date at which they are granted. The Group selected the Black-Scholes model as the
Group's option pricing model to estimate the fair value of the Group's options awards. The model is based on share price,
grant date and on assumptions regarding expected volatility, expected life of the options, expected dividend, and a no risk interest
rate. As for granted options which are settled in equity instruments, the fair value of the options at the grant date is charged to the
statement of comprehensive loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number
of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting
period is based on the number of options that eventually vest.
New
standards, interpretations and amendments adopted from January 1, 2023
The
following amendments are effective for the period beginning January 1, 2023:
Disclosure
of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements);
In
February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2. The amendments aim to make accounting policy disclosures
more informative by replacing the requirement to disclose 'significant accounting policies' with 'material accounting
policy information'. The amendments also provide guidance under what circumstance, the accounting policy information is likely
to be considered material and therefore requiring disclosure.
These
amendments have no effect on the measurement or presentation of any items in the consolidated financial statements of the Group but affect
the disclosure of accounting policies of the Group.
Definition
of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors);
The
amendments to IAS 8, which added the definition of accounting estimates, clarify that the effects of a change in an input or measurement
technique are changes in accounting estimates
,
unless resulting from the correction of prior period errors. These amendments clarify how entities
make the distinction between changes in accounting estimate, changes in accounting policy and prior period errors. These amendments had
no effect on the consolidated financial statements of the Group.
F-
18
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
New
standards, interpretations and amendments not yet effective
The
Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
There
are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future
accounting periods that the Group has decided not to adopt early.
The
following amendments are effective for the period beginning January 1, 2024:
●
IFRS
    16 Leases (Amendment – Liability in a Sale and Leaseback);
●
IAS
    1 Presentation of Financial Statements (Amendment – Classification of Liabilities as Current or Non-current);
●
Non-current
    Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and
●
Supplier
    Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures).
The
following amendments are effective for the period beginning January 1, 2025:
●
Lack
                                            of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).
The
Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any other standards
issued by the IASB, but not yet effective, to have a material impact on the Group.
F-
19
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
H.
The
                                            significant accounting judgments, estimates and assumptions followed in the preparation of
                                            the financial statements, on a consistent basis, are:
In
the process of applying the significant accounting policies, the Group has made the following judgments which have the most significant
effect on the amounts recognized in the financial statements.
The
preparation of the financial statements requires management to make estimates and assumptions that have an effect on the application
of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses. Changes in accounting estimates
are reported in the period of the change in estimate. The key assumptions made in the financial statements are discussed below.
Share
based compensation
The
Group has a share-based remuneration scheme for employees. The fair value of share options is estimated by using the Black-Scholes model,
which was derived to model the value of the firm's equity over time. The simulation model was designed to take into account the
unique terms and conditions of the performance shares and share options, as well as the capital structure of the firm and the volatility
of its assets, on the date of grant based on certain assumptions. Those conditions are described in the share-based compensation note
and include, among others, the dividend growth rate, expected share price volatility and expected life of the options. The fair value
of the equity settled options granted is charged to statement of profit or loss over the vesting period of each tranche and the credit
is taken to equity, based on the consolidated entity's estimate of shares that will eventually vest.
Intangible
assets
The
Group capitalizes costs for its developed projects when specific criteria are met. Initial capitalization of costs is based on management's
judgement that technological and economic feasibility is achievable, usually when a product development project has reached a defined
milestone according to an established project management model. The management makes assumptions regarding the expected future economic
benefit to be derived from the intangible asset and therefore whether the capitalized costs are expected to be recovered.
This
amount of capitalized costs includes significant investment in the development of marking and reading capabilities in the subject material.
Prior to being marketed, the Group will obtain a proof-of-concept pilot with an industry leading partner. The innovative nature of the
product gives rise to some judgement as to whether the proof-of-concept will be successful such that it will lead to obtaining commercial
contracts with customers. See also Note 7.
The
management bases its estimates on historical experience, assumptions, and information currently available and deemed to be reasonable
at the time the financial statements are prepared. However, actual amounts may differ from the estimated amounts as more detailed information
becomes available. Estimates and assumptions are reviewed on an ongoing basis and, if necessary, changes are recognized in the period
in which the estimate is revised.
F-
20
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES, ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (CONT.):
Financial
liability at fair value
The
fair value of financial liabilities at fair value was estimated by using a Black Scholes model and Monte-Carlo simulation approach, which
was aimed to model the value of the Company's assets over time. The simulation approach was designed to take into account the terms
and conditions of the financial liability, which are described in Note 22 and Note 23, as well as the capital structure of the Company
and the volatility of its assets. The valuation was performed based on management's assumptions and projections.
NOTE
3 –
TRUE GOLD BUSINESS COMBINATION
On
October 3, 2023 (acquisition date), the Company signed an agreement with True Gold Consortium Pty Ltd. ("TrueGold") shareholders
to acquire an additional
7.5
%
which will increase the Company's holdings to
51.9
%
in TrueGold and result in the Company's gain control over TrueGold. TrueGold uses the Company's advanced next-generation
technology to invisibly mark and store multiple data types at a molecular level as well as its blockchain digital platform. This strategic
transaction through gaining control of TrueGold diversifies the Company's operations into TrueGold's pioneering ventures
in research and development and revenue commercialization.
The
Company previously held
44.4
%
of the shares of TrueGold which, up to the acquisition date and the beginning of consolidation, were treated as an investment in a joint
venture which accounted for under the equity method. At the time the transaction was completed and control was obtained, the balance
of the investment was remeasured at fair value of $
22,164
and a gain was recognized in the amount of $
22,164
,
which was recorded in the statement of comprehensive loss (the carrying amount of the previous investment in TrueGold was approximately
nil). This fair value amount was added to the consideration transferred for the calculation of goodwill, as described below.
The
Company has elected to measure the non-controlling interests in TrueGold at full fair value which includes also the non-controlling interests'
share in the entire goodwill of TrueGold. The fair value of the non-controlling interests in TrueGold was based on the fair value of
TrueGold as a whole, as described above, and was estimated using the discounted cash flow method of the income approach, as TrueGold
is a private company and therefore quoted market prices of its share were unavailable. The fair value has been determined by management
with the assistance of a valuation performed by an external and independent valuation specialist using valuation techniques and assumptions
as to estimates of projected net future cash flows of TrueGold and estimate of the suitable discount rate for these cash flows. The significant
assumptions used in estimating the fair value of TrueGold are:
1.
After-tax
                                            net cash flow discount rate (weighted average cost of capital) of
24.8
%.
2.
Terminal
                                            value cash flow multiple of
4.59
and
                                            terminal growth rate of
3
%.
3.
Discount
                                            for lack of marketability of
25.2
%
                                            (or $
11.17
),
                                            resulting in a fair value of $
33.12
per
                                            ordinary share of TrueGold).
The
total cost of the business combination comprised a full forgiveness of the outstanding payables from TrueGold to the Company which amounted
to AUD
475
(approximately $
307
)
at acquisition date. The calculating of any goodwill upon acquisition included also the fair value of the previous investment in TrueGold.
F-
21
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
3 – TRUE GOLD BUSINESS COMBINATION (CONT.):
The
fair value of the identifiable assets and liabilities of TrueGold on the acquisition date:
US$
    in thousands
Cash
    and cash equivalents
13
Other
    current receivables
155
Intangible
    asset (core technology license)
10,449
Trade
    payables
277
Net
    identifiable assets
10,340
Non-controlling
    interests
(
20,826
)
Goodwill
32,957
Loan
    to TrueGold
307
Fair
    value of previous investment
22,164
22,471
The
only intangible asset identified in the purchase price allocation, and recognized as shown in the table above, represents a core technology
license that reflects the existence of underlying technology that has value through its continued use or re-use in many products or many
generations of a singular product (that is, a product family). As mentioned above, this licensee represents the current right of TrueGold
to use the Company's intellectual property of technology under a license agreement signed in 2020. For the purpose of the purchase
price allocation, this right was treated as a reacquired right and accordingly was recognized separately from goodwill and valued on
the basis of the remaining contractual term of the related contract, regardless of whether market participants would consider potential
contractual renewals. After acquisition, this intangible asset should be amortized in according to its economic useful life. The Company
has not yet began amortizing the asset and is assessing the economic useful life of it. See also Note 7.
The
goodwill arising from acquisition is attributed to the expected benefits from the synergies of the combination of the activities of the
Company and TrueGold. The goodwill recognized is not expected to be deductible for income tax purposes.
From
the acquisition date, TrueGold has contributed $
155
to the consolidated net loss. If the business
combination had taken place at the beginning of the year 2023, the consolidated net loss would have been increased by $
692
after elimination the Company's'
share of TrueGold's net loss until acquisition date.
NOTE
4 -
OTHER CURRENT ASSETS
:
December
    31, 2023
December
    31, 2022
Prepaid
    expenses
142
*
3,157
Tax
    authorities
257
358
Proof
    of concept receivables
148
86
Other
87
72
Total
634
3,673
*
Includes $
3,123
for December 31, 2022, which related to the anticipated SPAC transaction costs (refer to Note 1.B).
