<SEC-DOCUMENT>0001213900-21-019214.txt : 20210331
<SEC-HEADER>0001213900-21-019214.hdr.sgml : 20210331
<ACCEPTANCE-DATETIME>20210331160721
ACCESSION NUMBER:		0001213900-21-019214
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210331
DATE AS OF CHANGE:		20210331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dragon Victory International Ltd
		CENTRAL INDEX KEY:			0001682241
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTORS, NEC [6799]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38208
		FILM NUMBER:		21793332

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 2001 PHOENIX CENTER
		STREET 2:		NO. 28 QIUTAO ROAD, SHANGCHENG DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			310008
		BUSINESS PHONE:		86-571-82213772

	MAIL ADDRESS:	
		STREET 1:		SUITE 2001 PHOENIX CENTER
		STREET 2:		NO. 28 QIUTAO ROAD, SHANGCHENG DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			310008
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea138736-6k_dragonvictory.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF
1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of March 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File Number: 001-38208</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Dragon Victory International Limited</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Room 1803, Yintai International Building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Kejiguan Road, Binjiang District, Hangzhou,
Zhejiang Province</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive office)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registered Direct Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2021, Dragon Victory International
Limited, an exempted company incorporated and existing under the laws of the Cayman Islands (the &ldquo;Company&rdquo;), and YA
II PN, Ltd., an exempted company incorporated and existing under the laws of the Cayman Islands (the &ldquo;Buyer&rdquo;), entered
into a Securities Purchase Agreement (the &ldquo;Securities Purchase Agreement&rdquo;), for (i) the sale and issuance to the Buyer
of a convertible promissory note (the &ldquo;Convertible Note&rdquo;) in the principal amount of $6,000,000, which shall be convertible
into ordinary shares of the Company, par value $0.0001 per share (&ldquo;Ordinary Shares&rdquo;), for a purchase price of $5,940,000,
and (ii) the issuance to the Buyer of 120,000 Ordinary Shares as a commitment fee (the &ldquo;Commitment Shares&rdquo;), in a registered
direct offering (the &ldquo;Offering&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Convertible Note will mature 12 months
from its issuance and is convertible into Ordinary Shares. Interest will accrue on the outstanding principal balance of the Convertible
Note at an annual rate equal to 5%. Interest will be calculated on the basis of a 365-day year and the actual number of days elapsed.
During the term of the Convertible Note, the Company will make certain consecutive monthly amortization payments in cash or Ordinary
Shares for so long as any triggering event remains uncured until the Convertible Note is fully repaid. The Company has the right,
but not the obligation, to redeem early a portion or all amounts outstanding under the Convertible Note, provided that (i) the
trading price of Ordinary Shares is less than the fixed conversion price ($2.75) and (ii) the Company provides the holder of the
Convertible Note with at least 10 business days&rsquo; prior written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the Securities Purchase Agreement
and the Convertible Note are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The foregoing summaries of the terms of the Securities Purchase Agreement and the Convertible Note are subject to, and qualified
in their entirety by, such documents. A copy of the legal opinion issued by Ogier, the Company&rsquo;s Cayman counsel, is attached
hereto as Exhibit 99.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2021, the Company issued the
Convertible Note and the Commitment Shares to the Buyer and the Offering closed on the same day. The Company currently intends
to use the net proceeds from the Offering for working capital and general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale and offering of the Convertible
Note pursuant to the Securities Purchase Agreement and the issuance of all of the Ordinary Shares issuable to the Buyer under the
Convertible Note were effected as a takedown off the Company&rsquo;s shelf registration statement on Form F-3 (File No. 333-252688),
which became effective on February 12, 2021, pursuant to a prospectus supplement filed with the Securities and Exchange Commission
on March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 90%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea138736ex99-1_dragon.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement dated March 31, 2021 by and between the Company and the Buyer</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea138736ex99-2_dragon.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible Note dated March 31, 2021</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea138736ex99-3_dragon.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Opinion of Ogier</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dragon Victory International Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Limin Liu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limin Liu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 31, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea138736ex99-1_dragon.htm
<DESCRIPTION>SECURITIES PURCHASE AGREEMENT DATED MARCH 31, 2021 BY AND BETWEEN THE COMPANY AND THE BUYER
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>SECURITIES PURCHASE AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS SECURITIES PURCHASE
AGREEMENT</B> (this &ldquo;<U>Agreement</U>&rdquo;), dated as of March 31, 2021, is between <B>DRAGON VICTORY INTERNATIONAL LIMITED,</B>
a company incorporated under the laws of the Cayman Islands, with principal executive offices located at Room 1803, Yintai International
Building, Kejiguan Road, Binjiang District, Hangzhou, Zhejiang Province, China (the &ldquo;<U>Company</U>&rdquo;), and the investor listed
on the Schedule of Buyers attached hereto (the &ldquo;<U>Buyer</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>WITNESSETH</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, subject to
the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), the Company desires to issue and sell to the Buyer, and the Buyer, desires to purchase
from the Company, securities of the Company as more fully described in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the parties
desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Buyer, as provided
herein, and the Buyer shall purchase a convertible promissory note in the form attached hereto as &ldquo;<U>Exhibit A</U>&rdquo; (the
&ldquo;<U>Convertible Note</U>&rdquo;) in the principal amount of $6,000,000 (the &ldquo;<U>Subscription Amount</U>&rdquo;), which shall
be convertible into the Company&rsquo;s ordinary shares, $0.0001 par value per share (the &ldquo;<U>Ordinary Shares</U>&rdquo; and the
Ordinary Shares issued upon conversion of the Convertible Notes, the &ldquo;<U>Conversion Shares</U>&rdquo;) upon the satisfaction of
the conditions precedent set forth herein (the &ldquo;<U>Closing</U>&rdquo;), for a purchase price equal to 99% of the Subscription Amount
(the &ldquo;<U>Purchase Price</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, contemporaneously
with the execution and delivery of this Agreement, the Company is delivering Irrevocable Transfer Agent Instructions (the &ldquo;<U>Irrevocable
Transfer Agent Instructions</U>&rdquo;) to its transfer agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Convertible
Notes and the Conversion Shares are collectively referred to herein as the &ldquo;<U>Securities</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, in
consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>PURCHASE AND SALE OF CONVERTIBLE NOTES.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.05pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(a) <FONT STYLE="font-size: 10pt"><U>Purchase
of Convertible Notes</U>. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the Company shall
issue and sell to the Buyer, and the Buyer agrees to purchase from the Company at the Closing Convertible Notes with principal amount
equal to the Subscription Amount set forth opposite the Buyer&rsquo;s name on the Schedule of Buyers attached hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(b) <FONT STYLE="font-size: 10pt"><U>Closing
Dates</U>. The Closing of the purchase of Convertible Notes by the Buyer shall occur at the offices Yorkville Advisors Global, LP, 1012
Springfield Avenue, Mountainside, NJ 07092. The date and time of the Closing shall be 10:00 a.m., New York time, on the first Business
Day on which the conditions to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually
agreed to by the Company and the Buyer) (the &ldquo;<U>Closing Date</U>&rdquo;). As used herein &ldquo;<U>Business Day</U>&rdquo; means
any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to
remain closed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(c) <FONT STYLE="font-size: 10pt"><U>Form
of Payment&#894; Deliveries</U>. Subject to the satisfaction of the terms and conditions of this Agreement, on the Closing Date, (i) the
Buyer shall deliver to the Company the Purchase Price for the Convertible Notes to be issued and sold to the Buyer at the Closing, minus
the fees to be paid directly from the proceeds of the Closing as set forth herein (if any), and (ii)&nbsp;the Company shall deliver to
the Buyer, Convertible Notes which the Buyer is purchasing at the Closing with a principal amount corresponding with the Subscription
Amount set forth opposite the Buyer&rsquo;s name on the Schedule of Buyers attached hereto, duly executed on behalf of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>BUYER&rsquo;S REPRESENTATIONS AND WARRANTIES.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">The Buyer represents and warrants
to the Company as of the date hereof and as of the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(a) <U>Information</U>.
The Buyer and its advisors (and his or its counsel), if any, have been furnished with all materials relating to the business, finances
and operations of the Company and information he deemed material to making an informed investment decision regarding his purchase of the
Securities, which have been requested by such Buyer. The Buyer and its advisors, if any, have been afforded the opportunity to ask questions
of the Company and its management. Neither such inquiries nor any other due diligence investigations conducted by such Buyer or its advisors,
if any, or its representatives shall modify, amend or affect such Buyer&rsquo;s right to rely on the Company&rsquo;s representations and
warranties contained in Section 3 below. The Buyer understands that its investment in the Securities involves a high degree of risk. The
Buyer has sought such accounting, legal and tax advice, as it has considered necessary to make an informed investment decision with respect
to its acquisition of the Securities. The Buyer acknowledges and agrees that the Company does not make or has not made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(b) <FONT STYLE="font-size: 10pt"><U>Organization&#894;
Authority</U>. The Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization with the requisite power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
(as defined below) to which it is a party and otherwise to carry out its obligations hereunder and thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(c) <FONT STYLE="font-size: 10pt"><U>Authorization,
Enforcement</U>. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Buyer and shall constitute
the legal, valid and binding obligations of the Buyer enforceable against the Buyer in accordance with its terms, except as such enforceability
may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable creditors&rsquo; rights and remedies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(d) <FONT STYLE="font-size: 10pt"><U>No
Conflicts</U>. The execution, delivery and performance by the Buyer of this Agreement and the consummation by the Buyer of the transactions
contemplated hereby will not (i) result in a violation of the organizational documents of the Buyer, (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Buyer is a party or (iii) result in a
violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the Buyer,
except, in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Buyer to perform its obligations hereunder.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(e) <FONT STYLE="font-size: 10pt"><U>Certain
Trading Activities</U>. The Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding
with the Buyer, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined
below) involving the Company&rsquo;s securities) during the period commencing as of March 11, 2021 and ending immediately prior to the execution
of this Agreement by such Buyer. The Buyer hereby agrees that it shall not directly or indirectly, engage in any Short Sales involving
the Company&rsquo;s securities during the period commencing on the date hereof and ending when no Convertible Notes remain outstanding.
