Pu'er Lancang Ancient Tea Co., Ltd. and Agricultural Bank of China Limited (the Lender) entered into a loan agreement (the "Loan Agreement"), pursuant to which has agreed to make available a term loan facility with a principal amount of up to the Lender has agreed to make available a term loan facility with a principal amount of up to CNY 24,300,000 (the "Loan") to the Company. Purpose of the Loan is General working capital of the Company. Term of the Loan is 12 months from the date of utilisation of the Loan.

Interest is Fixed rate pursuant to the People's Republic of China's RMB Loan Prime Rate applicable on the day prior to the relevant drawdown date of the Loan, and interest is payable on a monthly basis.