F-
22
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
5 -
PROPERTY, PLANT AND EQUIPMENT, NET:
Leasehold
    improvements
Machines
    and Equipment
Furniture
    and Office Equipment
Computers
Total
Cost
At
    January 1, 2023
63
1,147
65
102
1,377
Additions
15
5
7
4
31
Deductions
-
-
-
-
-
Currency
    translation adjustments
(
3
)
(
6
)
(
3
)
(
4
)
(
16
)
At
    December 31, 2023
75
1,146
69
102
1,392
Accumulated
    depreciation
At
    January 1, 2023
18
699
31
74
822
Depreciation
6
151
7
16
180
Currency
    translation adjustments
-
(
18
)
(
1
)
(
2
)
(
21
)
At
    December 31, 2023
24
832
37
88
981
Net
    book value at December 31, 2023
51
314
32
14
411
Leasehold
    improvements
Machines
    and Equipment
Furniture
    and Office Equipment
Computers
Total
Cost
At
    January 1, 2022
81
1,233
83
99
1,496
Additions
-
135
-
17
152
Deductions
-
-
-
-
-
Currency
    translation adjustments
(
18
)
(
221
)
(
18
)
(
14
)
(
271
)
At
    December 31, 2022
63
1,147
65
102
1,377
Accumulated
    depreciation
At
    January 1, 2022
20
645
33
72
770
Depreciation
4
202
7
19
232
Currency
    translation adjustments
(
6
)
(
148
)
(
9
)
(
17
)
(
180
)
At
    December 31, 2022
18
699
31
74
822
Net
    book value at December 31, 2022
45
448
34
28
555
F-
23
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
6 -
INVESTMENTS IN ASSOCIATED COMPANIES
:
Entity
Country
                                            of
Incorporation
Percentage
                                            Owned
December
                                            31, 2023
Percentage
                                            Owned
December
                                            31, 2022
Yahaloma
    Technologies Inc.
Canada
50
%
50
%
True
    Gold Consortium Pty Ltd.
Australia
51.9
%
44.4
%
The
proportion of ownership interest is equal to the proportion of voting power held.
Yahaloma
Technologies Inc
.
On
April 30, 2019, Security Matters Ltd. signed an agreement with Trifecta Industries Inc. ("Trifecta") for the commercialization
of Security Matters Ltd.'s trace technology in the diamonds and precious stone industry.
Under
the terms of the agreement, Security Matters Ltd. and Trifecta established a new entity – Yahaloma Technologies Inc. ("Yahaloma"),
which is equally held by Security Matters Limited and Trifecta.
Yahaloma
will have the exclusive rights and responsibility to commercialize the Group's intellectual property in the area of diamonds or
precious stone. Management has assessed the transaction and reached the conclusion that the new entity is jointly controlled by Security
Matters Limited and Trifecta. Management has further determined that the contractual arrangement provides the parties to the joint arrangement
with rights to the net assets of the arrangement. The contractual arrangement establishes each party's share in the profit or loss
relating to the activities of the arrangement. The arrangement is a joint venture and the Company's interests in this joint venture
is accounted for using the equity method of accounting.
True
                                            Gold Consortium Pty Ltd
On
July 29, 2020, the Company signed a shareholders' agreement with W.A. Mint Pty Ltd. and TrueGold. The purpose of the agreement
is to set the framework for TrueGold's activity. TrueGold's goal is to establish an industry standard with the development
of an innovative system that can mark (at a molecular level), track and trace gold bars and gold through every stage of the supply chain
with blockchain technology. Under the terms of the agreement, TrueGold will be equally held by the above two-mentioned entities, with
the goal of adding other shareholders.
The
Company's management has assessed the transaction and reached the conclusion that the new entity is jointly controlled by Security
Matters Limited, and W.A. Mint Pty Ltd. The Company's management has further determined that the contractual arrangement provides
the parties to the joint arrangement with rights to the net assets of the arrangement.
The
contractual arrangement establishes each party's share in the profit or loss relating to the activities of the arrangement. The
arrangement is a joint venture and the Company's interests in this joint venture is accounted for using the equity method of accounting.
During 2023 the Company acquired an additional
7.5
%
and gained control in TrueGold. See also note 3.
SMX
Beverages Pty Ltd
On
February 10, 2020, the Company signed an agreement with Global BevCo Pty Ltd. ("Global BevCo"), an Australian company for
the commercialization of Group's trace technology in the alcoholic beverages industry. Under the terms of the agreement, the Company
and Global BevCo established a new private entity, SMX Beverages Pty Ltd ("SMX-B"), which is equally held by the above two-mentioned
entities. The Company has the exclusive rights and responsibility to commercialize the Group's intellectual property in the area
of alcoholic beverages.
The
joint arrangement is a joint venture and the Company's interests in its associate is accounted for using the equity method of accounting.
On
December 24, 2021, the Company signed an agreement with Global BevCo to acquire the remaining
50
%
shares in SMX-B in exchange for
8,000,001
options of the Company at exercise price of AUD
0.4
,
with an expiration date of
March
25, 2027
. Total fair value is AUD
960,000
(USD
721,424
),
and the acquisition was settled on March 25, 2022. The Company assigned the consideration to technology license intellectual property.
The total fair value of the options was determined according to Black-Scholes model, free rate interest of
2.5
%,
expected life
5
years. The acquisition agreement also provides
a five-year consulting agreement to Global BevCo including AUD
13,500
per month and a
5
%
revenue share for referred clients.
F-
24
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
7 -
INTANGIBLE ASSETS, NET
:
Capitalization
    of development cost
Purchased
    license
Core
    Technology License
Total
US$
    in thousands
US$
    in thousands
US$
    in thousands
US$
    in thousands
COST
As
    of January 1, 2023
4,372
655
-
5,027
Capitalized
    development cost
977
157
10,449
11,583
Currency
    translation adjustments
(
7
)
7
-
-
As
    of December 31, 2023
5,342
819
10,449
16,610
Accumulated
    amortization
As
    of January 1, 2023
127
-
-
127
Amortization
-
-
-
-
Currency
    translation adjustments
(
3
)
-
-
(
3
)
As
    of December 31, 2023
124
-
-
124
Net
    book value as of December 31, 2023
5,218
819
10,449
16,486
F-
25
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
7 -
Intangible assets, NET
(CONT.):
Capitalization
    of development cost
Purchased
    license
Total
US$
    in thousands
US$
    in thousands
US$
    in thousands
COST
As
    of January 1, 2022
4,024
-
4,024
Capitalized
    development cost
975
721
1,696
Currency
    translation adjustments
(
500
)
(
66
)
(
566
)
As
    of December 31, 2022
4,499
655
5,154
Accumulated
    amortization
As
    of January 1, 2022
116
-
116
Amortization
14
-
14
Currency
    translation adjustments
(
3
)
-
(
3
)
As
    of December 31, 2022
127
-
127
Net
    book value as of December 31, 2022
4,372
655
5,027
An
intangible asset at the amount of
145
is being amortized. The rest of the intangible
assets have not yet commenced amortization.
Intangible
assets as of December 31, 2023, consist of capitalized development costs of the Group's technology as well as the cost of the exclusive
license intellectual property (
662
)
which includes the addition amount as a result of the acquisition of additional
50
%
interest in SMX Beverages Pty Ltd. The acquired rights have not yet commenced amortization as the license was not yet commenced usage.
In
addition, intangible asset as of December 31, 2023, consist also of core technology license raised from the TrueGold business combination
that reflects the existence of underlying technology that has value through its continued use or re-use in many products or many generations
of a singular product (that is, a product family). See also Note 3.
NOTE
8 -
CONVERTIBLE NOTES
:
A.
On
                                            January 25, 2023, the Company received an amount of $
250
in
                                            consideration for issuance of convertible notes (the "Convertible Notes") and
                                            two types of warrants. The Convertible Notes principal amount is $
250
and
                                            maturity date is the earlier between
December
                                            31, 2024
,
                                            and the date of any change in control (excluding the Business Combination). The Convertible
                                            Notes have an interest rate of
15
%
                                            per annum and shall be converted into ordinary shares: (1) at the note holder's discretion,
                                            at a fixed conversion price of USD
10
per
                                            ordinary share, or (2) through issuance of the Company's ordinary shares at a
20
%
                                            discount.
As
part of the Convertible Note agreements, the investor was granted two types of warrants:
(i)
Bonus Warrants -
12,500
warrants to purchase ordinary shares of the Company
at an exercise price of USD
11.50
per share. The Bonus Warrants have a term of
five
years
commencing upon the closing of the Business
Combination.
(ii)
Redeemable Warrants –
12,500
warrants to purchase ordinary shares of the Company
at a purchase price of USD
11.50
per share. The Redeemable Warrants have a term
of
five
years
commencing upon the closing of the Business
Combination. The Redeemable Warrants shall be redeemable on a non-cumulative basis at the option of the holder, according to a schedule
for USD
5.00
per warrant.
The
investor has the option to decide that the Company will satisfy any or each redemption through the issuance of ordinary shares of
the Company based upon a
20
%
discount to the 20-trading day VWAP preceding each such anniversary
.
F-
26
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
8 -
CONVERTIBLE NOTES
(CONT.):
The
Convertible Notes are recorded in accordance with their fair value. The Redeemable Warrants are accounted for as a derivative financial
liability. Management utilized a third-party appraiser to assist them in valuing the Convertible Notes and Redeemable Warrants.
In
order to calculate the fair value of the Convertible Notes, the Company discounted the payment schedule by a discount rate of
32.2
%.
The
fair value of the Redeemable Warrants was calculated using Monte-Carlo simulation model with expected volatility of
73.74
%
and the risk-free interest rate used is
3.91
%.