&ldquo;Short Sales&rdquo; means all &ldquo;short sales&rdquo; as defined in Rule 200 promulgated under Regulation SHO under the 1934 Act (as
defined below). The Buyer is aware that Short Sales and other hedging activities may be subject to applicable federal and state securities
laws, rules and regulations and the Buyer acknowledges that the responsibility of compliance with any such federal or state securities
laws, rules and regulations is solely the responsibility of the Buyer. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(f) <U>Trading
Information</U>. On a weekly basis, the Buyer agrees to provide the Company with trading reports setting forth the number and average
sales prices of Conversion Shares sold the Buyer during the prior trading week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(g) <U>Buyer&rsquo;s
Status.</U> The Buyer is not (i) an officer or director of the Company or any of its Subsidiaries, (ii) an &ldquo;affiliate&rdquo; (as defined
in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively, &ldquo;<U>Rule 144</U>&rdquo;)) of the Company
or any of its Subsidiaries or (iii) a &ldquo;beneficial owner&rdquo; of more than 10% of the Ordinary Shares (as defined for purposes
of Rule 13d-3 of the 1934 Act). The Buyer further represents that it is not (nor any affiliate of Buyer) acting as a financial advisor
or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents and the
transactions contemplated hereby and thereby, and any advice given by the Buyer or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the Buyer&rsquo;s purchase of the
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>REPRESENTATIONS AND WARRANTIES OF THE COMPANY.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.05pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth under
the corresponding section of the Disclosure Schedules which Disclosure Schedules shall be deemed a part hereof and to qualify any representation
or warranty otherwise made herein to the extent of such disclosure, the Company hereby makes the representations and warranties set forth
below to the Buyer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">(a) <U>Organization
and Qualification</U>. The Company and each of its Subsidiaries are entities duly formed, validly existing and in good standing under
the laws of the jurisdiction in which they are formed, and have the requisite power and authority to own their properties and to carry
on their business as now being conducted and as presently proposed to be conducted. The Company and each of its Subsidiaries is duly qualified
as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the
business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing
would not reasonably be expected to have a Material Adverse Effect (as defined below). As used in this Agreement, &ldquo;<U>Material Adverse
Effect</U>&rdquo; means any material adverse effect on (i) the business, properties, assets, liabilities, operations (including results
thereof), or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, (ii) the transactions contemplated
hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered into by the Company in connection
herewith or therewith or (iii) the authority or ability of the Company to perform any of its obligations under any of the Transaction
Documents (as defined below). &ldquo;<U>Subsidiaries</U>&rdquo; means any Person in which the Company, directly or indirectly, owns a
majority of the outstanding capital stock having voting power or holds a majority of the equity or similar interest of such Person, and
each of the foregoing, is individually referred to herein as a &ldquo;<U>Subsidiary</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">(b) <U>Authorization&#894;
Enforcement&#894; Validity</U>. The Company has the requisite power and authority to enter into and perform its obligations under this
Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The execution
and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Notes, the reservation for issuance and
issuance of the Conversion Shares issuable upon conversion of the Convertible Notes), have been duly authorized by the Company&rsquo;s board
of directors and no further filing, consent or authorization is required by the Company, its board of directors or its shareholders (including,
without limitation with respect to the issuance of Conversion Shares in accordance with the Convertible Note). This Agreement has been,
and the other Transaction Documents to which the Company is a party will be prior to the Closing, duly executed and delivered by the Company,
and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective
terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors&rsquo; rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities law. &ldquo;<U>Transaction Documents</U>&rdquo;
means, collectively, this Agreement, the Convertible Notes, the Irrevocable Transfer Agent Instructions, and each of the other agreements
and instruments entered into by the Company or delivered by the Company in connection with the transactions contemplated hereby and thereby,
as may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(c) <U>Issuance
of Securities</U>. The issuance of the Securities is authorized and, upon issuance and payment in accordance with the terms of the Transaction
Documents, the Securities shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages,
defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively
&ldquo;<U>Liens</U>&rdquo;) with respect to the issuance thereof. Upon issuance or conversion in accordance with the Convertible Notes,
the Conversion Shares, when issued, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights
or Liens with respect to the issue thereof, with the holders being entitled to all rights accorded to a shareholder of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(d) <U>No
Conflicts</U>. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Notes, the Conversion
Shares, and the reservation for issuance of the Conversion Shares) will not (i) result in a violation of the Memorandum of Association
(as defined below), Articles of Association (as defined below), certificate of incorporation, memorandum of association, articles of association,
bylaws, or other organizational documents of the Company, or any of its Subsidiaries, (ii) conflict with, or constitute a default under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including, without limitation, U.S. federal and state securities laws and regulations, or the securities laws of the jurisdictions of
the Company&rsquo;s incorporation or in which it or its subsidiaries operate) applicable to the Company or any of its Subsidiaries or by which
any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of (ii) and (iii) for any conflict,
default, right or violation that would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(e) <U>Filings,
Consents and Approval</U>. The Company is not required to obtain any consent from, authorization or order of, or make any filing or registration
with any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or any other Person in order for it to execute,
deliver or perform any of its obligations under or contemplated by the Transaction Documents, in each case, in accordance with the terms
hereof or thereto other than (i) such consents, authorizations, orders, filings or registrations as specifically contemplated under the
Transaction Documents, (ii) the filing with the Commission of the Prospectus Supplement, and (iii) application to the Nasdaq Stock Market
(the &ldquo;<U>Principal Market</U>&rdquo;) for the listing of the Conversion Shares for trading thereon in the time and manner required
thereby. The Company has elected to follow home country practices in lieu of the requirements of Section 5635 of the rules and regulations
of the Principal Market in compliance with the requirements thereof. All consents, authorizations, orders, filings and registrations which
the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected on or
prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which might prevent
the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings contemplated by the
Transaction Documents. The Company is not in violation of the requirements of the Principal Market and has no knowledge of any facts or
circumstances which could reasonably lead to delisting or suspension of the Ordinary Shares in the foreseeable future. &ldquo;Governmental
Entity&rdquo; means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal,
state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body&#894; or body exercising,
or entitled to exercise, over the Company or any Subsidiary, any administrative, executive, judicial, legislative, police, regulatory,
or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled
by a government or a public international organization or any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(f) <U>Independent
Evaluation</U>. The Company represents to the Buyer that the Company&rsquo;s decision to enter into the Transaction Documents to which it is
a party has been based solely on the independent evaluation by the Company and its representatives. The Company further acknowledges that
no Buyer is acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect
to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its representatives
or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such
Buyer&rsquo;s purchase of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(g) <U>No
Integrated Offering</U>. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on their behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Securities to require approval of shareholders of the Company under any applicable shareholder approval
provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which any
of the securities of the Company are listed or designated for quotation. None of the Company, its Subsidiaries, their affiliates nor any
Person acting on their behalf will take any action or steps that would cause the offering of any of the Securities to be integrated with
other offerings of securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(h) <U>Dilutive
Effect</U>. The Company understands and acknowledges that the number of Conversion Shares will increase in certain circumstances. The
Company further acknowledges its obligation to issue the Conversion Shares upon conversion of the Convertible Notes in accordance with
this Agreement and the Convertible Notes is, absolute and unconditional regardless of the dilutive effect that such issuance may have
on the ownership interests of other shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(i) <U>Application
of Takeover Protections&#894; Rights Agreement</U>. The Company and its board of directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, interested stockholder, business combination, poison pill (including, without
limitation, any distribution under a rights agreement), stockholder rights plan or other similar anti-takeover provision under the Memorandum
of Association, Articles of Association or other organizational documents or the laws of the jurisdiction of its incorporation or otherwise
which is or could become applicable to any Buyer as a result of the transactions contemplated by this Agreement, including, without limitation,
the Company&rsquo;s issuance of the Securities and any Buyer&rsquo;s ownership of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(j)
<U>SEC Documents&#894; Financial Statements</U>. During the two (2) years prior to the date hereof, the Company has timely filed all reports,
schedules, forms, proxy statements, statements and other documents required to be filed by it with the Securities and Exchange Commission
(&ldquo;<U>SEC</U>&rdquo;) pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>1934
Act</U>&rdquo;) (all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements,
notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the &ldquo;<U>SEC Documents</U>&rdquo;).
As of their respective dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules
and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were
filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As
of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as of the time
of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;),
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes
thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary
statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results
of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments
which will not be material, either individually or in the aggregate). The reserves, if any, established by the Company or the lack of
reserves, if applicable, are reasonable based upon facts and circumstances known by the Company on the date hereof and there are no loss
contingencies that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of the Financial Accounting Standards
Board which are not provided for by the Company in its financial statements or otherwise. No other information provided by or on behalf
of the Company to the Buyer which is not included in the SEC Documents (including, without limitation, information in the disclosure schedules
to this Agreement) contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the
statements therein not misleading, in the light of the circumstance under which they are or were made. The Company is not currently contemplating
to amend or restate any of the financial statements (including, without limitation, any notes or any letter of the independent accountants
of the Company with respect thereto) included in the SEC Documents (the &ldquo;<U>Financial Statements</U>&rdquo;), nor is the Company
currently aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements, in each
case, in order for any of the Financials Statements to be in compliance with GAAP and the rules and regulations of the SEC. The Company
has not been informed by its independent accountants that they recommend that the Company amend or restate any of the Financial Statements
or that there is any need for the Company to amend or restate any of the Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(k) <U>Absence
of Certain Changes</U>. Since the date of the Company&rsquo;s most recent audited financial statements contained in a Form 20-F, there has been
no Material Adverse Effect, nor any event or occurrence specifically affecting the Company or its Subsidiaries that would be reasonably
expected to result in a Material Adverse Effect. Since the date of the Company&rsquo;s most recent audited financial statements contained in
a Form 20-F, neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any material assets, individually
or in the aggregate, outside of the ordinary course of business or (iii) made any material capital expenditures, individually or in the
aggregate, outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection
pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the
Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary
bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(l) <U>No
Undisclosed Events, Liabilities, Developments or Circumstances</U>. No event, liability, development or circumstance has occurred or exists,
or is reasonably expected to exist or occur specific to the Company, any of its Subsidiaries or any of their respective businesses, properties,
liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that has not been publicly disclosed
and would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(m) <U>Conduct
of Business&#894; Regulatory Permits</U>. Neither the Company nor any of its Subsidiaries is in violation of any term under its Memorandum
of Association, any certificate of designation, preferences or rights of any other outstanding series of preferred stock of the Company
or any of its Subsidiaries or Articles of Association or their organizational charter, certificate of formation, memorandum of association,
articles of association, Memorandum of Association or certificate of incorporation or bylaws, respectively. Neither the Company nor any
of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company
or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its business in violation of any of the foregoing,
except in all cases for violations which would not reasonably be expected to have a Material Adverse Effect. Without limiting the generality
of the foregoing, the Company is not in violation of any of the rules, regulations or requirements of the Principal Market and has no
knowledge of any facts or circumstances that could reasonably lead to delisting or suspension of the Ordinary Shares by the Principal
Market in the foreseeable future. During the one year prior to the date hereof, (i) the Ordinary Shares have been listed or designated
for quotation on the Principal Market, (ii) trading in the Ordinary Shares has not been suspended by the SEC or the Principal Market and
(iii) the Company has received no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting
of the Ordinary Shares from the Principal Market, which has not been publicly disclosed. The Company and each of its Subsidiaries possess
all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses,
except where the failure to possess such certificates, authorizations or permits would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, and neither the Company nor any of its Subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such certificate, authorization or permit. There is no agreement, commitment, judgment,
injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is
a party which has or would reasonably be expected to have the effect of prohibiting or materially impairing any business practice of the
Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries or the conduct of business by
the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in the aggregate, which have not
had and would not reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(n) <U>Foreign
Corrupt Practices</U>. Neither the Company nor any of its Subsidiaries nor any director, officer, nor to the knowledge of the Company,
agent, employee or any other person acting for or on behalf of the Company or any of its Subsidiaries (individually and collectively,
a &ldquo;<U>Company Affiliate</U>&rdquo;) have violated the U.S. Foreign Corrupt Practices Act (the &ldquo;<U>FCPA</U>) or any other applicable
anti-bribery or anti-corruption laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment of any money,
or offered, given, promised to give, or authorized the giving of anything of value, to any officer, employee or any other person acting
in an official capacity for any Governmental Entity to any political party or official thereof or to any candidate for political office
(individually and collectively, a &ldquo;<U>Government Official</U>&rdquo;) or to any person under circumstances where such Company Affiliate
knew that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any Government
Official, for the purpose, in violation of applicable law, of: (i) (A) influencing any act or decision of such Government Official in
his/her official capacity, (B) inducing such Government Official to do or omit to do any act in violation of his/her lawful duty, (C)
securing any improper advantage, or (D) inducing such Government Official to influence or affect any act or decision of any Governmental
Entity, or (ii) assisting the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the
Company or its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(o) <U>Equity
Capitalization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 30.95pt">(i) <U>Authorized
and Outstanding Capital Stock</U>. As of the date hereof, the Company has authority to issue 500,000,000 Ordinary Shares, of which 13,263,066
are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 30.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 30.95pt">(ii) <U>Valid
Issuance&#894; Available Shares</U>. All of such outstanding Ordinary Shares are duly authorized and have been validly issued and are
fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 30.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 30.95pt">(iii) <U>Existing
Securities&#894; Obligations</U>. Except as disclosed in the SEC Documents: (A) none of the Company&rsquo;s or any Subsidiary&rsquo;s shares, interests
or capital stock is subject to preemptive rights or any other similar rights or Liens suffered or permitted by the Company or any Subsidiary&#894;
(B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or capital stock of the Company
or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares, interests or capital stock of the Company or any of its Subsidiaries or options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries&#894; (C) there are
no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities
under the 1933 Act (except pursuant to this Agreement)&#894; (D) there are no outstanding securities or instruments of the Company or
any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its
Subsidiaries&#894; (E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by
the issuance of the Securities&#894; and (G) neither the Company nor any Subsidiary has any stock appreciation rights or &ldquo;phantom
stock&rdquo; plans or agreements or any similar plan or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 41.05pt; text-align: justify; text-indent: 30.95pt">(iv) <U>Organizational
Documents</U>. The Company has furnished to the Buyer or filed on EDGAR true, correct and complete copies of the Company&rsquo;s Memorandum
of Association, as amended and as in effect on the date hereof (the &ldquo;<U>Memorandum of Association</U>&rdquo;), and the Company&rsquo;s
Articles of Association, as amended and as in effect on the date hereof (the &ldquo;<U>Articles of Association</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(p) <U>Litigation</U>.
