On January 3, 2019 (after trading hours), Fortunet Development Limited entered into the Loan Agreement with Asia Television Holdings Limited, pursuant to which the Lender conditionally agreed to grant to the Borrower a term loan of HKD 40,000,000, at an interest rate of 12% per annum for a term of 12 months. Loan purpose: for the general working capital of the Borrower. Conditions precedent: The drawing of the Loan is conditional upon certain conditions precedent being fulfilled, including but not limited to: there being no event of default continuing or having occurred as a result of the drawing of the Loan; all representations and warranties made by the Borrower in the Loan Agreement being true, accurate and not misleading; there being no event or circumstance having occurred in the international and/or Hong Kong financial markets which could, in the sole and absolute opinion of the Lender, adversely affect the Borrower's and/or the Guarantor's financial position or its/their ability to observe or perform its/their obligations under the Transaction Documents, or the validity or enforceability of, or the rights or remedies of the Lender under, the Transaction Documents; the Deed of Guarantee having been duly executed by the Guarantor; and the Lender having received all the documents relating to any matters contemplated under in the Transaction Documents as the Lender may reasonably request. Repayment: The Borrower shall repay the principal amount of the Loan in full together with the interest accrued on the maturity date of the Loan. The Guarantor has agreed to execute the Deed of Guarantee in favour of the Lender as continuing guarantee and indemnity for the due and punctual performance by the Borrower and the Guarantor of their obligations under the Transaction Documents.