As of December 31, 2023, the fair value of the Convertible Notes was $
304
and the fair value of the Redeemable Warrants
was $
73
.
B.
In
                                            May 2022, Security Matters PTY Ltd. issued
828,240
convertible
                                            notes (the "2022 Convertible Notes"), with a face value of AUD
1
(USD
0.7
)
                                            per each 2022 Convertible Note, for an aggregate amount of AUD
828
thousand
                                            (USD
569
).
                                            The 2022 Convertible Notes have a maturity date of
six
                                            months
from
                                            issuance date. The conversion price is as follows:
(i)
                                            if Security Matters PTY Ltd. executes a binding agreement for an M&A transaction or receives
                                            USD 20 million or more in return for the issuance of shares on or before December 31, 2022,
                                            the principal amount of each 2022 Convertible Note will automatically be converted into shares
                                            in Security Matters PTY Ltd. The issuance price per share will be calculated at a 20% discount
                                            to the higher of the offer price or price paid by the investors participating in the qualified
                                            transaction, as such term is defined in the 2022 Convertible Notes agreement, subject to
                                            a floor cap of no lower than AUD 0.15 (USD 0.11) per share. In July 2022, Security Matters
                                            PTY Ltd. entered into the Business Combination Agreement that will be subject to de-listing
                                            of the Company's ordinary share capital from the Australian Stock Exchange following
                                            receiving an Australian court approval of the future merger (ii) if Security Matters PTY
                                            Ltd. has not executed a binding agreement for a qualified transaction until December 31,
                                            2022, the 2022 Convertible Notes balance will automatically convert into ordinary shares
                                            at that date. The issuance price per share will be calculated at a 20% discount to the 5-21
                                            day volume weighted average price to December 31, 2022, as such term is defined in the Convertible
                                            Notes agreement, subject to a cap of no lower than AUD 0.15 (USD 0.11) per share, and on
                                            December 31, 2022 the investors will also be issued unlisted two year options on a 1:2 basis
                                            with an exercise price of AUD 0.45 (USD 0.32) per share
..
                                            As of December 31, 2022, the 2022 Convertible Note amounted to
563
.
                                            In July 2022, an amendment to the 2022 Convertible Notes agreements was signed between Security
                                            Matters PTY Ltd. and the investors which prescribes a cancellation of the 2022 Convertible
                                            Notes and replacing them with the issuance of
1,000,000
ordinary
                                            shares of Security Matters PTY Ltd. (with the occurrence of the Business Combination as described
                                            in Note 1.B). On March 7, 2023, the 2022 Convertible Notes were converted to
1,000,000
ordinary
                                            shares of Security Matters PTY Ltd.
C.
On
                                            September 6, 2023, the Company consummated the transactions pursuant to a Securities Purchase
                                            Agreement dated as of September 5, 2023 and issued and sold to an institutional investor
                                            a convertible promissory note with a fixed conversion price of $
1.6378
,
3,929,051
warrant
                                            As and
2,619,367
warrant
                                            Bs, for gross proceeds to SMX of approximately $
2,358
,
                                            before deducting fees and other offering expenses payable by the Company to their service
                                            providers. The warrant As are exercisable into
3,929,051
ordinary
                                            shares at an exercise price of $
0.0022
per,
                                            share subject to customary adjustments and may be exercised at any time until the five year
                                            anniversary of the warrant As. The warrant Bs are exercisable into
2,619,367
ordinary
                                            shares at an exercise price of $
1.6378
per
                                            share, subject to customary adjustments and may be exercised at any time until the five year
                                            anniversary of the warrant Bs. The warrant As and the warrant Bs meet the fixed-for-fixed
                                            criterion of IAS 32, resulting in being classified as equity. The note is in the principal
                                            amount of $
4,290
.
                                            The actual amount loaned by the investor pursuant to the Note is $
2,574
after
                                            a
40
%
                                            original issue discount. The maturity date of the note is the 12-month anniversary of the
                                            Effective Date, and is the date upon which the principal amount, as well as any accrued and
                                            unpaid interest and other fees, shall be due and payable. Interest accrues in the amount
                                            of
12
%
                                            per year and shall be payable on the maturity date or upon acceleration or by prepayment
                                            or otherwise. The investor has the right, at any time, to convert all or any portion of the
                                            then outstanding and unpaid principal amount and interest (including any costs, fees and
                                            charges) into the Company's ordinary shares, at a fixed conversion price of $
1.6378
per
                                            share.
Any
                                            such conversion is subject to customary conversion limitations set forth in the Purchase
                                            Agreement so the investor beneficially owns less than 4.99% of the Company's ordinary
                                            shares. Additionally, the Company has the right to convert in whole or in part the note into
                                            ordinary shares; provided that in no case shall the Company so convert the note if the result
                                            of the issuance of Ordinary Shares thereby would result in the beneficial ownership of the
                                            investor of ordinary shares in excess of 4.99%
.
F-
27
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
8 - CONVERTIBLE NOTES (CONT.):
The
promissory note was recognized base on the amortized cost method.
As
of December 31, 2023, the note principle amounted to $
1
million and during the period $
2.1
million of promissory note was converted to shares.
As of the date of publication of these financial statements, the Company's institutional investor has converted all of the principal
of the convertible promissory note into an aggregate of
2,619,377
Ordinary Shares and exercised the Warrant A and
Warrant B for
3,789,264
and
2,619,367
Ordinary Shares, respectively. See note 24(11).
NOTE
9 -
BRIDGE LOANS LIABILITIES
:
Between
August 2022 to January 2023, Security Matters PTY Ltd. entered into bridge loan agreements (the "Bridge Loans") with eleven
lenders, which lent Security Matters PTY Ltd. an aggregate amount of $
3,860
.
The Bridge Loans have a maturity date of up to
two
years
and bear an interest rate of
10
%
per annum. The Bridge Loans were accounted for in accordance with the amortized cost method.
As
of December 31, 2023, the principal and the accumulated interest of the bridge loans were $
1,739
.
As
part of the Bridge Loans agreements, some of the lenders were granted two types of warrants:
(i)
Bonus
                                            Warrants -
11,045
(after
                                            reverse stock split) warrants to purchase ordinary shares of the Company at an exercise price
                                            of USD
253
per
                                            share and a first priority security interest in the shares of Security Matters PTY's
                                            interest in trueGold Consortium Pty Ltd.
The
                                            Bonus Warrants term is
five
                                            years
commencing
                                            upon the closing of the Business Combination.
Management
                                            utilized a third-party appraiser to assist them in valuing the Bonus Warrants The fair value
                                            of the Bonus Warrants was calculated using the Black and Scholes model.
As
                                            of December 31, 2023, and as of December 31, 2022, the fair value of the Bonus Warrants was
nil
and
                                            $
24
respectively.
(i)
Redeemable
                                            Warrants Type 1 -
15,545
(after
                                            reverse stock split) warrants to purchase ordinary shares of SMX at a purchase price of USD
253
per
                                            share. The Redeemable Warrants Type 1 term is
five
                                            years
commencing
                                            upon the BCA (see to Note 1B
)
.
●
50.00
%
                                            of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option
                                            of the holder, during the 30 days following the Business Combination for USD
110
per
                                            warrant.
●
25.00
%
                                            of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option
                                            of the holder for the 30 days following the third anniversary of the Business Combination
                                            for
●
25.00
%
                                            of the Redeemable Warrants Type 1 shall be redeemable on a non-cumulative basis at the option
                                            of the holder for the 30 days following the fourth anniversary of the Business Combination
                                            for USD
110
per
                                            warrant.
Management
utilized a third-party appraiser to assist them in valuing the Redeemable Warrants Type 1. The fair value of the Redeemable Warrants
Type 1 was calculated using Monte-Carlo simulation model.
As
of December 31, 2023, and as of December 31, 2022, the fair value of the Redeemable Warrants Type 1 was $
72
and $
1,973
respectively.
F-
28
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
9 - BRIDGE LOANS LIABILITIES (CONT.):
(ii)
Redeemable
                                            Warrants Type 2 –
10,454
(after
                                            reverse stock split) warrants to purchase ordinary shares of SMX at a purchase price of USD
253
per
                                            share. The Redeemable Warrants Type 2 term is
five
                                            years
commencing
                                            upon the SPAC transaction (see also Note 1B
)
.
●
50.00
%
                                            of the Redeemable Warrants Type 2 shall be redeemable on a non-cumulative basis at the option
                                            of the holder, during the 30 days following the first anniversary of the Business Combination
                                            for USD
110
per
                                            warrant.
●
50.00
%
                                            of the Redeemable Warrants Type 2 shall be redeemable on a non-cumulative basis at the option
                                            of the holder, during the 30 days following the second anniversary of the Business Combination
                                            for USD
110
per
                                            warrant.
Management
utilized a third-party appraiser to assist them in valuing the Redeemable Warrants Type 2. The fair value of the Redeemable Warrants
Type 2 was calculated using Monte-Carlo simulation model.
As
of December 31, 2023, and as of December 31, 2022, the fair value of the Redeemable Warrants Type 2 was
$
421
and $
696
respectively.
Each
investor has the option to decide that the Company will satisfy any or each redemption through the issuance of ordinary shares of the
Company based upon a 20% discount to the 20-trading day VWAP preceding each such anniversary
.