Except as disclosed in the SEC Documents, there is no action, suit, arbitration, proceeding, inquiry or investigation before or by the
Principal Market, any court, public board, other Governmental Entity, self-regulatory organization or body pending or, to the knowledge
of the Company, threatened against or affecting the Company or any of its Subsidiaries, or any of the Company&rsquo;s or its Subsidiaries&rsquo; officers
or directors, whether of a civil or criminal nature or otherwise, in their capacities as such, which would reasonably be expected to result
in a Material Adverse Effect. After reasonable inquiry of its employees, the Company is not aware of any event which might result in or
form the basis for any such action, suit, arbitration, investigation, inquiry or other proceeding. Without limitation of the foregoing,
there has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving
the Company, any of its Subsidiaries or any current or former director or officer of the Company or any of its Subsidiaries. Neither the
Company nor any of its Subsidiaries is the subject of any order, writ, judgment, injunction, decree, determination or award of any Governmental
Entity that would reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(q) <U>Insurance</U>.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries
are engaged. In accordance with the previous sentence, the Company currently maintains no insurance policies. Neither the Company nor
any such Subsidiary has been refused any insurance coverage sought or applied for, and neither the Company nor any such Subsidiary has
any reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(r) <U>Manipulation
of Price</U>. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no authorized Person acting on
their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities, (ii) sold,
bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any
Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(s) <U>Registration</U>.
Except as set forth in the SEC Reports, no Person has any right to cause the Company to effect the registration under the Securities Act
of any securities of the Company. The Company is eligible to register the Securities to be issued hereunder on the Registration Statement.
The Securities issued hereunder are exempt from the qualification provisions of the Trust Indenture Act of 1939 (the &ldquo;<U>TIA</U>&rdquo;)
and this Agreement and the transactions contemplated herein comply in all respects with the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(t) <U>Money
Laundering</U>. The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act of 2001
and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the laws, regulations
and Executive Orders and sanctions programs (&ldquo;<U>Sanctions Programs</U>&rdquo;) administered by the U.S. Office of Foreign Assets
Control (&ldquo;<U>OFAC</U>&rdquo;), including, without limitation, (i) Executive Order 13224 of September 23, 2001 entitled, &ldquo;Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism&rdquo; (66 Fed. Reg. 49079 (2001))&#894;
and any regulations contained in 31 CFR, Subtitle B, Chapter V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 36.05pt">(u) <U>Disclosure</U>.
The Company confirms that neither it nor any other authorized Person acting on its behalf has provided the Buyer or its agents or counsel
with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company
or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other Transaction Documents.
The Company understands and confirms that the Buyer will rely on the foregoing representations in effecting transactions in securities
of the Company. All disclosures provided to the Buyer regarding the Company and its Subsidiaries, their businesses and the transactions
contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries, taken
as a whole, are true and correct and do not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. All of the
written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries to the Buyer pursuant to
or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true and correct in all material respects
as of the date on which such information is so provided and will not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made,
not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or
its or their business, properties, liabilities, operations (including results thereof) or conditions (financial or otherwise), which,
under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which
has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the Company or
any of its Subsidiaries and made available to the Buyer have been prepared in good faith based upon reasonable assumptions and represented,
at the time each such financial projection or forecast was delivered to the Buyer, the Company&rsquo;s best estimate of future financial performance
(it being recognized that such financial projections or forecasts are not to be viewed as facts and that the actual results during the
period or periods covered by any such financial projections or forecasts may differ from the projected or forecasted results). The Company
acknowledges and agrees that no Buyer makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>COVENANTS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.05pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(a) <U>Reporting
Status</U>. For the period beginning on the date hereof, and ending six (6) months after the date on which all the Convertible Notes are
no longer outstanding (the &ldquo;<U>Reporting Period</U>&rdquo;), the Company shall use its commercially reasonable efforts to file on
a timely basis all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status
as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer
require or otherwise permit such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(b) <U>Use
of Proceeds</U>. Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions contemplated
herein to repay any loans to any executives or employees of the Company. Neither the Company nor any Subsidiary will knowingly use the
proceeds of the transactions contemplated herein, or lend, contribute, facilitate&nbsp;or otherwise make available such proceeds to any
Person (i) to fund, either directly or indirectly, any activities or business of or with any Person that is identified on the list of
Specially Designated Nationals and Blocker Persons maintained by OFAC, or in any country or territory, that, at the time of such funding,
is, or whose government is, the subject of Sanctions Programs, or (ii) in any other manner that will result in a violation of Sanctions
Programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(c) <U>Listing</U>.
To the extent applicable, the Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the
Underlying Securities (as defined below) upon each national securities exchange and automated quotation system, if any, upon which the
Ordinary Shares are then listed or designated for quotation (as the case may be, each an &ldquo;<U>Eligible Market</U>&rdquo;), subject
to official notice of issuance, and shall use reasonable efforts to maintain such listing or designation for quotation (as the case may
be) of all Underlying Securities from time to time issuable under the terms of the Transaction Documents on such Eligible Market for the
Reporting Period. Neither the Company nor any of its Subsidiaries shall take any action which could be reasonably expected to result in
the delisting or suspension of the Ordinary Shares on an Eligible Market during the Reporting Period. The Company shall pay all fees and
expenses in connection with satisfying its obligations under this Section 4(c). &ldquo;<U>Underlying Securities</U>&rdquo; means the (i)
the Conversion Shares, and (ii) any Ordinary Shares issued or issuable with respect to the Conversion Shares, including, without limitation,
(1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise and (2) shares of capital
stock of the Company into which the Ordinary Shares are converted or exchanged without regard to any limitations on conversion of the
Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(d) <U>Fees</U>.
The Company shall issue to the Buyer 120,000 Ordinary Shares (the &ldquo;<U>Commitment Shares</U>&rdquo;) at the Closing as commitment
fee. The Company shall pay to YA Global II SPV, LLC, an affiliate of the Buyer (the &ldquo;<U>Subsidiary Fund&rdquo;</U>) a one-time reimbursement
of expenses or fees incurred in connection with the structuring and due diligence in the amount of $10,000 (&ldquo;<U>Structuring Fee</U>&rdquo;).
The Company authorizes the Buyer to deduct the unpaid balance of the Structuring Fee from the gross proceeds of the purchase of any Convertible
Notes hereunder. The issuance of the Commitment Shares shall be registered on the Registration Statement and the Company shall use its
commercially reasonable efforts to facilitate the transfer or otherwise disposal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(e) <U>Pledge
of Securities</U>. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that, subject
to compliance with applicable federal and state securities laws, the Securities may be pledged by a Buyer in connection with a bona fide
margin agreement or other loan or financing arrangement that is secured by the Securities. The Company hereby agrees to execute and deliver
such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee
by a Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(f) <U>Disclosure
of Transactions and Other Material Information</U>. Promptly but no later than 9:30 a.m., New York time, on the second Business Day after
the date of this Agreement, the Company shall file a report of Foreign Private Issuer on Form 6-K describing all the material terms of
the transactions contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all the material Transaction
Documents (including, without limitation, this Agreement and all schedules to this Agreement (including all attachments, the &ldquo;<U>Current
Report</U>&rdquo;). From and after the filing of the Current Report, the Company shall have disclosed all material, non-public information
(if any) provided to the Buyer by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or
agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the filing of the Current
Report, the Company acknowledges and agrees that any and all confidentiality or similar obligations with respect to the transactions contemplated
by the Transaction Documents under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, affiliates, employees or agents, on the one hand, and the Buyer or any of its affiliates, on the other
hand, shall terminate. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective
officers, directors, employees and agents not to, provide any Buyer with any material, non-public information regarding the Company or
any of its Subsidiaries from and after the date hereof without first obtaining the express prior written consent of such Buyer (which
may be granted or withheld in such Buyer&rsquo;s sole discretion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(g) <U>Reservation
of Shares</U>. So long as any of the Convertible Notes remain outstanding, the Company shall take all action necessary to at all times
have authorized, and reserved for the purpose of issuance, no less than the maximum number of Ordinary Shares issuable upon conversion
of all Convertible Notes then outstanding (assuming for purposes hereof that (x) the Convertible Notes are convertible at the Floor Price
(as defined in the Convertible Notes) then in effect, and (y) any such conversion shall not take into account any limitations on the conversion
of the Convertible Notes) (the &ldquo;<U>Required Reserve Amount</U>&rdquo;)&#894; provided that at no time shall the number of Ordinary
Shares reserved pursuant to this Section 4(g) be reduced other than proportionally in connection with any conversion and/or redemption,
or reverse stock split. If at any time the number of Ordinary Shares authorized and reserved for issuance is not sufficient to meet the
Required Reserved Amount, the Company will promptly take all corporate action necessary to authorize and reserve a sufficient number of
shares, including, without limitation, calling a special meeting of shareholders to authorize additional shares to meet the Company&rsquo;s
obligations pursuant to the Transaction Documents, in the case of an insufficient number of authorized shares, recommending that shareholders
vote in favor of an increase in such authorized number of shares sufficient to meet the Required Reserved Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(h) <U>Conduct
of Business</U>. The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or regulation
of any Governmental Entity, except where such violations would not reasonably be expected to result, either individually or in the aggregate,
in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(i) Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i) <U>Initial
Registration Statement</U>. The Company has filed, in accordance with the provisions of the Securities Act and the rules and regulations
thereunder, with the SEC a shelf registration statement on Form F-3 (File Number 333-252688) (the &ldquo;<U>Initial Registration Statement</U>&rdquo;)
including a base prospectus (such base prospectus included in the Initial Registration Statement, as supplemented or amended from time
to time shall be referred to herein as the &ldquo;<U>Prospectus</U>&rdquo;), with respect to the issuance and sale of securities by the
Company, including Ordinary Shares and debt securities that may be convertible into Ordinary Shares, which contains, among other things
a Plan of Distribution section disclosing the methods by which the Company may sell such securities. The Initial Registration Statement
was declared effective on February 12, 2021 and remains in effect on the date hereof. Except where the context otherwise requires, the
Initial Registration Statement, as amended when it became effective, including all documents filed as part thereof or incorporated by
reference therein, and including any information contained in a Prospectus subsequently filed with the SEC pursuant to Rule 424(b) under
the Securities Act or deemed to be a part of the Initial Registration Statement pursuant to Rule 430B of the Securities Act, is herein
called the &ldquo;<U>Registration Statement</U>.&rdquo; No stop order preventing or suspending the effectiveness of the Registration Statement
or suspending or preventing the use of the Prospectus has been issued by the SEC and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the SEC. At the time the Registration Statement became effective, at the date of
this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material
respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and
any amendments or supplements thereto, at time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date,
conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The Company is, and was at the time of the filing of the Registration Statement, a &ldquo;foreign
private issuer,&rdquo; as defined in Securities Act Rule 405 and Exchange Act Rule 3b-4, and otherwise eligible to use Form F-3 under
the Securities Act, and the Company meets the transaction requirements with respect to the aggregate market value of securities being
sold pursuant to this offering and during the 12 months prior to this offering, as set forth in General Instruction I.B.5 of Form F-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii) <U>Prospectus
Supplement</U>. On the Closing Date, the Company shall file with the a prospectus supplement pursuant to Rule 424(b) of the Securities
Act (the &ldquo;<U>Prospectus Supplement</U>&rdquo;) disclosing all information relating to the transaction contemplated hereby required
to be disclosed therein and an updated Plan of Distribution, including, without limitation, the name of the Investor, a description of
the Securities being offered hereunder, the terms of the offering, and other material terms of the offering, and any other information
or disclosure necessary to register the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii) <U>Maintaining
a Registration Statement</U>. The Company shall use commercially reasonable efforts to maintain the effectiveness of any Registration
Statement with respect to the Securities at all times during the period beginning on the date hereof and ending 180 days after all the
Convertible Notes have been fully repaid or fully converted (the &ldquo;<U>Registration Period</U>&rdquo;). Notwithstanding anything to
the contrary contained in this Agreement, the Company shall ensure that, when filed, the Registration Statement (including, without limitation,
all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used
in connection with the Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances
in which they were made) not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(j) From the date hereof
until all the Convertible Notes have been repaid, unless the holders of at least 75% in principal amount of the then outstanding Convertible
Notes shall have given prior written consent, the Company shall not, and shall not permit any of its subsidiaries (whether or not a subsidiary
on the date hereof) to, directly or indirectly (i) other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or
suffer to exist any indebtedness for borrowed money of any kind, including, but not limited to, a guarantee, on or with respect to any
of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom, (ii) other than
Permitted Liens, enter into, create, incur, assume or suffer to exist any lien, security interest, option or other charge or encumbrance
(each, a &ldquo;<U>Lien</U>&rdquo;) of any kind, on or with respect to any of its property or assets now owned or hereafter acquired
or any interest therein or any income or profits therefrom, (iii) amend its charter documents, including, without limitation, its certificate
of incorporation and bylaws, in any manner that materially and adversely affects any rights of the holders of the Convertible Notes,
(iv) make any payments in respect of any related party debt, or (v) enter into, or drawdown on any variable rate equity financing facility
(including in particular the issuance of any Ordinary Shares at a variable price or any securities for which the conversion price or
exercise price is variable, such as equity lines or variable rate convertible securities) (&ldquo;<U>Variable Rate Instrument</U>&rdquo;).
