Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 225

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 225
---
 under Cayman Islands law.

Under Existing Cayman Islands Laws

Payments of dividends and capital in respect of our
securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or
capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income
or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift
tax.

No stamp duty is payable in respect of the issue
of our securities or on an instrument of transfer in respect of our securities.

The Company is incorporated under the laws
of the Cayman Islands as an exempted company with limited liability and, has applied and received an undertaking from the Financial Secretary
of the Cayman Islands in the following form:

<div align='center'>143</div>

<div align='center'>The Tax Concessions Act

(As Revised)

Undertaking as to Tax Concessions</div>

In accordance with the provision of section 6
of The Tax Concessions Act (As Revised), the Financial Secretary undertakes with Quartzsea Acquisition Corporation (“the Company”).

| 1. | That no law which is hereafter enacted                                                                                           
 in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its 
 operations; and                                                                                                                  |

| 2. | In addition, that no tax to be levied                                                                                    
 on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable: |

| 2.1 | on or in respect of the shares, debentures 
 or other obligations of the Company;       |

OR

| 2.2 | by way of the withholding in whole                                                                   
 or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Act (As Revised). |

| 3. | These concessions shall be for               
 a period of 30 years from  23 December 2024. |

United States Federal Income Taxation

General

This discussion is limited to certain U.S. federal
income tax considerations to beneficial owners of our securities who are initial purchasers of a unit pursuant to this offering and hold
the unit and each component of the unit as capital assets within the meaning of Section 1221(a) of the U.S. Internal Revenue Code