The
main assumptions used in the three valuation models as of December 31, 2023 described above were: (1) risk free rate
3.91
%;
(2) volatility of assets
73.74
%;
and (3) excepted terms of the warrants
4.18
years. All warrants were classified as a derivative
financial liability and are re-measured each reporting date, with changes in fair value recognized in finance expense (income), net.
The
main assumptions used in the three valuation models as of December 31, 2022 described above were: (1) risk free rate
3.99
%;
(2) volatility of assets
81.03
%;
and (3) excepted terms of the warrants -
5.18
years. All warrants were classified as a derivative
financial liability and are re-measured each reporting date, with changes in fair value recognized in finance expense (income), net.
On
March 2023, the Company signed an addendum to the Bridge Loans agreements which convert principal amount of $
1,350
and redeemable warrants at the amount of $
1,000
into
872,418
ordinary shares
.
On
                                            December 31, 2023, the Company signed an addendum to the Bridge Loans agreements which convert
                                            principal amount of $
750
and
                                            redeemable warrants at the amount of $
1,450
into
4,032,256
ordinary
                                            shares. According to the addendum the company has issued to the lenders an aggregate of fully
                                            paid
4,032,256
warrants
                                            to purchase up to an aggregate of
4,032,256
ordinary
                                            shares at an exercise price of $
1.17
per
                                            share. The Warrants were exercisable immediately upon issuance and will expire three years
                                            following their issuance.
The
warrants include a cashless exercise mechanism, according to the terms specified in the addendum and it's according to the lender
election (the "Cashless Warrants").
Therefore,
the Company accounts for the Cashless Warrants as financial liability instruments that measured at fair value and recognized financial
expenses or income through profit and loss.
The
Company valued each Cashless Warrants at $
0.25
per warrant by using the Black-Scholes option-pricing model
The key inputs that were used in the Cashless Warrants fair value as of December 31, 2023 were:
●
risk-free
    interest rate
4.13
%
●
expected
    volatility
70.39
%
●
expected
    dividend yield of
0
%
●
expected
    term of warrants –
3
years
As
of December 31, 2023 the Cashless Warrants fair value was $
1,023
F-
29
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
10 -
PRE-PAID ADVANCE
:
In
February 2023, the Company entered into a Standby Equity Purchase Agreement ("SEPA") to raise up to $
25,000
in consideration of the issuance of ordinary
shares over the course of 36 months with Yorkville. According to the SEPA, the Company may issue Yorkville ordinary shares at a purchase
price as one of two options
(i)
equal to 96% of the weighted average price ("VWAP") of the common stock during the applicable pricing period or (ii) equal
to 97% of the lowest VWAP of the common stock during a pricing period of 3 consecutive trading days commencing on the relevant period.
Yorkville advanced to the Company an aggregate
principal amount of $
3,500
(the "Pre-Paid Advance"). The Pre-Paid
Advance was disbursed in two separate installments evidenced as convertible loans, the first for $
1,500
at the closing of the Business Combination, and
the second, as subsequently amended, for $
2,000
upon the effectiveness of a registration statement.
The purchase price for the Pre-Paid Advance is
92.0
%
of the Pre-Paid Advance. Such Pre-Paid Advances
will be offset upon the issuance of ordinary shares to Yorkville at a price per share equal to the lower of (a) 100% of the daily VWAP
of the ordinary shares on The Nasdaq Stock Market as of the trading day immediately prior to the date of the disbursement of the Pre-Paid
Advance (the "Fixed Price") (in the case of the first Pre-Paid Advance, $
3.65
),
or (b) 93.0% of the lowest daily VWAP of the Ordinary Shares on Nasdaq during the seven trading days immediately prior to each purchase
(the "Variable Price" and the lower of the Fixed Price and the Variable Price shall be referred to as the "Purchase
Price"); however, in no event shall the Purchase Price be less than $
1.10
(the "Floor Price"). On July 27,
2023, the Company amended the promissory note evidencing the remaining Pre-Paid Advance to decrease the Floor Price to $
1.10
(as adjusted for reverse stock split which occurred
on August 21, 2023, see also Note 14.4), after the Company was required to repay in cash $
500
of principal amount as a result of the Company's
share price being below the original Floor Price. The Company made additional change to the Yorkville agreement which effectively eliminates
the floor price - see also note 24(4). The maturity date will be 12-months after the initial closing of each Pre-Paid Advance. In July
2023, the Company repaid in full the first Pre-Paid Advance in the amount of $
1,500
and as of December 31, 2023 the Company repaid
the second Pre-Paid Advance in the amount of $
1,300
.
In the period, the Company issued ordinary shares in net consideration of $
1,979
in accordance with the terms of the SEPA and
subsequent to the period, the Company repaid approximately $
377
as of the date of the authorization of these
financial statements.
On April 13, 2024, the Company exercised its right of termination under the
SEPA and sent Yorkville a written termination letter, which is effective
upon five trading days thereafter. On April 19, 2024,
the Company entered into a similar agreement with an institutional investor, which will enable the Company to raise up to $
30,000
.
See also note 24(10).
NOTE
11 -
LEASES
:
The
Group has lease contracts for office facilities (including a lab) and motor vehicles used in its operations. Leases of office and lab
facilities generally have lease term of
12
years, motor vehicles generally have lease terms
of
3
years.
Set
out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
Office
                                            and lab
facilities
Motor
    vehicles
Total
At
    January 1, 2022
446
20
466
Additions
49
-
49
Foreign
    currency translation
(
35
)
(
6
)
(
41
)
Deductions
(
7
)
(
14
)
(
21
)
Depreciation
    expense
(
39
)
-
(
39
)
As
    at December 31, 2022
414
-
414
Additions
-
26
26
Foreign
    currency translation
(
6
)
-
(
6
)
Deductions
-
-
-
Depreciation
    expense
(
42
)
(
3
)
(
45
)
As
    at December 31, 2023
366
23
389
F-
30
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
11 - LEASES (CONT.):
Information
on leases:
Year
    ended December 31,
2023
2022
Interest
    expense on lease liabilities
32
51
Total
    cash outflow for leases
45
39
For
an analysis of maturity dates of lease liabilities, see Note 22 on liquidity risk.
NOTE
12 -
OTHER PAYABLES
:
December
    31, 2023
December
    31, 2022
Employees,
    salaries and related liabilities
726
392
Related
    party
4
56
Liabilities
    for grants received (see also note 20)
153
50
Excise
    Tax
1,569
-
Other
31
152
Total
2,483
650
NOTE
13 -
BORROWINGS FROM RELATED PARTIES
:
In
2015, the Group signed an agreement to receive a loan of ILS
2
million
(approximately
513
)
from its shareholders. These loan bears interest at an annual rate of
4
%
.
December
    31, 2023
December
    31, 2022
Balance
    at January 1,
710
270
Payment
    of borrowings
(
657
)
(
172
)
Provision
    for bonus (include interest)
-
621
Exchange
    rate differences
(
53
)
(
9
)
Balance
    at December 31,
-
710
In
consideration of providing funding as a seed capitalist, the Company agreed to provide, as additional consideration, a bonus payments
(the "Bonus Payments") on the occurrence of an exit or major liquidity event. In any way, the Bonus Payments are capped at
ILS
3
million (approximately
965
)
per each of the two lenders.
The
Bonus Payments are intended to operate in one of the two trigger events:
(i)
dividend
                                            distributions paid by the Company; or
(ii)
the
                                            sale of shares by a lender in Security Matters Ltd. (either in the event of a takeover or
                                            otherwise).
Only
if the aggregate amounts of one of the two trigger events exceeds the investment of the lenders in the Company (in a way of loan or shares),
then the lender would be entitled the Bonus Payments based on a formula set forth in the agreement.
The
amount of the Bonus Payments is the amount that exceeds the aggregate sum invested in the Company (in a way of loan or shares) by the
lender divided by several factors according to the formula as set forth in the agreement.
F-
31
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
13 - BORROWINGS FROM RELATED PARTIES (CONT.):
There
is no time limit to pay the Bonus Payments. Once the Company has paid each Bonus Payment in its entirety (i.e., the cap of ILS
3
million has been paid to each Lender), then the
Company has fulfilled its obligations. When the Bonus Payments are not expected to be made, the resulting cash flows will not affect
profit and loss until the point in which the Company estimates that the liquidity events will take place. As of December 31, 2021, the
Company estimated that is more likely than not that the shareholders will sell their shares in 2022 which will entitle them to the Bonus
Payments. The amount of the Bonus Payment is subject to assumptions that were made with the assistance of external appraisal. As a result,
the increase in the carrying amount of the liability was charged as expense of
87
to profit and loss in 2021.
In
August 2022 the loan from related party has been fully repaid and the Company signed an addendum to the loan agreement that reduces the
total amount of the Bonus Payments to ILS
2.5
million (approximately
710
),
to be paid upon the completion of the business combination. As of December 31, 2022, the liability was
710
.
On
September 19, 2023, the Company amended its loan agreements dated September 7, 2015, by and between the Company, its shareholders and
Kamea Fund (the "Loan Agreements"). Pursuant to the amendment to the Loan Agreements, Kamea agreed to convert $
657
of indebtedness under the Loan Agreements (the
"Indebtedness Amount") into
487,281
ordinary shares (post Reverse Stock Split) of
the Company, as payment in full for the Indebtedness Amount; provided however, that in the event the proceeds received from Kamea with
respect to any sales of such shares are not at least equal to the Indebtedness Amount, the Company will remain liable to Kamea for the
balance of the Indebtedness Amount. In accordance with management estimation the FV of this Indebtedness is immaterial.