&ldquo;<U>Permitted Indebtedness</U>&rdquo; shall mean: (i) indebtedness evidenced by the Convertible Notes; (ii) indebtedness incurred
solely for the purpose of financing the acquisition or lease of any equipment, including capital lease obligations with no recourse other
than to such equipment; (iv) indebtedness (A) the repayment of which has been subordinated to the payment of the Convertible Notes, including
with regard to interest payments and repayment of principal, (B) which does not mature or otherwise require or permit redemption or repayment
prior to or on the 91st day after the maturity date of any Convertible Notes then outstanding; and (C) which is not secured by any assets
of the Company or its subsidiaries; (v) indebtedness associated with acquiring new intellectual property assets and licenses, so long
as the proceeds are going to the party(ies) from which the Company is acquiring the assets, licenses, and other properties and (vi) any
indebtedness (other than the indebtedness set out in (i) &ndash; (v) above) incurred after the date hereof, provided that such indebtedness
does not exceed $20,000 at any given time. &ldquo;<U>Permitted Liens</U>&rdquo; shall mean (1) any security interest, if any, granted
to the Buyers to secure the obligations under the Convertible Notes, (2) any prior security interest granted to the Buyers, (3) existing
Liens disclosed by the Company on a Disclosure Schedule attached hereto; (4) inchoate Liens for taxes, assessments or governmental charges
or levies not yet due, as to which the grace period, if any, related thereto has not yet expired, or being contested in good faith and
by appropriate proceedings for which adequate reserves have been established in accordance with GAAP; (5) Liens of carriers, materialmen,
warehousemen, mechanics and landlords and other similar Liens which secure amounts which are not yet overdue by more than 60 days or
which are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with
GAAP; (6) licenses, sublicenses, leases or subleases granted to other persons not materially interfering with the conduct of the business
of the Company; (7) Liens securing capitalized lease obligations and purchase money indebtedness incurred solely for the purpose of financing
an acquisition or lease; (8) easements, rights-of-way, restrictions, encroachments, municipal zoning ordinances and other similar charges
or encumbrances, and minor title deficiencies, in each case not securing debt and not materially interfering with the conduct of the
business of the Company and not materially detracting from the value of the property subject thereto; (9) Liens arising out of the existence
of judgments or awards which judgments or awards do not constitute an Event of Default; (10) Liens incurred in the ordinary course of
business in connection with workers compensation claims, unemployment insurance, pension liabilities and social security benefits and
Liens securing the performance of bids, tenders, leases and contracts in the ordinary course of business, statutory obligations, surety
bonds, performance bonds and other obligations of a like nature (other than appeal bonds) incurred in the ordinary course of business
(exclusive of obligations in respect of the payment for borrowed money); (11) Liens in favor of a banking institution arising by operation
of law encumbering deposits (including the right of set-off) and contractual set-off rights held by such banking institution and which
are within the general parameters customary in the banking industry and only burdening deposit accounts or other funds maintained with
a creditor depository institution; (12) usual and customary set-off rights in leases and other contracts; (13) escrows in connection
with acquisitions and dispositions and (14) royalties and other rights to revenue derived from the sale of the Company&rsquo;s products
that are granted in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 0; text-align: justify; text-indent: 0in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>REGISTER&#894; TRANSFER AGENT INSTRUCTIONS&#894; LEGEND.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(a) <U>Register</U>.
The Company shall maintain at its principal executive offices or with the transfer agent or share registrar (or at such other office or
agency of the Company as it may designate by notice to each holder of Securities), a register for the Convertible Notes in which the Company
shall record the name and address of the Person in whose name the Convertible Notes have been issued (including the name and address of
each transferee), the amount of Convertible Notes held by such Person, and the number of Conversion Shares issuable upon conversion of
the Convertible Notes held by such Person. The Company shall keep the register open and available at all times, upon prior written notice
and during business hours for inspection of any Buyer or its legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(b) <U>Transfer
Restrictions</U>. The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a
Buyer or in connection with a pledge as contemplated herein, the Company may require the transferor thereof to provide to the Company
an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall
be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities
under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement
and shall have the rights and obligations of a Buyer under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>CONDITIONS TO THE COMPANY&rsquo;S OBLIGATION TO SELL.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">The obligation of the Company
hereunder to issue and sell the Convertible Notes to the Buyer at the Closing is subject to the satisfaction, at or before the Closing
Date, of each of the following conditions, provided that these conditions are for the Company&rsquo;s sole benefit and may be waived by the
Company at any time in its sole discretion by providing the Buyer with prior written notice thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(a) The
Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(b) The
Buyer shall have delivered to the Company the Purchase Price (less the amounts withheld pursuant to Section 4(d)) for the Convertible
Notes being purchased by the Buyer at the Closing by wire transfer of immediately available funds in accordance with the Closing Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(c) Each
and every representation and warranty of the Buyer shall be true and correct in all material respects (other than representations and
warranties qualified by materiality, which shall be true and correct in all respects) as of the date when made and as of the Closing Date
as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true
and correct as of such specific date), and the Buyer shall have performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>CONDITIONS TO THE BUYER&rsquo;S OBLIGATION TO PURCHASE.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 41.05pt; text-align: justify">The obligation of the Buyer
hereunder to purchase the Convertible Notes at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the
following conditions, provided that these conditions are for the Buyer&rsquo;s sole benefit and may be waived by such Buyer at any time in its
sole discretion by providing the Company with prior written notice thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(a) The
Company shall have duly executed and delivered to the Buyer each of the Transaction Documents to which it is a party and the Company shall
have duly executed and delivered to the Buyer a Convertible Note with a principal amount corresponding to the Subscription Amount set
forth opposite the Buyer&rsquo;s name on the Schedule of Buyers attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(b) The
Buyer shall have received the opinion of the Cayman Islands counsel to the Company, dated as of the Closing Date, in the form reasonably
acceptable to the Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(c) The
Company shall have delivered to the Buyer a certificate evidencing the incorporation and good standing of the Company as of a date within
ten (10) days of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(d) Each
and every representation and warranty of the Company shall be true and correct in all material respects (other than representations and
warranties qualified by materiality, which shall be true and correct in all respects) as of the date when made and as of the Closing Date
as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true
and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects with the covenants,
agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Closing Date, as set
forth in section 3 and 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">(e) The
Ordinary Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been suspended,
as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension by the SEC or the
Principal Market have been threatened, as of the Closing Date, either (I) in writing by the SEC or the Principal Market or (II) by falling
below the minimum maintenance requirements of the Principal Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(f) The
Company shall have obtained all governmental, regulatory or third-party consents and approvals, if any, necessary for the sale of the
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(g) No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by
any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by
the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(h) Since
the date of execution of this Agreement, no event or series of events shall have occurred that has resulted in or would reasonably be
expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(i) The
Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) no less than the
Required Reserve Amount of Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(j) The
Buyer shall have received a letter, duly executed by an officer of the Company, setting forth the wire amounts of the Buyer and the wire
transfer instructions of the Company (the &ldquo;<U>Closing Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(k) From
the date hereof to the Closing Date, (i) trading in the Ordinary Shares shall not have been suspended by the SEC or the Principal Market
(except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the
Closing), (ii) the closing price of the Ordinary Shares during each of the five (5) consecutive Trading Days immediately prior to the
Closing Date shall be at least 120% of the Floor Price (as defined in the Convertible Notes), and (iii) at any time prior to the Closing
Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall
not have been established on securities whose trades are reported by such service, or on the Principal Market, nor shall a banking moratorium
have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation
of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any
financial market which, in each case, in the reasonable judgment of the Buyer, makes it impracticable or inadvisable to purchase the Securities
at the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(l) The
Company and its Subsidiaries shall have delivered to the Buyer such other documents, instruments or certificates relating to the transactions
contemplated by this Agreement as the Buyer or its counsel may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(m) The
Company shall have filed the Prospectus Supplement in accordance with Section 4(i)(ii) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>TERMINATION.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 0.5in">In the event
that the Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then the Buyer shall have the
right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business on such date
without liability of the Buyer to any other party&#894; provided, however, that the right to terminate this Agreement under this Section
8 shall not be available to the Buyer if the failure of the transactions contemplated by this Agreement to have been consummated by such
date is the result of the Buyer&rsquo;s breach of this Agreement, and provided further that no such termination shall affect any obligation
of the Company under this Agreement to reimburse the Buyer for the expenses described herein. Nothing contained in this Section 8 shall
be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other
Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this
Agreement or the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>MISCELLANEOUS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(a) <U>Governing
Law&#894; Jurisdiction&#894; Jury Trial</U>. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. The Company and the Buyer hereby irrevocably submit to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waive,
and agree not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude
any party from bringing suit or taking other legal action against the other party in any other jurisdiction to collect on the other party&rsquo;s
obligations to such party or to enforce a judgment or other court ruling in favor of such party. <B>EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION
DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY
OR THEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(b) <U>Counterparts</U>.
This Agreement may be executed in one or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature
is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page,
such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such signature page were an original thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(c) <U>Headings&#894;
Gender</U>. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of,
this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine,
neuter, singular and plural forms thereof. The terms &ldquo;including,&rdquo; &ldquo;includes,&rdquo; &ldquo;include&rdquo; and words of like
import shall be construed broadly as if followed by the words &ldquo;without limitation.&rdquo; The terms &ldquo;herein,&rdquo; &ldquo;hereunder,&rdquo;
&ldquo;hereof&rdquo; and words of like import refer to this entire Agreement instead of just the provision in which they are found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(d) <U>Entire
Agreement, Amendments</U>. This Agreement supersedes all other prior or contemporaneous oral or written agreements between the Buyer,
the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and
the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein
and, except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant
or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing
signed by the party to be charged with enforcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(e) <U>Notices</U>.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally
or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications
shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; font-size: 10pt">If to the Company, to:</TD>
    <TD STYLE="width: 64%; font-size: 10pt">DRAGON VICTORY INTERNATIONAL LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Room 1803, Yintai International Building, Kejiguan Road, Binjiang District,
    Hangzhou, Zhejiang Province</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Peoples Republic of China</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: +86 137-3814-6896<BR>
    Attention: Amanda Yang<BR>
    E-Mail: yangy@dvintinc.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">With Copy to:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hunter Taubman Fischer &amp; Li LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">800 Third Avenue, Suite 2800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Ying Li, Esq.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 212 530-2206</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: yli@htflawyers.com</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">If to the Buyer, to its address and e-mail address set forth on the Schedule of Buyers, with copies to the Buyer&rsquo;s representatives as set forth on the Schedule of Buyers,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">With copy to:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Fine, Esq.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Yorkville Advisors Global, LP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1012 Springfield Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mountainside, NJ 07092</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: legal@yorkvilleadvisors.com</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or to such other address, email
address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party
five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) electronically generated by the sender&rsquo;s e-mail service provider containing the time, date, recipient
e-mail address or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(f) <U>Successors
and Assigns</U>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns,
including any purchasers of any of the Convertible Notes (but excluding any purchasers of Underlying Securities, unless pursuant to a
written assignment by the Buyer). The Company shall not assign this Agreement or any rights or obligations hereunder without the prior
written consent of the Buyer. In connection with any transfer of any or all of its Securities, a Buyer may assign all, or a portion, of
its rights and obligations hereunder in connection with such Securities without the consent of the Company, but with written notice to
the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 36.05pt">(g) <U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i) In
consideration of the Buyer&rsquo;s execution and delivery of the Transaction Documents and acquiring the Securities thereunder and in addition
to all of the Company&rsquo;s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless
the Buyer and all of their stockholders, partners, members, officers, and directors, and any of the foregoing Persons&rsquo; agents or other
representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the &ldquo;<U>Buyer Indemnitees</U>&rdquo;) from and against any and all third party claims, actions, causes of action, suits, claims,
losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith, and including reasonable attorneys&rsquo; fees
and disbursements (the &ldquo;<U>Indemnified Liabilities</U>&rdquo;), incurred by any Buyer Indemnitee as a result of, or arising out
of, or relating to (i) any misrepresentation or breach of any express representation or warranty made by the Company in any of the Transaction
Documents, (ii) any breach of any covenant, agreement or obligation of the Company or any Subsidiary contained in any of the Transaction
Documents; <U>provided</U>, <U>however</U>, that the Company shall not be responsible for any Indemnified Liabilities that have resulted
from the Buyer Indemnitees&rsquo; gross negligence, fraud or willful misconduct. To the extent that the foregoing undertaking by the Company
may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii) In
consideration of the Company&rsquo;s execution and delivery of the Transaction Documents and selling the Securities thereunder and in addition
to all of the Buyer&rsquo;s other obligations under the Transaction Documents, the Buyer shall, defend, protect, indemnify and hold harmless
the Company and all of its officers and directors and the <FONT STYLE="font-family: Times New Roman, Times, Serif">Persons, if any, who
control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, </FONT>and any of the foregoing Persons&rsquo;
agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this
Agreement) (collectively, the &ldquo;<U>Company Indemnitees</U>&rdquo;) from and against any and all Indemnified Liabilities, incurred
by any Company Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation
or warranty made by the Buyer in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation of the Buyer
contained in any of the Transaction Documents; <U>provided</U>, <U>however</U>, that the Buyer shall not be responsible for any Indemnified
Liabilities that have resulted from the Company Indemnitees&rsquo; gross negligence or willful misconduct. To the extent that the foregoing
undertaking by the Buyer may be unenforceable for any reason, the Buyer shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities which is permissible under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;Indemnitees&rdquo; shall
hereinafter refer to the Buyer Indemnitees or the Company Indemnitees, as the case may be. &ldquo;Indemnitor&rdquo; shall hereinafter
refer to the Company or the Buyer, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii) Promptly
after receipt by an Indemnitee under this Section 9(g) of notice of the commencement of any action or proceeding (including any governmental
action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof is to be made against the
Indemnitor under this Section 9(g), deliver to the Indemnitor a written notice of the commencement thereof, and the Indemnitor shall have
the right to participate in, and, to the extent the Indemnitor so desires, to assume control of the defense thereof with counsel mutually
reasonably satisfactory to the Indemnitor and the Indemnitee&#894; provided, however, that an Indemnitee shall have the right to retain
its own counsel with the fees and expenses of such counsel to be paid by the Indemnitor if: (A) the Indemnitor has agreed in writing to
pay such fees and expenses&#894; (B) the Indemnitor shall have failed promptly to assume the defense of such Indemnified Liability and
to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified Liability&#894; or (C) the named parties to any such
Indemnified Liability (including any impleaded parties) include both such Indemnitee and the Indemnitor, and such Indemnitee shall have
been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnitee and the Indemnitor
(in which case, if such Indemnitee notifies the Indemnitor in writing that it elects to employ separate counsel at the expense of the
Indemnitor, then the Indemnitor shall not have the right to assume the defense thereof and such counsel shall be at the expense of the
Indemnitor), provided further, that in the case of clause (C) above the Indemnitor shall not be responsible for the reasonable fees and
expenses of more than one (1) separate legal counsel for the Indemnitees. The Indemnitee shall reasonably cooperate with the Indemnitor
in connection with any negotiation or defense of any such action or Indemnified Liability by the Indemnitor and shall furnish to the Indemnitor
all information reasonably available to the Indemnitee which relates to such action or Indemnified Liability. The Indemnitor shall keep
the Indemnitee reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. The
Indemnitor shall not be liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided,
however, that the Indemnitor shall not unreasonably withhold, delay or condition its consent. The Indemnitor shall not, without the prior
written consent of the Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect
to such Indemnified Liability or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnitee.
