Hernandez Joseph sold BLUW

Footnotes

The Class B ordinary shares have no expiration date and will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis.; In connection with the Purchase Agreement, dated as of November 25, 2025, by and among the Issuer, Blue Water Acquisition III LLC (the "Original Sponsor") and Yorkville BW Acquisition Sponsor, LLC (the "New Sponsor"), the Original Sponsor sold to the New Sponsor an aggregate of 6,325,000 Class B ordinary shares (the "Founder Shares") and 430,000 private placement units (the "Private Placement Units"), consisting of 430,000 Class A ordinary shares and 215,000 warrants to purchase Class A ordinary shares of the Issuer (the "Private Placement Warrants"). The New Sponsor purchased the Founder Shares and Private Placement Units for an aggregate purchase price of $7,200,000.; The securities are held directly by the Original Sponsor. The Reporting Person is a managing member of the Original Sponsor, therefore, he may be deemed to have beneficial ownership of the securities held directly by the Original Sponsor. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.