NOTE
14 -
SHAREHOLDERS' EQUITY
A.
Share
                                            capital:
Number
    of shares
December
    31, 2023
December
    31, 2022
Authorized
Issued
    and outstanding
Authorized
Issued
    and outstanding
Ordinary
    shares
USD
0.0022
par value
36,363,636,364
10,185,909
22,727,272
-
Preferred
    shares
USD
0.0001
par value
200,000,000,000
-
-
-
Deferred
    shares
Euro
1
par value
25,000
25,000
25,000
25,000
Ordinary
shares
Ordinary
shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of
and amounts paid on the shares held. The fully paid ordinary shares have a par value per share of $
0.0022
and the Company does not have a limited amount
of authorised capital.
Preferred
                                            shares
Preferred
shares with such designation, rights and preferences as may be determined from time to time by the Company's Board of Directors.
Deferred
shares
Deferred
Ordinary Shares are non-voting shares and do not convey upon the holder the right to be paid a dividend or to receive notice of or to
attend, vote or speak at a general meeting. The Deferred Shares confer the right on a return of capital, on a winding-up or otherwise,
only to the repayment of the nominal value paid up on the Deferred Shares after repayment of the nominal value of the Ordinary Shares.
F-
32
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
14 - SHAREHOLDERS' EQUITY (CONT.):
B.
Changes
                                            in Share capital
1.
On
                                            March 7, 2023 (the "Closing Date"), the Company consummated the Business Combination
                                            as described in Note 1B. Beginning on the day immediately prior to the Closing Date and ending
                                            on the day immediately after the Closing Date, the following transactions occurred:
a)
The
    AUD
828,240
of
    the 2022 Convertible Notes have been cancelled in consideration for the issuance of
1,000,000
ordinary shares in Security Matters PTY Ltd.
b)
Security
    Matters PTY Ltd. performed acceleration of vesting for all unvested warrants and options, the expense for the acceleration amounted
    to $
186
.
c)
32,211,716
warrants and options have been exercised on cashless
    basis to
24,568,773
shares in Security Matters PTY Ltd.
d)
848,784
(post reverse stock split) ordinary shares of the
    Company have been issued to Security Matters PTY Ltd.'s shareholders in return for their
193,500,379
ordinary shares in Security Matters PTY Ltd.
    that were cancelled. Security Matters PTY Ltd.'s
shareholders
    received as consideration 1 ordinary share of the Company per 10.3624 Security Matters PTY Ltd.'s ordinary shares
.
e)
The
    Company issued
160,227
ordinary shares,
2,200,000
private warrants and
6,250,000
public warrants to Lionheart's stockholders,
    in exchange for their existing Lionheart shares and warrants. The warrants exercise price is $
11.5
per share, expiring in March 2028. The warrants
    are considered to be a derivative financial liability and measured at fair value, which is the market price as of the end of the
    period, amounted to $
0.0204
per warrant.
f)
The
    Company issued
303,053
ordinary shares for an aggregate of $
3,110
net proceeds.
g)
The
    Company issued
872,418
ordinary shares for the conversion of bridge
    loan at principal amount of $
1,350
and
200,000
redeemable warrants ($
5
per warrant,
5
years, exercise price of $
11.5
per share).
2.
During
                                            2023, the Company issued
1,237,751
ordinary
                                            shares (
4,196
shares
                                            as commitment fees) to Yorkville post reverse stock split, for an aggregate of $
1,979
net
                                            proceeds (see also Note 10).
3.
On
                                            June 22, 2023, the Company entered into an underwriting agreement (the "Underwriting
                                            Agreement") with EF Hutton, LLC (the "Underwriter") relating to the public
                                            offering of (i)
606,061
ordinary
                                            shares of the Company, at a subscription price per share of $
0.24
(the
                                            "Firm Shares"), (ii)
606,061
warrants
                                            in the form of Warrant A to subscribe for
606,061
ordinary
                                            shares, at an exercise price of $
0.24
per
                                            share ("Warrant A"), and (iii)
606,061
warrants
                                            in the form of Warrant B to subscribe for
606,061
ordinary
                                            shares, at an exercise price of $
0.24
per
                                            share ("Warrant B" and together with Warrant A, the "Firm Warrants"
                                            and, collectively with the Firm Shares, the "Firm Securities").
The
Company also granted the Underwriter a 45-day option to subscribe for, in the aggregate,
(a) up to
90,909
additional ordinary shares
(15% of the Firm Shares) at a subscription price per share of $
0.24
(100% of the public offering price allocated to each Firm Share)
(the "Option Shares" and together with the Firm Shares, the "Shares") or Pre-Funded Warrants to subscribe for
up to
90,909
ordinary shares at a price per share of $
0.2399
(100% of the public offering price allocated to each Firm Share less
$0.0001) and the remaining non pre-funded exercise price of each pre-funded warrant will be $
0.0
001
per share, and/or (b)
90,909
warrants in the form of Warrant A to subscribe for an aggregate of
90,909
ordinary shares (15% of the Firm Warrants) at an exercise
price of $
0.24
per warrant (100% of the public offering price allocated to each set of warrants in the form of Warrant A), and/or (c)
90,909
warrants in the form of Warrant B to purchase an aggregate of
90,909
ordinary shares (15% of the Firm Warrants) at a purchase
price of $
0.24
per warrant (100% of the public offering price allocated to each set of warrants in the form of Warrant B) (the "Option
Warrants" and together with the Firm Warrants and Pre-Funded Warrants, if any, the "Warrants"), which may be subscribed
for in any combination of Option Shares and/or the Option Warrants
. The Option Shares and the Option Warrants are referred to as the
"Option Securities".
The
offering closed on June 27, 2023. The Company delivered the Firm Shares (or Firm Share equivalents in the form of Pre-Funded Warrants),
the Firm Warrants and the Option Warrants to the Underwriter on the same day.
The
Warrant A terms specify that the warrants may be exercised at any time on or before June 27, 2028. On or after the earlier of
(i) the
thirty day anniversary of the date of the Underwriting Agreement and (ii) the date on which the aggregate composite trading volume of
the Company's ordinary shares as reported by Bloomberg LP beginning on the date of the Underwriting Agreement exceeds 681,818
ordinary shares, a holder of Warrant A warrants may also provide notice and elect a "cashless exercise" pursuant to which
the holder would receive an aggregate number of ordinary shares equal to the product of (x) the aggregate number of ordinary shares that
would be issuable upon a cash exercise and (y) $0.50. As of the date of the authorization of these financial statements, an aggregate of
690,096
Warrant A warrants were cashless exercised into an aggregate of
345,349
ordinary shares.
The Warrant B terms specify that the warrants
may be exercised at any time on or before June 27, 2028.
F-
33
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
14 - SHAREHOLDERS' EQUITY (CONT.):
On
December 8, 2023, the Company consummated an inducement offer letter agreement with certain holders of the Company's outstanding
Warrant Bs to purchase Ordinary Shares of the Company. The Warrant Bs were issued on June 27, 2022 and had an exercise price of $
5.28
per share (after taking into account the Company's
1:22 reverse share split).
Pursuant
to the inducement letter, the holders agreed to exercise for cash their Warrant Bs to purchase an aggregate of
606,060
shares of the
Company's Ordinary Shares at a reduced exercise price of $
1.15
per share in consideration for the Company's agreement to
issue new warrants to purchase, in the aggregate, up to
909,090
of the Company's Ordinary Shares at an exercise price of either
(i) $0.0022 per share in an amount not to exceed 75% of the New Warrant Shares, or (ii) $1.15 per share, in the discretion of the warrant
holders. The Company received aggregate gross proceeds, before payment of transaction fees and expenses, of $
697
from the exercise
of the Warrant Bs by the holders, and the carrying amount of those warrants, was classified to ordinary shares and premium together with
the proceeds the Company received from the exercise price
. See also note 24(3).
In
accordance with IAS 32, the Company measured the difference between the fair value of the consideration the holder receives on conversion
of the instrument under the revised terms and the fair value of the consideration the holder would have received under the original terms,
was recognized as a loss in profit or loss.
The
Company utilized Black-Scholes valuation model to calculate the fair values of the repriced warrants both before and after the repricing
and recognized the incremental fair value of $
209
as finance expense in the statement of comprehensive
income against an increase in the carrying amount of the warrants (presented within issued capital and additional paid-in capital). In
addition, fair value was also calculated for the new
909,090
issued warrants at the amount of $
865
,
which was recognized as finance expense against an increase in equity. Warrant Bs are classified as equity instruments according to IAS
32.
Warrant
A was valued at $0.067 which is half of the share market price at the end of the period, assuming cashless exercise. Warrants A were
considered to be a derivative financial liability. The terms of the Warrant Bs specify that each warrant has a cash exercise price
of $
0.24
.
The Warrant Bs were valued at $
0.0602
by using the Black-Scholes option-pricing
model, with expected volatility of
70.39
%
and the risk-free interest rate used is
4.13
%.
Warrant As and Bs expire in June 2028. The net proceeds to the Company upon the closing of this offering were approximately $
2,580
.
The capital raise fee amounted to $
660
.
The Company also granted to the Underwriter,
666,667
warrants at an exercise price of $
0.264
per share, which expires after 5 years. The Underwriter's warrants were valued at $
0.0575
per option by using the Black & Scholes option-pricing, with expected volatility of
70.39
%
and the risk-free interest rate used is
4.13
%.