Following indemnification as provided for hereunder, the Indemnitor shall be subrogated to all rights of the Indemnitee with respect to
all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the Indemnitor within a reasonable time of the commencement of any such action shall not relieve the Indemnitor of any liability
to the Indemnitee under this Section 9(g), except to the extent that the Indemnitor is materially and adversely prejudiced in its ability
to defend such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv) The
indemnification required by this Section 9(g) shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, within ten (10) days after bills supporting the Indemnified Liabilities are received by the Indemnitor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(v) The
indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against the Indemnitor
or others, and (B) any liabilities the Indemnitor may be subject to pursuant to the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">(h) <U>No
Strict Construction</U>. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center; text-indent: 0.5in"><B>[REMAINDER PAGE
INTENTIONALLY LEFT BLANK]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B><I>,</I>
the Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed as of
the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>COMPANY:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>DRAGON VICTORY INTERNATIONAL LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Limin Liu </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Limin Liu</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>IN WITNESS WHEREOF</B><I>,</I>
the Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed as of
the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BUYER:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>YA II PN, LTD. </B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%"> Yorkville Advisors Global, LP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD> Investment Manager</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD> Yorkville Advisors Global II, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD>General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"> /s/ Matt Beckman</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Matt Beckman</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD> Member</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FORM OF CONVERTIBLE NOTES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE OF BUYERS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">(a)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">(b)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">(c)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Buyer</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Subscription Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Purchase Price</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">YA II PN, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">1012 Springfield Avenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,940,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mountainside, NJ 07092</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Facsimile: (201) 985-8266</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Email: Legal@yorkvilleadvisors.com</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Legal Representative&rsquo;s Address and Facsimile Number</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">David Fine, Esq.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">1012 Springfield Avenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Mountainside, NJ 07092</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Facsimile: (201) 985-8266</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Email: Legal@yorkvilleadvisors.com</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">23</P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea138736ex99-2_dragon.htm
<DESCRIPTION>CONVERTIBLE NOTE DATED MARCH 31, 2021
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>DRAGON
VICTORY INTERNATIONAL LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Convertible
Note</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%"><B>Principal Amount:</B></TD>
    <TD STYLE="width: 82%"><B>$6,000,000</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Note Issuance Date:</B></TD>
    <TD STYLE="text-align: justify"><B>March 31, 2021</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Note Number:</B></TD>
    <TD STYLE="text-align: justify"><B>LYL-6</B></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>FOR VALUE RECEIVED,</B> DRAGON
VICTORY INTERNATIONAL LIMITED, a Cayman Islands corporation (the &ldquo;<U>Company</U>&rdquo;), hereby promises to pay to the order of YA
II PN, Ltd., or its registered assigns (the &ldquo;<U>Holder</U>&rdquo;) the amount set out above as the Principal Amount (as reduced pursuant
to the terms hereof pursuant to redemption, conversion or otherwise, the &ldquo;<U>Principal</U>&rdquo;) when due, whether upon the Maturity
Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest
(&ldquo;<U>Interest</U>&rdquo;) on any outstanding Principal at the applicable Interest Rate from the date set out above as the Note Issuance
Date (the &ldquo;<U>Issuance Date</U>&rdquo;) until the same becomes due and payable, whether upon an Interest Date (as defined below),
the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Convertible
Note (including all Notes issued in exchange, transfer or replacement hereof, this &ldquo;<U>Note</U>&rdquo;) was originally issued pursuant
to the Securities Purchase Agreement dated March 31, 2021, as amended (the &ldquo;<U>Securities Purchase Agreement</U>&rdquo;) between
the Company and YA II PN, Ltd. Certain capitalized terms used herein are defined in Section (14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>GENERAL TERMS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a) <U>Maturity Date</U>.
On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid
Interest, and any other amounts outstanding pursuant to the terms of this Note. The &ldquo;<U>Maturity Date</U>&rdquo; shall be March 31,
2022<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>, as may be extended at the option of
the Holder. Other than as specifically permitted by this Note, the Company may not prepay or redeem any portion of the outstanding Principal
and accrued and unpaid Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Interest Rate and Payment of Interest</U>. Interest shall accrue on the outstanding Principal balance hereof at an annual rate
equal to 5% (&ldquo;<U>Interest Rate</U>&rdquo;), which Interest Rate shall increase to an annual rate of 15% for so long as any Event
of Default remains uncured. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the
extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Redemption Payments</U>. If, any time after the Issuance Date, and from time to time thereafter, the daily VWAP is less than
the Floor Price for a period of ten (10) consecutive Trading Days (each such occurrence, a &ldquo;<U>Triggering Event</U>&rdquo;), then
the Company shall make consecutive monthly amortization payments during the term of this Note beginning on the 10th calendar day after
the date of the Triggering Event and continuing on the same calendar day of each successive calendar month until this Note is fully repaid
(each, a &ldquo;<U>Redemption Date</U>&rdquo;), or a Triggering Event ceases to exist as set forth below. Each monthly payment shall be
in an amount (the &ldquo;<U>Redemption Amount</U>&rdquo;) equal to the sum of (i) the Principal Amount of $1,500,000, or the then outstanding
Principal Amount, if less than $1,500,000, (ii) the redemption premium in the amount of 12% of such Principal Amount, and (iii) accrued
and unpaid interest hereunder as of each Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><SUP>1</SUP>
Inert date 12 months from the issuance date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On each Redemption Date, the
Company shall, at its option, either (i) pay the Redemption Amount to the Holder in cash, or (ii) provided that the Equity Conditions
are then satisfied, satisfy the Redemption Amount by issuing to the Holder such number of Ordinary Shares as is equal to the Redemption
Amount divided by the lowest daily VWAP for the 10 consecutive Trading Days immediately preceding the Redemption Date (the &ldquo;<U>Redemption
Price</U>&rdquo;). If the Company elects option (ii), the Company shall send a notice to the Holder on the Redemption Date in the form
set forth on <U>Exhibit I</U> attached hereto notifying the Holder of the number of Ordinary Shares to be issued. No fraction of an Ordinary
Share will be delivered upon any issuance hereunder. All calculations under this Section 1(c) shall be rounded to the nearest $0.0001.
If the issuance of Ordinary Shares would result in the issuance of a fraction of an Ordinary Share, the Company shall round such fraction
of a share up to the nearest whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with
respect to the issuance and delivery of shares pursuant to this Section 1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligation of the Company
to make monthly payments hereunder shall cease if any time after the Triggering Event the daily VWAP is greater than or equal to 108%
of the Floor Price for a period of ten (10) consecutive Trading Days, unless a subsequent Triggering Event occurs, at which point, monthly
payments shall recommence under the procedures set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><U>Early
Redemption</U>. The Company shall have the right, but not the obligation, to redeem (&ldquo;<U>Optional Redemption</U>&rdquo;) early
a portion or all amounts outstanding under this Note as described in this Section; <I>provided</I> that (i) the trading price of the
Ordinary Shares is less than the Fixed Conversion Price and (ii) the Company provides the Holder with at least 10 Business
Days&rsquo; prior written notice (each, a &ldquo;<U>Redemption Notice</U>&rdquo;) of its desire to exercise an Optional Redemption
on the date fixed for early redemption in such notice (&ldquo;<U>Early Redemption Date</U>&rdquo;). Each Redemption Notice shall be
irrevocable and shall specify the outstanding balance of the Convertible Note to be redeemed and the applicable Redemption Premium.
The &ldquo;<U>Early Redemption Amount</U>&rdquo; shall be equal to the outstanding Principal balance being redeemed by the Company,
plus the applicable Redemption Premium, plus all accrued and unpaid interest. After receipt of the Redemption Notice, the Holder
shall have until the Trading Day prior to the Early Redemption Date to elect to convert all or any portion of the Note. On the Early
Redemption Date, the Company shall deliver to the Holder the Early Redemption Amount with respect to the Principal amount redeemed
after giving effect to conversions effected during such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>EVENTS OF DEFAULT</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>An &ldquo;<U>Event of Default</U>&rdquo;, wherever used herein, means any one of the following events (whatever the reason and
whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court,
or any order, rule or regulation of any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>the Company&rsquo;s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note
within five (5) Business Days after such payment is due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary
of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company
or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company or
any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company any such bankruptcy, insolvency
or other proceeding which remains undismissed for a period of sixty-one (61) days; or the Company or any subsidiary of the Company is
adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company
or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or any
substantial part of its property which continues undischarged or unstayed for a period of sixty-one (61) days; or the Company or any subsidiary
of the Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary of the Company shall fail to
pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company or any
subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of
the foregoing; or any corporate or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting
any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company or any subsidiary of the Company shall default in any of its obligations under any other Note or any mortgage, credit
agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which
there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement
of the Company or any subsidiary of the Company in an amount exceeding $100,000, whether such indebtedness now exists or shall hereafter
be created and such default is not cured within five (5) Business Days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Ordinary Shares shall cease to be quoted or listed for trading, as applicable, on any Primary Market for a period of 10 consecutive
Trading Days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section (14))
unless in connection with such Change of Control Transaction this Note is retired;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>the Company&rsquo;s (A) failure to cure a Conversion Failure by delivery of (I) the required number of Ordinary Shares (II) or the Buy-In
Price within five (5) Business Days after the applicable Conversion Failure or (B) notice, written or oral, to the Holder, including by
way of public announcement, at any time, of its intention not to comply with a request for conversion of this Note into Ordinary Shares,
other than pursuant to Section (5)(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5) Business
Days after such payment is due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>The
Company shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise commit any
material breach or default of any provision of this Note (except as may be covered by Section (3)(a)(i) through (3)(a)(viii) hereof)
or any Transaction Document (as defined in Section (14)) which is not cured within the time prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &nbsp;
</FONT>any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>During the time that any portion of this Note is outstanding, if any Event of Default has occurred and is continuing, the full
unpaid Principal amount of this Note, together with interest and other amounts owing in respect thereof, to the date of acceleration shall
become at the Holder&rsquo;s election, immediately due and payable in cash. Furthermore, in addition to any other remedies, the Holder shall
have the right (but not the obligation) to convert this Note (subject to the beneficial ownership limitations set out in Section (4)(c))
at any time after (x) an Event of Default (provided that such Event of Default is continuing) or (y) the Maturity Date at the Conversion
Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other
than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder at any time prior to payment hereunder.