4.
On
                                            August 8, 2023, at the Extraordinary General Meeting of Shareholders of the Company, the
                                            Company's shareholders voted in favor of consolidating every twenty-two ordinary shares
                                            in the authorized but unissued and in the authorized and issued share capital of the Company
                                            into one ordinary share (the "Reverse Stock Split").
On
August 21, 2023, the Company's ordinary shares began trading on the Nasdaq Global Market on a post-Reverse Stock Split basis under
the current symbol "SMX".
5.
On
                                            September 19, 2023, the Company amended its loan agreements dated September 7, 2015, by and
                                            between the Company, its shareholders and Kamea Fund (the "Loan Agreements").
                                            Pursuant to the amendment to the Loan Agreements, Kamea agreed to convert $
657
of
                                            indebtedness under the Loan Agreements (the "Indebtedness Amount") into
487,281
ordinary
                                            shares of the Company, as payment in full for the Indebtedness Amount; provided however,
                                            that in the event the proceeds received from Kamea with respect to any sales of such shares
                                            are not at least equal to the Indebtedness Amount, the Company will remain liable to Kamea
                                            for the balance of the Indebtedness Amount (see also note 13).
F-
34
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
14 - SHAREHOLDERS' EQUITY (CONT.):
6.
On
                                            December 31,2023 The Company also issued
457,682
Ordinary
                                            Shares to a service provider as payment in full for $
260
worth
                                            of legal services which previously provided to the Company.
C.
Options
                                            granted to employees and service providers:
1.
In
                                            June 2018, Security Matters PTY Ltd. has adopted a Share Option Plan (the "Plan")
                                            to provide an incentive to retain, in the employment or service or directorship of the Group
                                            and provide the ability to attract new employees, directors or consultants whose services
                                            are considered valuable. The persons eligible to participate in the Plan include employees,
                                            directors and consultants of Security Matters PTY Ltd. or any subsidiary. On March 7, 2023
                                            as part of the SPAC transaction. These options were exercised on a cashless basis and then
                                            after replaced to the Company's shares. See also note 14B1(c-d).
2.
In
                                            March 7, 2023 Security Matters PTY Ltd. performed acceleration of vesting for all unvested
                                            warrants and options, the expense for the acceleration amounted to $
186
.
3.
In
                                            April 25, 2023, the Company's board of directors and its shareholders approved and
                                            adopted the SMX Public Limited Company 2022 Incentive Equity Plan, which was subsequently
                                            amended the Company's board of directors, subject to applicable Nasdaq requirements,
                                            which reserved for grant a number of ordinary shares equal to
15
%
                                            of the number of issued and outstanding ordinary shares on a fully diluted basis immediately
                                            after the closing of the Business Combination, or
5,082,417
authorized
                                            ordinary shares.
4.
During
                                            the period ended December 31, 2023, the Company granted
197,000
RSUs
                                            to employees, directors and service providers. The fair value at grant date of RSUs granted
                                            in the period were $
1
-$
1.09
.
                                            Related share-based expenses recognized for the period totaled $
2,820
.
RSUs
granted to employees, directors and service providers:
Year
                                            ended
December
                                            31, 2023 (in thousands)
Year
                                            ended
December
                                            31, 2022 (in thousands)
Outstanding
    at beginning of period
-
-
Granted
197
-
Vested
(
57
)
-
Forfeited
(
4
)
-
Outstanding
    at
December 31, 2023
136
-
F-
35
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
14 - SHAREHOLDERS' EQUITY (CONT.):
5.
During
                                            the year ended December 31, 2023, the Company granted
38,656
options
                                            to employees and service providers. These grants carry an exercise price of between $
22.71
-
                                            $
88
,
                                            vesting period up to
4
years
                                            from the grant date, contractual life of the options under the plan is
5
years.
                                            The fair value of the grant at grant date is $
219
.
                                            The related share-based expenses that were recognized in the year ended December 31, 2023,
                                            amounted to $
184
.
A summary of the status of the Company's Share Option
                                            Plan granted to employees and service providers (including performance-based awards) and
                                            changes during the relevant period ended on that date is presented below:
Year
    ended
December 31, 2023
Year
    ended
December 31, 2022
Number
of
                                            options (in thousands)
Weighted
                                            average
Exercise
                                            price (USD)
Number
of
                                            options
(in
                                            thousands)
Weighted
                                            average
Exercise
                                            price (USD)
Outstanding
    at beginning of year
57
44.22
73
41.85
Issue
    of options
38
82.04
17
41.85
Expired
(
30
)
31.02
(
33
)
34.10
Outstanding
    at end of year
65
69.92
57
54.25
Exercisable
    options
58
68.67
38
43.40
The
options to employees and service providers outstanding as of December 31, 2023, are comprised, as follows:
Exercise
    price (USD)
Outstanding
                                            as of
December
                                            31, 2023
Weighted
                                            average remaining
contractual
                                            term
Exercisable
    as of December 31, 2023
Weighted
                                            average remaining
contractual
                                            term
(years)
(years)
18.70
-
23.32
5
2.46
5
2.46
29.48
-
31.02
3
3.21
3
3.21
40.48
-
48.18
6
1.41
6
1.41
52.80
-
56.10
9
2.26
9
2.26
78.54
-
88.00
35
4.40
28
4.38
93.28
-
108.90
7
3.03
7
3.03
65
58
1.
The
                                            options issued in 2023, were valued using the Black-Scholes pricing model. The main parameters
                                            which were used are: (1) risk-free rate:
3.58
-
3.42
%;
                                            (2) expected volatility:
78.35
-
73.01
%:
                                            (3) expected term: up to
5
years;
                                            and (4) expected dividend yield:
0
%.
2.
The
                                            options issued in 2022, were valued using the Black-Scholes pricing model. The main parameters
                                            which were used are: (1) risk-free rate:
3.09
-
4.68
%;
                                            (2) expected volatility:
62.06
-
85.03
%:
                                            (3) expected term: up to
5
years;
                                            and (4) expected dividend yield:
0
%.
F-
36
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
15 -
RESEARCH AND DEVELOPMENT EXPENSES, NET
:
December
    31, 2023
December
    31, 2022
December
    31, 2021
Salaries
    and related expenses
2,228
2,166
1,795
Subcontractors
    and consultants
344
374
631
Materials
    and laboratory expenses
223
316
252
Depreciation
    and amortization
197
255
287
Share
    based compensation
447
127
100
Travel
    expenses
87
50
42
Freight
33
30
23
Other
10
6
-
Reimbursement
    from paid pilots and proof of concept projects
(
858
)
(
1,426
)
(
1,091
)
Total
2,711
1,898
2,039
NOTE
16 -
GENERAL AND ADMINISTRATIVE EXPENSES
:
December
    31, 2023
December
    31, 2022
December
    31, 2021
BCA
    transaction cost
7,278
-
-
Professional
    services
667
1,105
1,089
Public
    company expenses
5,128
-
-
Wages
    and salaries related
1,348
935
752
Travel
    expenses
611
223
-
Office
    and maintenance
170
145
116
Share
    based compensation
1,222
137
331
Insurance
50
60
102
Depreciation
    and amortization
30
35
28
Other
63
83
64
Total
16,567
2,723
2,482
NOTE
17 -
TAXES ON INCOME
:
1.
The
                                            Company is incorporated and domiciled in Ireland where the applicable tax rate is
12.5
%
.
2.
Theoretical
                                            tax:
December
    31, 2023
December
    31, 2022
December
    31, 2021
Reconciliation
    of income tax at the statutory rate
Loss
    before income tax
(
20,989
)
(
6,184
)
(
4,939
)
Theoretical
    tax rate of
12.5
%
(
2,624
)
(
1,701
)
(
1,358
)
Tax
    effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible
    expenditure and others
3254
335
118
Unrecognized
    temporary differences and tax losses for which deferred tax weren't recognized
(
630
)
1,366
1,240
Income
    tax / (benefit)
—
—
—
3.
As
                                            of December 31, 2023, the Group has estimated carry forward tax losses of approximately
$
45,095
(2022:
$
24,106
2021
:$
17,659
)
                                            which may be carried forward and offset against taxable income for an indefinite period in
                                            the future. The Group did not recognize deferred tax assets relating to carry forward losses
                                            in the financial statements because their utilization in the foreseeable future is not probable.
F-
37
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
18 -
LOSS PER SHARE
December
    31, 2023
December
    31, 2022
December
    31, 2021
Net
    loss attributable to the owners of the company
(
20,914
)
(
6,184
)
(
4,939
)
Basic
    and diluted loss per share
(
7.82
)
*
(
8.47
)
*
(
7.41
)
Weighted
    average number of ordinary shares used in calculating basic and diluted loss per share
2,676
730
666
*
Restated
                                            as a result of the SPAC transaction and the reverse share split described in Note 14B(4),
                                            the calculation of the basic and diluted loss per share for all past periods presented have
                                            been adjusted retrospectively based on the new number of shares as derived from the conversion
                                            ratio.
NOTE
19 -
RELATED PARTIES
:
Key
Management Personnel Compensation and other related party transactions and balances:
The
key management personnel, among others includes board members, CEO and CFO.
The
totals of remuneration paid to Key Management Personnel and related parties during the years are as follows
:
1.
    Transactions with related parties:
December
    31, 2023
December
    31, 2022
Issuance
    of options to related party
-
721
Short-term
    salary and fees
803
508
Short-term
    salary until deletion
22
-
Loan
    repayment
-
172
Conversion
    of loan to ordinary shares
657
-
Share
    based payments
2,084
98
Post-employment
    retirement benefits
98
94
Payment
    for Administrative services
34
36
Non-monetary
    benefits
49
29
Payments
    for legal services
287
-
Revaluation
    of financial liabilities at fair value
1,204
-
Proof
    of Concept projects paid by affiliated companies
-
(
1,064
)
5,238
594
2.
    Balance with related parties:
December
    31, 2023
December
    31, 2022
Key
    management
Salary
    and related
(
219
)
(
99
)
Directors
Salary
    and related
-
(
82
)
Shareholders
Borrowings
    from related parties
-
(
710
)
Shareholders
Other
    accounts payable
(
3
)
(
56
)
Shareholders
Trade
    payables
(
58
)
-
Shareholders
Derivatives
(
476
)
-
Joint
    Ventures
Other
    receivables
15
59
Joint
    Ventures
Investment
    in subsidiary
115
221
(
626
)
(
667
)
F-
38
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
20 -
GOVERNMENT GRANTS
The
Government of Israel encourages research and development projects oriented towards products for export or projects which will otherwise
benefit the Israeli economy. This is conducted via the Israel Innovation Authority (IIA), which replaced the former Office of the Chief
Scientist (OCS). The Group has an approved project with the IIA under which it received a total of $
162
in
prior years. The Group is subject to paying
3
%
of
its relevant revenues until repayment of the entire grant. As of December 31, 2023, the Group paid an amount of
0
.
The difference between the consideration received and the liability recognized at inception (present value) was treated as a government
grant according to IAS 20 and recognized as a reimbursement of research expenses.
Until
October 25, 2023, the interest was calculated at a rate based on 12-month London Interbank Offered Rate, or LIBOR applicable to US Dollar
deposits. However, on October 25, 2023, the IIA published a directive concerning changes in royalties to address the expiration of the
LIBOR. Under such directive, regarding
IIA
grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter, as of January 1, 2024 the annual interest will
be calculated at a rate based on 12-month Secured Overnight Financing Rate, the SOFR, or at an alternative rate published by the Bank
of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the annual interest will be the higher of (i) the 12
months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%
.
December
    31, 2023
December
    31, 2022
Short
    term liability at year end
153
50
Long
    term liability at year end
-
85
Total
153
135
NOTE
21 -
COMMITMENTS AND CONTINGENT LIABILITIES
:
As
part of the Board's ongoing regulatory compliance process, the Board continues to monitor legal and regulatory developments and
their potential impact on the Company. Management is not aware of any contingencies that may have a significant impact on the financial
position of the Company.
1.
In
                                            January 2015, the Company entered an agreement with Isorad Ltd. (a company wholly owned by
                                            the State of Israel with rights to exclusively commercialize the Soreq Research Center technology
                                            for civilian uses), according to which the Company was granted technological license in return
                                            for future royalties based on
2.2
%
of
                                            Gross sales by the Company and its affiliates and after 25 years the license becomes royalty-free.
                                            Upon the occurrence of an M&A event (as such event is defined in the agreement to include
                                            mergers, sale of all or substantially all the assets of ours and similar event), in the first
                                            M&A event, the Company is to pay a consideration equal to
1
%
of
                                            the amount received or transferred and in the second M&A event, a consideration equal
                                            to
2
%
of
                                            the amount received or transferred. This will not apply to any future offer of shares, merger
                                            or sale of assets thereafter.
On
January 2023, the Company signed an amendment to the agreement that determine the following:
(1)
for the BCA with Lionheart, Isorad was issued (a)
864,000
options
to purchase shares of the Company, the options were issued in January 2023 and valued using the Black-Scholes pricing model. The main
assumptions which were used are: (1) risk-free rate:
3.42
%
;
(2) expected volatility:
81.92
%
:
(3) expected term: up to
3
years;
and (4) expected dividend yield:
0
%;
The
fair value of these options was $
33
and
recognized as a technology license intellectual property.
F-
39
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
21 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.):
(2)
Additionally, Isorad will be entitled to
1
%
of
any amount actually received against equity or other funding convertible into equity at the closing of the transaction and until 13 months
thereafter (to be paid after reaching an aggregated received amount of
27
million,
or at the end of such 13 months, the earlier thereof).
As
of December 31, 2023, based on the funds the Company actually received, the Company recognized a technology license intellectual property
at the amount of $
123
against
a liability that reflects the due amount.
(3)
Exit fee - in the occurrence of the first M&A event (as such event is defined in such agreement to include mergers, sale of all or
substantially all the assets of the Company and similar event) after the closing of the BCA, the Company is to pay a cash amount equal
to
1.5
%
of
the amount received or transferred. This will not apply to any future offer of shares, merger or sale of assets thereafter.
NOTE
22 -
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
:
Composition
of the Group's financial assets and financial liabilities:
December
    31,
2023
2022
Financial
    assets at amortized cost:
Cash
    and cash equivalents
168
1,398
Other
    current receivables
424
3,673
Total
    financial assets
592
5,071
December
    31,
2023
2022
Financial
    liabilities at fair value through profit or loss:
Convertible
    notes
377
563
Trade
    and other payables
12,487
3,622
Bridge
    loans
2,233
3,682
Pre-paid
    advance
700
-
Derivatives
1,143
-
Total
    financial liabilities at fair value through profit or loss
16,940
7,867
Financial
    liabilities at amortized cost:
Convertible
    promissory note
1,013
-
Lease
    liabilities
649
-
Government
    grants
153
-
Borrowing
    from related parties
-
-
Total
    financial liabilities at amortized cost
1,815
-
Total
    financial liabilities
18,755
7,867
F-
40
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
22 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT.):
Financial
risk management objectives
The
                                            Group's activities expose it to a variety of financial risks such as market risks (foreign
                                            currency risk), credit risk and liquidity risk. The Company's management oversees the
                                            management of these risks, focusing on the unpredictability of financial markets and seeks
                                            to minimize potential adverse effects on the financial performance of the Group. The Group
                                            uses different methods to monitor different types of risk to which it is exposed. These methods
                                            include sensitivity analysis in the case of foreign exchange, ageing analysis for credit
                                            risk and maturity analysis in respect of liquidity risk.
Market
risk
Market
risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices,
which in the group's case refers only to foreign currency risk. Financial instruments affected by this risk include, loans and
borrowings and short-term payables and receivables.
Foreign
currency risk
Currency
risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises
when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the functional currency.
The Group is exposed to foreign exchange risk arising from currency exposure primarily with respect to the NIS and Euro.
As
of December 31, 2023, the Group has excess financial liabilities over financial assets in foreign currencies in relation to the NIS ,
AUD ,SGD and EUR totaling approximately $
1,651
,
$
185
$
142
and $
101
,
respectively (December 31, 2022: approximately $
729
,$
1265
$
0
and $
34
,
respectively).
Foreign
currency sensitivity analysis
The
following table demonstrates the sensitivity test to a reasonably possible change of 10% in EUR and NIS exchange rates against the USD,
with all other variables held constant. The impact on the Group's net loss (tax effect is not relevant) and equity is due to changes
in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives.
The Company's exposure to foreign currency changes for all other currencies is immaterial
.
Change
    in NIS rate
Effect
    on net loss
December
    31, 2023
10
%
165
December
    31, 2022
10
%
73
Change
    in AUD rate
Effect
    on net loss
December
    31, 2023
10
%
19
December
    31, 2022
10
%
127
Change
    in SGD rate
Effect
    on net loss
December
    31, 2023
10
%
14
December
    31, 2022
10
%
-
Change
    in EUR rate
Effect
    on net loss
December
    31, 2023
10
%
10
December
    31, 2022
10
%
3
F-
41
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
22 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT.):
Credit
risk
Credit
risk is the risk that a counterparty will not meet its obligations as a customer or under a financial instrument leading to a loss to
the Group. The Group is exposed to credit risk from its operating activity (other receivables and cash balances). The Group's main
financial assets are cash and cash equivalents as well as other receivables and their carrying amounts represent the Group's maximum
exposure to credit risk. Credit risk from balances with banks and financial institutions is managed by the Group's management in
accordance with the Group's policy. Wherever possible and commercially practical, the Group holds cash with major financial institutions
in Israel and Australia which the Company's management regards as financially solid.
Liquidity
risk
Liquidity
risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled
by delivering cash or another financial asset. The Group has procedures to minimize such loss by maintaining sufficient cash and other
highly liquid current assets and by having available an adequate amount of committed credit facilities. As of the balance sheet date,
the Group has a positive working capital.
The
following tables detail the Group's remaining contractual maturity for its financial liabilities. The tables have been drawn up
based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.