No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>CONVERSION</U>. This Note shall be convertible into the Company&rsquo;s Ordinary Shares on the terms and conditions set forth in this
Section (4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Conversion Right</U>. Subject to the provisions of Section (4)(c), at any time or times on or after the Issuance Date, the Holder
shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and non-assessable
Ordinary Shares in accordance with Section (4)(b), at the Conversion Rate (as defined below). Upon each conversion and upon receipt of
the appropriate notice from the Holder as set forth in Section (4)(b)(i) herein, the Company shall issue the applicable Ordinary Shares
to the Holder. The number of Ordinary Shares issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be
determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the &ldquo;<U>Conversion Rate</U>&rdquo;). No fraction of
an Ordinary share will be delivered upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001.
If the issuance would result in the issuance of a fraction of an Ordinary Share, the Company shall round such fraction of a share up to
the nearest whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance
and delivery of shares upon conversion of any Conversion Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
</FONT>&ldquo;<U>Conversion Amount</U>&rdquo; means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise
with respect to which this determination is being made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Conversion Price</U>&rdquo; means, as of any Conversion Date (as defined below) or other date of determination the lower
of (i) $2.75 (the &ldquo;<U>Fixed Conversion Price</U>&rdquo;), or (ii) 88% of the lowest daily VWAP during the 10 consecutive Trading
Days immediately preceding the Conversion Date or other date of determination (the &ldquo;<U>Variable Conversion Price</U>&rdquo;), but
not lower than the Floor Price. The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of
this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Mechanics of Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Optional Conversion</U>. To convert any Conversion Amount into Ordinary Shares on any date (a &ldquo;<U>Conversion Date</U>&rdquo;),
the Holder shall (A) transmit by email, for receipt on or prior to 11:59 p.m., New York Time, on such date, a copy of an executed notice
of conversion in the form attached hereto as <U>Exhibit II</U> (the &ldquo;<U>Conversion Notice</U>&rdquo;) to the Company and (B) if required
by Section (4)(b)(iii), surrender this Note to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification
undertaking reasonably satisfactory to the Company with respect to this Note in the case of its loss, theft or destruction). On or before
the third Business Day following the date of receipt of a Conversion Notice (the &ldquo;<U>Share Delivery Date</U>&rdquo;), the Company
shall cause the issuance of the underlying Ordinary Shares and (X) if legends are not required to be placed on the shares certificates
and provided that the Transfer Agent is participating in the Depository Trust Company&rsquo;s (&ldquo;DTC&rdquo;) Fast Automated Securities Transfer
Program, instruct the Transfer Agent to credit such aggregate number of Ordinary Shares to which the Holder shall be entitled to the Holder&rsquo;s
or its designee&rsquo;s balance account with DTC through its Deposit Withdrawal and Custodian system or (Y) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, instruct the Transfer Agent to deliver to the address as specified in the Conversion
Notice, a share certificate, registered in the name of the Holder or its designee, for the number of Ordinary Shares to which the Holder
shall be entitled which certificates shall not bear any restrictive legends unless required pursuant to rules and regulations of the Commission.
If this Note is physically surrendered for conversion and the outstanding Principal of this Note is greater than the Principal portion
of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than three (3) Business
Days after receipt of this Note and at its own expense, issue and deliver to the holder a new Note representing the outstanding Principal
not converted. The Person or Persons entitled to receive Ordinary Shares issuable upon a conversion of this Note shall be treated for
all purposes as the record holder or holders of such Ordinary Shares upon the transmission of a Conversion Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Company&rsquo;s Failure to Timely Convert</U>. If within three (3) Trading Days after either (i) the Company&rsquo;s receipt of an email
copy of a Conversion Notice, or (ii) a Redemption Date pursuant to which the Company elects to satisfy the Redemption Amount by issuing
Ordinary Shares to the Holder, the Company shall fail to issue the underlying Ordinary Shares and cause the issuance and deliver a share
certificate to the Holder or credit the Holder&rsquo;s balance account with DTC for the number of Ordinary Shares to which the Holder is entitled
(whether upon such holder&rsquo;s conversion of any Conversion Amount or otherwise) (a &ldquo;<U>Conversion Failure</U>&rdquo;), and if on or
after such Trading Day the Holder purchases (in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction of
a sale by the Holder Ordinary Shares that the Holder anticipated receiving from the Company (a &ldquo;<U>Buy-In</U>&rdquo;), then the Company
shall, within three (3) Business Days after the Holder&rsquo;s request and in the Holder&rsquo;s discretion, either (i) pay cash to the Holder in
an amount equal to the Holder&rsquo;s total purchase price (including brokerage commissions) for the Ordinary Shares so purchased (the <B>&ldquo;</B><U>Buy-In
Price</U><B>&rdquo;</B>), at which point the Company&rsquo;s obligation to deliver such certificate (and to issue such Ordinary Shares) shall
terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Ordinary Shares
and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Ordinary
Shares, times (B) the Closing Bid Price on the Conversion Date or Redemption Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Book-Entry</U>. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion
Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice (which notice
may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company
shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such other method,
reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon partial conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Limitations on Conversions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Beneficial Ownership</U>. The Holder shall not have the right to convert any portion of this Note or otherwise receive Ordinary
Shares hereunder to the extent that after giving effect to such conversion or receipt of such Ordinary Shares, the Holder, together with
any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated
thereunder) in excess of 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to such conversion. Since
the Holder will not be obligated to report to the Company the number of Ordinary Shares it may hold at the time of a conversion hereunder,
unless the conversion at issue would result in the issuance of Ordinary Shares representing beneficial ownership in excess of 4.99% of
the then outstanding Ordinary Shares without regard to any other Ordinary Shares which may be beneficially owned by the Holder or an affiliate
thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit
any particular conversion hereunder and to the extent that the Holder determines that the limitation contained in this Section applies,
the determination of which portion of the Principal amount of this Note is convertible shall be the responsibility and obligation of the
Holder, provided however, upon the request of the Company, the Holder shall report its holdings in Ordinary Shares to the Company. If
the Holder has delivered a Conversion Notice for a Principal amount of this Note that would result in the issuance in excess of the permitted
amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion for the maximum Principal amount permitted
to be converted on such Conversion Date in accordance with Section 3(a) and any Principal amount tendered for conversion in excess of
the permitted amount hereunder shall remain outstanding under this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Sales Limitations</U>. The Holder shall not sell such number of Ordinary Shares in any calendar month (being the 1<SUP>st</SUP>
of the month through the last day of the same month) that would result in gross proceeds received by the Holder in excess of the greater
of (a) 30% of the dollar trading volume of the Ordinary Shares during such calendar month, of (b) $2,000,000. This limitation shall not
apply (i) at any time after the occurrence of an Event of Default, and (ii) with respect to any sales of Ordinary Shares at prices greater
than or equal to the Fixed Conversion Price. This limitation may be waived with the written consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Other Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company shall at all times reserve and keep available out of its authorized Ordinary Shares the full number of Ordinary Shares
issuable upon conversion of all outstanding amounts under this Note; and within three (3) Business Days following the receipt by the Company
of a Holder&rsquo;s notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly reserve a sufficient
number of shares to comply with such requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Nothing herein shall limit a Holder&rsquo;s right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein
for the Company&rsquo;s failure to deliver certificates representing shares upon conversion within the period specified herein and such
Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such
rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Adjustments to Conversion Price</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Adjustment of Conversion Price upon Issuance of Ordinary Shares</U>. If the Company, at any time while this Note is outstanding,
issues or sells any Ordinary Shares or Convertible Securities, for a consideration per share (the &ldquo;<U>New Issuance Price</U>&rdquo;)
less than a price equal to the Fixed Conversion Price in effect immediately prior to such issue or sale (such price the &ldquo;<U>Applicable
Price</U>&rdquo;) (the foregoing a &ldquo;<U>Dilutive Issuance</U>&rdquo;), then immediately after such Dilutive Issuance the Fixed Conversion
Price then in effect shall be reduced to an amount equal to the New Issuance Price. For the purposes hereof, if the Company in any manner
issues or sells any Convertible Securities and the lowest price per share for which one Ordinary Share is issuable upon such conversion
or exchange or exercise thereof is less than the Applicable Price, then such Ordinary Share shall be deemed to be outstanding and to have
been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share. No further
adjustment of the Conversion Price shall be made upon the actual issuance of such Ordinary Shares upon conversion or exchange or exercise
of such Convertible Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Adjustment of Conversion Price upon Subdivision or Combination of Ordinary Shares</U>. If the Company, at any time while this
Note is outstanding, shall (a)&nbsp;pay a stock dividend or otherwise make a distribution or distributions on its Ordinary Shares or any
other equity or equity equivalent securities payable in shares which results in an increase in the number of outstanding Ordinary Shares,
(b) subdivide its outstanding Ordinary Shares into a larger number of Ordinary Shares, (c) combine (including by way of reverse share
split) outstanding Ordinary Shares into a smaller number of Ordinary Shares, or (d)&nbsp;issue additional Ordinary Shares by reclassification
of Ordinary Shares or any shares of capital stock of the Company, then each of the Fixed Conversion Price and the Floor Price shall be
multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding
before such event and of which the denominator shall be the number of Ordinary Shares outstanding after such event (c) of this Section.
Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of shareholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Other Events</U>. If any event occurs of the type contemplated by the provisions of this Section (5) but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features), then the Company&rsquo;s Board of Directors will make an appropriate adjustment in the Conversion Price so as to protect
the rights of the Holder under this Note. If the Company issues any Convertible Securities with a variable conversion formula that is
more favorable than this Note, then at the option of the Holder, the Variable Conversion Price formula shall be changed to match that
of the new Convertible Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Other Corporate Events</U>. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities or other assets with respect
to or in exchange for Ordinary Shares (a &ldquo;<U>Corporate Event</U>&rdquo;), the Company shall make appropriate provision to ensure that
the Holder will thereafter have the right to receive upon a conversion of this Note, at the Holder&rsquo;s option, (i) in addition to the Ordinary
Shares receivable upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such
Ordinary Shares had such shares been held by the Holder upon the consummation of such Corporate Event (without taking into account any
limitations or restrictions on the convertibility of this Note) or (ii) in lieu of the Ordinary Shares otherwise receivable upon such
conversion, such securities or other assets received by the holders of Ordinary Shares in connection with the consummation of such Corporate
Event in such amounts as the Holder would have been entitled to receive had this Note initially been issued with conversion rights for
the form of such consideration (as opposed to the Ordinary Shares) at a conversion rate for such consideration commensurate with the Conversion
Rate. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions
of this Section shall apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations
on the conversion or redemption of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Whenever the Conversion Price is adjusted pursuant to Section (5) hereof, the Company shall promptly mail to the Holder a notice
setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>REISSUANCE OF THIS NOTE</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Transfer</U>. This Note may only be transferred after the reasonable determination by the Company that such transfer would not
cause the Company to be out of compliance any of the requirements of the applicable securities laws and regulations. If this Notes is
to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue and deliver upon the
order of the Holder a new Note (in accordance with Section (6)(d)), registered in the name of the registered transferee or assignee, representing
the outstanding Principal being transferred by the Holder (along with any accrued and unpaid interest thereof) and, if less than the entire
outstanding Principal is being transferred, a new Note (in accordance with Section (6)(d)) to the Holder representing the outstanding
Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the
provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal represented
by this Note may be less than the Principal stated on the face of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Lost, Stolen or Mutilated Note</U>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company reasonably satisfactory to the Company and, in the case of mutilation, upon surrender and cancellation of this Note,
the Company shall execute and deliver to the Holder a new Note (in accordance with Section (6)(d)) representing the outstanding Principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Exchangeable for Different Denominations</U>. This Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes (in accordance with Section (6)(d)) representing in the aggregate the outstanding Principal
of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time
of such surrender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Issuance of New Notes</U>. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new
Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining
outstanding (or in the case of a new Note being issued pursuant to Section (6)(a) or Section (6)(c), the Principal designated by the Holder
which, when added to the Principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this
Note, and (v) shall represent accrued and unpaid Interest from the Issuance Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><U>NOTICES</U>.
Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally
or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case,
properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses
for such communications shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Company, to:</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DRAGON VICTORY INTERNATIONAL LIMITED</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Room 1803, Yintai International Building, Kejiguan Road,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Binjiang District,
    Hangzhou, Zhejiang Province</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Peoples Republic of China</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: +86 137-3814-6896</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Amanda Yang<BR>
    Email: yangy@dvintinc.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With Copy to:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hunter Taubman Fischer &amp; Li LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">800 Third Avenue, Suite 2800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Ying Li, Esq.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (202) 530-2206</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: yli@htflawyers.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">If to the Holder:</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">YA II PN, Ltd</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">c/o Yorkville Advisors Global, LLC</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">1012 Springfield Avenue</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Mountainside, NJ 07092</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Attention: Mark Angelo</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Telephone: 201-985-8300</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Email: Legal@yorkvilleadvisors.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or at such other address and/or
email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three
(3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice,
consent, waiver or other communication, (ii) electronically generated by the sender&rsquo;s email service provider containing the time, date,
recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Except as expressly provided herein, no provision of this Note shall alter or impair the obligations of the Company, which are
absolute and unconditional, to pay the Principal of, interest and other charges (if any) on, this Note at the time, place, and rate, and
in the coin or currency, herein prescribed. This Note is a direct obligation of the Company. As long as this Note is outstanding, the
Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, (i) amend its certificate of incorporation,
bylaws or other charter documents so as to adversely affect any rights of the Holder; or (ii) repay, repurchase or offer to repay, repurchase
or otherwise acquire its Ordinary Shares or other equity securities; or (iii) enter into any agreement with respect to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>This Note shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the
right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any
other proceedings of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(10) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>This
Note shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of
laws thereof. Each of the parties consents to the jurisdiction of the Supreme Court of the State of New York located in the City of
New York, Borough of Manhattan, and the U.S.&nbsp;District Court for the Southern District of New York in connection with any
dispute arising under this Note and hereby waives, to the maximum extent permitted by law, any objection, including any objection
based on forum non conveniens to the bringing of any such proceeding in such jurisdictions. THE PARTIES HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES&rsquo;
ACCEPTANCE OF THIS AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(11) If any party shall
commence an action or proceeding to enforce any provisions of this Note, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its attorneys&rsquo; fees and other costs and expenses incurred in the investigation,
preparation and prosecution of such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or the Holder
to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(13) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>If
any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(14) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><U>CERTAIN
DEFINITIONS</U>. For purposes of this Note, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Applicable Price</U>&rdquo; shall have the meaning set forth in Section 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Bloomberg</U>&rdquo; means Bloomberg Financial Markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Business Day</U>&rdquo; means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the
United States or a day on which banking institutions are authorized or required by law or other government action to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Change of Control Transaction</U>&rdquo; means the occurrence of (a) an acquisition after the date hereof by an individual
or legal entity or &ldquo;group&rdquo; (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether
through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of
the voting power of the Company (except that the acquisition of voting securities by the Holder or any other current holder of convertible
securities of the Company shall not constitute a Change of Control Transaction for purposes hereof), (b) a replacement at one time or
over time of more than one-half of the members of the board of directors of the Company (other than as due to the death or disability
of a member of the board of directors) which is not approved by a majority of those individuals who are members of the board of directors
on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination to the board
of directors was approved by a majority of the members of the board of directors who are members on the date hereof), (c) the merger,
consolidation or sale of fifty percent (50%) or more of the assets of the Company or any subsidiary of the Company in one or a series
of related transactions with or into another entity, or (d) the execution by the Company of an agreement to which the Company is a party
or by which it is bound, providing for any of the events set forth above in (a), (b) or (c). No transfer to a wholly-owned subsidiary
shall be deemed a Change of Control Transaction under this provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Closing Bid Price</U>&rdquo; means the price per share in the last reported trade of the Ordinary Shares on the Primary
Market or on the exchange which the Ordinary Shares are then listed as quoted by Bloomberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Convertible Securities</U>&rdquo; means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Commission</U>&rdquo; means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Daily Value Traded</U>&rdquo; means, for any Trading Day, the volume of Ordinary Shares traded on such Trading Day as
reported by Bloomberg, multiplied by the daily VWAP on such Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Dilutive Issuance</U>&rdquo; shall have the meaning set forth in Section 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Equity Conditions</U>&rdquo; means that: (i) the issuance of all applicable Ordinary Shares issuable to the Holder in
connection with the event requiring determination shall be registered under the Securities Act and such Ordinary Shares shall be eligible
for sale by the Holder without restriction under any applicable federal or state securities laws; (ii) the Ordinary Shares are designated
for quotation on the Primary Market and shall not have been suspended from trading on such exchange nor shall delisting or suspension
by such exchange been threatened or pending; (iii) the issuance of any applicable Ordinary Shares issuable to the Holder in connection
with the event requiring determination will not breach any rules or regulations of the Primary Market; (iv) there shall not have occurred
either (A) an Event of Default or (B) an event that with the passage of time or giving of notice would constitute an Event of Default;
(v) the average Daily Value Traded of the Ordinary Shares on the Primary Market during the 5 consecutive Trading Day&rsquo;s immediately
prior to the date of determination shall be at least $1,500,000 per day; and (vi) the Company shall have no knowledge of any fact that
would cause any Ordinary Shares to be issued in connection with the event requiring determination not to be eligible for sale without
restriction under any applicable federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Exchange Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Floor Price</U>&rdquo; means $1.08 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Fundamental Transaction</U>&rdquo; means any of the following: (1) the Company effects any merger or consolidation of
the Company with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with a wholly
owned subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of all or substantially
all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Ordinary Shares are permitted to tender or exchange their shares for other securities,
cash or property, or (4) the Company effects any reclassification of the Ordinary Shares or any compulsory share exchange pursuant to
which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>New Issuance Price</U>&rdquo; shall have the meaning set forth in Section 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Options</U>&rdquo; means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Ordinary Shares</U>&rdquo; means the Company&rsquo;s Ordinary Shares, par value $0.0001 par value per share, and any capital
stock into which such shares shall have been changed or any share capital resulting from a reclassification of such Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Other Notes</U>&rdquo; means any other Notes issued pursuant to the Securities Purchase Agreement and any other Notes,
debentures, or other instruments issued in exchange, replacement, or modification of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(r) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>&ldquo;<U>Person</U>&rdquo;
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision
thereof or a governmental agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(s) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>&ldquo;<U>Primary
Market</U>&rdquo; means the Nasdaq Capital Market and any successor to any of the foregoing markets or exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Redemption Premium</U>&rdquo; means 15% of the Principal amount being redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Securities Act</U>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Trading Day</U>&rdquo; means a day on which the Ordinary Shares are quoted or traded on a Primary Market on which the
shares are then quoted or listed; provided, that in the event that the Ordinary Shares are not listed or quoted, then Trading Day shall
mean a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(w) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>&ldquo;<U>Transaction
Document(s)</U>&rdquo; shall mean this Note, along with the Securities Purchase Agreement, and any other documents or agreements
entered into in connection with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Underlying Shares</U>&rdquo; means the Ordinary Shares issuable upon conversion of this Note in accordance with the terms
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>Underlying Shares Registration Statement</U>&rdquo; means a registration statement meeting the requirements set forth
in the Securities Purchase Agreement, covering among other things the issuance of the Note and Ordinary Shares underlying the Note and
the sale of such Ordinary Shares by the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>&ldquo;<U>VWAP</U>&rdquo; means, for the Ordinary Shares as of any date, the daily dollar volume-weighted average price for such
security on the Primary Market as reported by Bloomberg through its &ldquo;Historical Prices &ndash; Px Table with Average Daily Volume&rdquo;
functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Signature Page Follows]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Company has caused this Convertible Note to be duly executed by a duly authorized officer as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>COMPANY:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>DRAGON VICTORY INTERNATIONAL LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="text-decoration: none">/s/ Limin Liu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 35%">Limin Liu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT I<BR>
<U>COMPANY REDMEPTION NOTICE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: [__________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA E-MAIL: trading@yorkvilleadvisors.com and [_______________]</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dragon Victory International Limited, (&ldquo;<U>Company</U>&rdquo;)
hereby elects to issue shares to YA II PN, Ltd. <B>(</B>the &ldquo;<U>Holder</U>&rdquo;) in accordance with Section 1(c) of the Convertible
Note issued to the Holder on March 31, 2021 (the &ldquo;<U>Note</U>&rdquo;). Unless otherwise specified, capitalized terms used in this
letter shall have the meaning assigned to them in the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; text-align: justify"><B>Note Number:</B></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">LYL-6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Applicable Redemption Date:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">[_______________]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.25in; vertical-align: top; text-align: justify"><B>Principal Amount:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">[$1,500,000]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.375in; vertical-align: top; text-align: justify"><B>   12%Premium:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">[$ &nbsp;180,000]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; text-align: justify"><B>Accrued and Unpaid Interest:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">[$______________]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Redemption Amount:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">[$______________]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company hereby confirms that the Equity Conditions
are satisfied as of the date hereof and elects to satisfy the Redemption Amount by issuing Ordinary Shares to the Holder as set forth
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Redemption Amount:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[$______________]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Redemption Price (lowest daily VWAP During the 10 consecutive Trading Days immediately Preceding the Redemption Date as shown on the attached Bloomberg Screen Shot): </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[$______________]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Number of Ordinary Shares to be Issued:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[ ___________ ___]</TD></TR>
  <TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Sincerely,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%">&nbsp;</TD>
  </TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: center"><B>Authorised Signatory,</B></TD>
  </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 3.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT II<BR>
<U>CONVERSION NOTICE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To be executed by the Holder in order to
Convert the Note)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TO: DRAGON VICTORY INTERNATIONAL LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Via Email: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby irrevocably
elects to convert a portion of the outstanding and unpaid Conversion Amount of Note No. <U>LYL-6</U> into ordinary shares of <B>DRAGON
VICTORY INTERNATIONAL LIMITED</B>, according to the conditions stated therein, as of the Conversion Date written below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%"><FONT STYLE="font-size: 10pt"><B>Conversion Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Principal Amount to be Converted:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Accrued Interest to be Converted:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Total Conversion Amount to be converted:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Fixed Conversion Price: </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Variable Conversion Price:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Applicable Conversion Price:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
    <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Number of Ordinary Shares to be Issued:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt; text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Please issue the Ordinary Shares in the following name and to the following address:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>[__________________]</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Authorized Signature:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">&nbsp;<FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">&nbsp;<FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">&nbsp;<FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Broker DTC Participant Code:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;<FONT STYLE="font-size: 10pt"></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Account Number:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea138736ex99-3_dragon.htm
<DESCRIPTION>LEGAL OPINION OF OGIER
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="ex99-3_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="5" STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">YA II PN, Ltd.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1012 Springfield Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mountainside, NJ 07092</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">USA</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D&nbsp;&nbsp;+1 345 815 1877</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E&nbsp;&nbsp;bradley.kruger@ogier.com</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Reference: 425626.00004/BKR/TTU</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>31 March 2021</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dragon Victory International Limited (Company)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Cayman Islands legal advisers
to the Company in connection with (i) the Company&rsquo;s registration statement on Form F-3, including all amendments or preliminary
or final supplements thereto (the <B>Registration Statement</B>), filed with the Securities and Exchange Commission (the <B>Commission</B>)
under the U.S. Securities Act of 1933, as amended (the <B>Act</B>) to date relating to the registration of up to US$30,000,000 of its
securities and (ii) its entry into a securities purchase agreement dated on or around the date of this opinion (the <B>SPA</B>) with YA
II PN, Ltd. (the <B>Buyer</B>) in connection with the sale and issuance by the Company of a convertible promissory note in the principal
amount of US$6,000,000 (the <B>Note</B>, together with the SPA, the <B>Documents </B>and each a <B>Document</B>) which is convertible
into ordinary shares of par value US$0.0001 each of the Company (the <B>Shares</B>) on the terms of the Note. This opinion is given in
accordance with the terms of the legal matters section of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless a contrary intention appears, all capitalised
terms used in this opinion have the respective meanings set forth in the Registration Statement. A reference to a Schedule is a reference
to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt">1</TD><TD STYLE="text-align: justify">Documents examined</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">For the purposes of giving this opinion,
we have examined a copy of the Registration Statement and the Documents. In addition, we have examined the corporate and other documents
listed in Schedule 1. We have not made any searches or enquiries concerning, and have not examined any documents entered into by or affecting
the Company or any other person, save for the searches, enquiries and examinations expressly referred to in Schedule 1.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ogier</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">89 Nexus Way</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Camana Bay</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grand Cayman, KY1-9009</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T +1 345 949 9876</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F +1 345 949 9877</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">ogier.com</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 45%; font-size: 10pt">A list of Partners may be inspected on our website</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">2</TD><TD STYLE="text-align: justify">Assumptions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">In giving this opinion we have relied
upon the assumptions set forth in Schedule 2 without having carried out any independent investigation or verification in respect of those
assumptions.</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">3</TD><TD STYLE="text-align: justify">Opinions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On the basis of the examinations and
assumptions referred to above and subject to the qualifications set forth in Schedule 3 and the limitations set forth below, we are of
the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Corporate status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Company has been duly incorporated as an exempted company and is validly existing and in good standing
with the Registrar of Companies of the Cayman Islands (the <B>Registrar</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Corporate power</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Company has all requisite power under the M&amp;A (as defined herein) to execute and deliver the Documents
and to perform its obligations, and exercise its rights, under them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Corporate authorisation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Company has taken all requisite corporate action to authorise:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74.3pt"></TD><TD STYLE="width: 33.7pt">(i)</TD><TD STYLE="text-align: justify">the execution and delivery of the Documents, the performance of its obligations, and the exercise of its
rights, under them; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74.3pt"></TD><TD STYLE="width: 33.7pt">(ii)</TD><TD STYLE="text-align: justify">the sale and issuance of the Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>No conflict</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The (i) execution and delivery of the Documents by the Company, the performance by the Company of its
obligations, and the exercise by the Company of its rights, under them, and (ii) the issue and sale of the Note, do not contravene:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74.3pt"></TD><TD STYLE="width: 33.7pt">(i)</TD><TD STYLE="text-align: justify">the M&amp;A; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74.3pt"></TD><TD STYLE="width: 33.7pt">(ii)</TD><TD STYLE="text-align: justify">any law, regulation, order or public rule of the Cayman Islands applicable to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>No approvals and consents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Company is not required to obtain any consent, licence, approval, authorisation or exemption of any
governmental or regulatory authority, agency or court in the Cayman Islands in connection with (i) the execution or delivery by the Company
of the Documents or the performance of its obligations, or the exercise of its rights, under them, and (ii) the issue and sale of the
Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Choice of law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The express choice of the laws of the jurisdiction specified in the Documents to be the governing law
of those documents (its <B>Proper Law</B>) will be recognised and applied by the courts of the Cayman Islands in any action brought in
such courts in respect of such documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Enforceability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Documents constitute legal, valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Submission to jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Where the Documents contain a provision pursuant to which the Company agrees to submit to the jurisdiction
of the courts specified in such provision, such submission is valid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Enforcement of foreign judgments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Although there is no statutory enforcement in the Cayman Islands of judgments or orders obtained in foreign
courts (other than certain courts of Australia and its external territories), the courts of the Cayman Islands will recognise and enforce
a foreign judgment or order, without re-examination or re-litigation of the matters adjudicated upon, if the judgment or order:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(i)</TD><TD STYLE="text-align: justify">is given by a foreign court of competent jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(ii)</TD><TD STYLE="text-align: justify">is final and conclusive;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(iii)</TD><TD STYLE="text-align: justify">is not in respect of a tax, fine or other penalty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(iv)</TD><TD STYLE="text-align: justify">was not obtained by fraud; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(v)</TD><TD STYLE="text-align: justify">is not of a kind, the enforcement of which is contrary to public policy in the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify">The courts of the Cayman Islands will
apply the rules of Cayman Islands private international law to determine whether the foreign court is a court of competent jurisdiction.