As
of December 31, 2023
Less
    than one year
1
    to 2 years
2
                                            to 3
years
3
    to 4 years
4
    to 5 years
>5
years
Total
Trade
    and other payables
12,487
-
-
-
-
-
12,487
Bridge
    loans
1,750
453
15
15
-
-
2,233
Government
    grants
153
-
-
-
-
-
153
Lease
    liability
81
81
74
74
74
265
649
Convertible
    promissory note
1,013
-
-
-
-
-
1,013
Pre-paid
    advance
700
-
-
-
-
-
-
700
Convertible
    note
377
-
-
-
-
-
377
Financial
    derivatives
1,143
-
-
-
-
-
1,143
17,704
534
89
89
74
265
18,755
As
of December 31, 2022
Less
    than one year
1
    to 2 years
2
                                            to 3
years
3
    to 4 years
4
    to 5 years
>5
years
Total
Trade
    and other payables
3,622
-
-
-
-
-
3,622
Bridge
    loans
-
1,031
-
-
-
-
1,031
Government
    grants
75
84
-
-
-
-
159
Lease
    liability
72
72
72
72
72
353
713
Borrowings
    from related parties
710
-
-
-
-
-
710
4,479
1,187
72
72
72
353
6,235
F-
42
SMX
(SECURITY MATTERS) PUBLIC LIMITED COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$
in thousands)
NOTE
23 -
FAIR VALUE MEASUREMENT
:
Fair
value hierarchy
The
following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a three-level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level
1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date
Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level
3: Unobservable inputs for the asset or liability.
As
    of December 31, 2023
Level
    1
Level
    2
Level
    3
Total
US$
    in thousands
Liabilities
Derivative
    financial liabilities
-
-
1,707
1,707
Tradable
    warrants
2
-
-
2
Total
2
-
1,707
1,709
As
    of December 31, 2022
Level
    1
Level
    2
Level
    3
Total
US$
    in thousands
Liabilities
Derivative
    financial liabilities
-
-
1,031
1,031
Total
-
-
1,031
1,031
NOTE
24 -
SUBSEQUENT EVENTS
:
Since
the reporting date the following significant events have occurred:
1.
The
                                            financial statements were authorized for issuance on April 19, 2024.
2.
On
                                            January 12, 2024, the Company announced that it entered into a $
5
million
                                            contract with R&I Trading of New York. This project, spearheaded by the SMX team, will
                                            deploy SMX's technology to enhance supply chain transparency with respect to a NATO
                                            government member state and with the expectation of expanding to further NATO government
                                            member states.
3.
In
                                            January 2024, pursuant to the inducement letter described in note 14(3), the holders of the
                                            new
909,090
warrants
                                            exercised
454,544
warrants
                                            for an aggregate of
454,544
Ordinary
                                            Shares.
4.
In
                                            February 2024, the Company entered into a Letter Agreement with Yorkville dated February
                                            1, 2024 (the "Letter Agreement"), which amends the SEPA. Pursuant to the Letter
                                            Agreement, the Company agreed to make payments to Yorkville, which may include proceeds of
                                            Advances under the SEPA, to repay the amounts outstanding under the Pre-Paid Advance plus
                                            payment premium. The Company agreed to pay a fee to Yorkville equal to $
200
.
The
                                            Company further agreed to issue to Yorkville a 5-year warrant to purchase
250,000
ordinary shares of
                                            the Company at an exercise price of $
0.0022
per share.
5.
On
                                            February 20, 2024, the Company closed an underwritten public offering of
12,124,666
Ordinary
                                            Shares at a subscription price per share of $
0.24
and
                                            Pre-Funded Warrants convertible on a
1-for-1
                                            basis
into
                                            Ordinary Shares, at a price per Pre-Funded Warrant of $
0.2378
.
                                            The gross proceeds was approximately $
2.9
million,
                                            prior to deducting underwriting discounts and commissions and offering expenses payable by
                                            the Company. The net proceeds to the Company upon the closing of the offering, after deducting
                                            the underwriting commissions and estimated offering expenses payable by the Company, were
                                            approximately $
2.66
million.
6.
On
                                            February 28, 2024, in connection with a private placement binding term sheet, the Company
                                            issued
(i) a convertible security to an investor relating to a loan in the principal amount
                                            of $
407
and (ii) 100,000 warrants to the investor.
The warrants have an exercise price of
                                            $
0.5
per share. The net proceeds to the Company upon the closing of the private placement
                                            was $
350
.
7.
On
                                            February 29, 2024, the Company's Board of Directors approved a grant of
1,500,000
RSUs to an officer,
                                            directors and service providers under the 2022 Incentive Equity Plan. As of the date of these
                                            Financial Statements
166,667
of the RSUs are vested.
8.
On
                                            March 4, 2024, the Company's Board of Directors approved the issuance of
100,000
ordinary shares to
                                            a service provider in connection with certain investor relations services.
9.
On
                                                                                                                            April 11, 2024 the Company entered into a Securities Purchase Agreement and issued and sold to an institutional investor a
                                                                                                                            promissory note and warrants, for gross proceeds of approximately US$
2.0
million,
                                                                                                                            before deducting fees and other offering expenses payable by the Company. The Note is in the principal amount of $
2,250
.
                                                                                                                            The actual amount loaned by the Investor pursuant to the Note is approximately $
2.0
million
                                                                                                                            after a
10
%
original
                                                                                                                            issue discount. The maturity date of the Note is the 12-month anniversary of the Effective Date, and is the date upon which the
                                                                                                                            Principal Amount, as well as any accrued and unpaid interest and other fees, shall be due and payable. Interest accrues in the
                                                                                                                            amount of
12
%
per
                                                                                                                            year. In addition, the Warrant, for
5 years
period and for
11,825,508
Ordinary
                                                                                                                            Shares, has an exercise price of $$
0.157
per
                                                                                                                            share, subject to customary adjustments and limitations as described in the agreement. Furthermore, as a further inducement of the
                                                                                                                            Company for the Investor to enter into the transaction, the Company entered into a Warrant Amendment and Inducement Letter with the
                                                                                                                            Investor, with respect to its outstanding "B" warrants of the Company (the "Existing Warrant") to purchase
2,619,367
Ordinary
                                                                                                                            Shares. The Existing Warrant was issued to the Investor as of September 6, 2023 and had a fixed exercise price of $
1.6378
per
                                                                                                                            share. Pursuant to the Inducement Letter, the Investor agreed to exercise for cash the Existing Warrant in full at a reduced
                                                                                                                            exercise price of $
0.0022
per
                                                                                                                            share, or approximately $
6
,
                                                                                                                            see also note 8(c).
10.
On
                                            April 19, 2024, the Company entered into a Stock Purchase Agreement (the "SPA")
                                            with an institutional investor, pursuant to which the investor has committed to purchase
                                            from time to time from the Company, up to $
30,000
of
                                            the Company's ordinary shares, subject to the terms and conditions specified in the
                                            SPA. Subject to the terms and conditions of the SPA, the Company has the right from time
                                            to time at its discretion, any time after the three month anniversary of the shares underlying
                                            the SPA being registered for resale pursuant to the Registration Rights Agreement referred
                                            to below, to direct Alpha to purchase a specified amount of the Company's ordinary
                                            shares (each such sale, a "Put") by delivering written notice to Alpha (each,
                                            a "Put Notice").
There is a $20 mandatory minimum amount for any Put and it may
                                            not exceed $500 in any consecutive 30-day period, subject to a volume threshold equal to
                                            the quotient of (a) the number of ordinary shares requested by the Company in a Put Notice
                                            divided by (b) 0.30. The ordinary shares will be purchased at a price equal to: (a) 95%
                                            of the lowest daily traded price of the Company's ordinary shares during the five trading
                                            day valuation period (provided that it shall not be less than a Company-specified minimum
                                            acceptable price) ("Market Price"), if the market price of the ordinary shares
                                            is over $1.00; (b) 90% of the Market Price, if the market price of the ordinary shares is
                                            between $0.80 and $1.00: (c) 85% of the Market Price, if the market price of the ordinary
                                            shares is between $0.60 and $0.80; (d) 80% of the Market Price, if the market price of the
                                            ordinary shares is between $0.40 and $0.60; (e) 75% of the Market Price, if the market price
                                            of the ordinary shares is between $0.20 and $0.40; and (f) 50% of the Market Price, if the
                                            market price of the ordinary shares is below $0.20. The SPA contains restrictions on the
                                            Company's ability to enter into any Variable Rate Transaction (as defined in the SPA),
                                            as described in the SPA.
The
obligations of the investor to accept any Put pursuant to a Put Notice is subject to customary conditions, including that it is not required
to purchase any ordinary shares pursuant to a Put if it would result in it beneficially owning in excess of
4.99
% of the Company's
ordinary shares, and that the ordinary shares subject to the Put be registered for resale. The Company agreed to pay a commitment fee
to the investor equal to
1.5
% of the commitment amount, payable in shares, or
2,725,621
ordinary shares (the "Commitment Shares")
and which are subject to a three month lock-up.
The
SPA will automatically terminate on the earliest to occur of (a) the first day of the month next following the 36-month anniversary of
the date of the SPA or (ii) the date on which the investor shall have made payment of Puts pursuant to the SPA for ordinary shares equal
to $
30,000
.
The Company has the right to terminate the SPA at no cost or penalty upon five (5) trading days' prior written notice to the investor,
provided that there are no outstanding Put Notices for which ordinary shares need to be issued and the Company has paid all amounts owed
to the investor pursuant to the SPA and any indebtedness the Company otherwise owes to the investor or its affiliates. The Company and
the investor may also agree to terminate the SPA by mutual written consent.
11.
As
                                            of the date of publication of these financial statements, the Company's institutional
                                            investor has converted all of the principal of the convertible promissory note into an aggregate
                                            of
2,619,377
Ordinary
                                            Shares and exercised the Warrant A and Warrant B for
3,789,264
and
2,619,367
Ordinary
                                            Shares, respectively, see also note 8(c).
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43