Subject to these limitations, the courts of the Cayman Islands will recognise and enforce a foreign judgment for a liquidated sum and
may also give effect in the Cayman Islands to other kinds of foreign judgments, such as declaratory orders, orders for performance of
contracts and injunctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Filings and recordings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">It is not necessary, to ensure the validity, enforceability or admissibility in evidence of the Documents
in the courts of the Cayman Islands, that any of the Documents or any other document relating to them be filed or recorded with any governmental
or regulatory authority, agency or court in the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>No litigation revealed</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">Based solely on our investigation of the Register of Writs and Other Originating Process (<B>Register
of Writs</B>), no litigation was pending in the Cayman Islands against the Company, nor had any petition been presented or order made
for the winding up of the Company, as of the close of business on the day before our inspection.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">The issue and allotment of the Shares has been authorised by all requisite corporate action of the Company
and when converted, allotted, issued and paid for as contemplated in the Registration Statement and the Documents, the Shares will be
validly issued and allotted, fully paid and non-assessable. As a matter of Cayman Islands law, the Shares are only issued when they have
been entered into the register of members of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">The M&amp;A do not grant to the shareholders thereof any pre-emptive rights or rights of first refusal
in respect of the Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Share Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">The statement included in the Registration Statement and the Prospectus under the heading &quot;Description
of Share Capital&quot;, insofar as such statement summarises the laws of the Cayman Islands and the M&amp;A, is accurate and fairly represents
in all material respects summaries of Cayman Islands laws and regulations and the M&amp;A.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">4</TD><TD STYLE="text-align: justify">Matters not covered</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">We offer no opinion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Documents (or as to how the commercial terms of the Documents reflect the intentions of
the parties), the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events of default or terminating
events or the existence of any conflicts or inconsistencies among the Documents and any other agreements into which the Company may have
entered or any other documents; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">as to whether the acceptance, execution or performance of the Company&rsquo;s obligations under the Documents
will result in the breach of or infringe any other agreement, deed or document (other than the M&amp;A) entered into by or binding on
the Company.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">5</TD><TD STYLE="text-align: justify">Governing law of this opinion</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">5.1</TD><TD STYLE="text-align: justify">This opinion is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">governed by, and shall be construed in accordance with, the laws of the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">limited to the matters expressly stated in it; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this
opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">5.2</TD><TD STYLE="text-align: justify">Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that
legislation as amended to, and as in force at, the date of this opinion.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt">6</TD><TD STYLE="text-align: justify">Who can rely on this opinion</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">This opinion is given for your benefit
in connection with the Documents. With the exception of your professional advisers (acting only in that capacity), it may not be disclosed
to or relied upon by any person or used for any other purpose or referred to or made public in any way without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Ogier</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Ogier</B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Documents examined</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify">The Certificate of Incorporation of the Company dated 19 June 2015 issued by the Registrar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="text-align: justify">The amended and restated memorandum and articles of association of the Company adopted by special resolution
passed on 25 July 2017 (the <B>M&amp;A</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="text-align: justify">A Certificate of Good Standing dated 16 March 2021 (<B>Good Standing Certificate</B>) issued by the Registrar
in respect of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="text-align: justify">A certificate dated 31 March 2021 as to certain matters of fact signed by a director of the Company in
the form annexed hereto (the <B>Director's Certificate</B>), having attached to it the written resolutions of all of the directors of
the Company passed on 3 February 2021 and on 30 March 2021 (the <B>Board Resolutions</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="text-align: justify">The Registration Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="text-align: justify">The SPA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="text-align: justify">The Note.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Assumptions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assumptions of general application</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">All original documents examined by us are authentic and complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">All copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals
and those originals are authentic and complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">All signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">Each of the Good Standing Certificate and the Director&rsquo;s Certificate is accurate and complete as
at the date of this opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">Where a Document has been provided to us in draft or undated form, such Document has been executed by
all parties in materially the form provided to us and, where we have been provided with successive drafts of the Documents marked to show
changes from a previous draft, all such changes have been accurately marked.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Status, authorisation and execution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">Each of the parties to the Documents other than the Company is duly incorporated, formed or organised
(as applicable), validly existing and in good standing under all relevant laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">Any individuals who are parties to the Documents, or who sign or have signed documents or give information
on which we rely, have the legal capacity under all relevant laws (including the laws of the Cayman Islands) to enter into and perform
their obligations under such Documents, sign such documents and give such information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">The Documents have been duly authorised, executed and unconditionally delivered by or on behalf of all
parties to them in accordance with all applicable laws (other than, in the case of the Company, the laws of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">9</TD><TD STYLE="text-align: justify">In authorising the execution and delivery of the Documents by the Company, the exercise of its rights
and performance of its obligations under the Documents, each of the directors of the Company has acted in good faith with a view to the
best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">10</TD><TD STYLE="text-align: justify">The person named in the Board Resolutions as authorised to execute the Documents on behalf of the Company
in fact executed such Documents with the intention to bind the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">11</TD><TD STYLE="text-align: justify">The Note has been, or will be, issued in accordance with its terms and the SPA.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Choice of law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">12</TD><TD STYLE="text-align: justify">The express choice in the Documents of its Proper Law as the governing law of those Documents was made
in good faith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">13</TD><TD STYLE="text-align: justify">The express choice of their Proper Law as the governing law of the Documents is a valid and binding selection
under its Proper Law and all other relevant laws (other than the laws of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">14</TD><TD STYLE="text-align: justify">There is nothing under any law (other than the laws of the Cayman Islands) that would or might affect
the opinions herein.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enforceability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">15</TD><TD STYLE="text-align: justify">Each Document is legal, valid, binding and enforceable against all relevant parties in accordance with
its terms under its Proper Law and all other relevant laws (other than, in the case of the Company, the laws of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">16</TD><TD STYLE="text-align: justify">If an obligation is to be performed in a jurisdiction outside the Cayman Islands, its performance will
not be contrary to an official directive, impossible or illegal under the laws of that jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">17</TD><TD STYLE="text-align: justify">No moneys paid to or for the account of any party under the Documents represent, or will represent, criminal
property or terrorist property (as defined in the Proceeds of Crime Act (Revised), and the Terrorism Act (Revised) respectively). None
of the parties to the Documents is acting or will act in relation to the transactions contemplated by the Documents, in a manner inconsistent
with United Nations sanctions or measures extended by statutory instrument to the Cayman Islands by order of Her Majesty in Council.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">18</TD><TD STYLE="text-align: justify">None of the opinions expressed herein will be adversely affected by the laws or public policies of any
jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the laws or public policies of any jurisdiction other than the Cayman Islands will not adversely affect
the capacity or authority of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">neither the execution or delivery of the Documents nor the exercise by any party to the Documents of its
rights or the performance of its obligations under them contravene those laws or public policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">19</TD><TD STYLE="text-align: justify">There are no agreements, documents or arrangements (other than the documents expressly referred to in
this opinion as having been examined by us) that materially affect or modify the Documents or the transactions contemplated by them or
restrict the powers and authority of the Company in any way.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">20</TD><TD STYLE="text-align: justify">The Shares shall be issued at an issue price in excess of the par value thereof.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approvals, consents and filings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">21</TD><TD STYLE="text-align: justify">The Company has obtained all consents, licences, approvals and authorisations of any governmental or regulatory
authority or agency or of any other person that it is required to obtain pursuant to the laws of all relevant jurisdictions (other than
those of the Cayman Islands) to ensure the legality, validity, enforceability, proper performance and admissibility in evidence of the
Documents. Any conditions to which such consents, licences, approvals and authorisations are subject have been, and will continue to be,
satisfied or waived by the parties entitled to the benefit of them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">22</TD><TD STYLE="text-align: justify">All of the following that are necessary to ensure the validity, legality, enforceability or admissibility
in evidence of the Documents have been made or paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all notarisations, apostillings and consularisations required pursuant to the laws of all relevant jurisdictions
(other than those of the Cayman Islands); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all filings, recordings, registrations and enrolments of the Documents with any court, public office or
elsewhere in any jurisdiction outside the Cayman Islands; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all payments outside the Cayman Islands of stamp duty, registration or other tax on or in relation to
the Documents.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Submission to jurisdiction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">23</TD><TD STYLE="text-align: justify">The submission by the Company to the jurisdiction of the courts specified in the Documents is binding
on the Company as a matter of all relevant laws (other than the laws of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sovereign immunity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">24</TD><TD STYLE="text-align: justify">The Company is not a sovereign entity of any state and does not have sovereign immunity for the purposes
of the UK State Immunity Act 1978 (which has been extended by statutory instrument to the Cayman Islands).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Qualifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Good Standing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify">Under the Companies Act annual returns in respect of the Company must be filed with the Registrar, together
with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck
off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject
to disposition or retention for the benefit of the public of the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="text-align: justify"><B>In good standing</B> means only that as of the date of the Good Standing Certificate the Company is
up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company's
good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands
other than the Companies Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Register of Writs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="text-align: justify">Our examination of the Register of Writs cannot conclusively reveal whether or not there is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any current or pending litigation in the Cayman Islands against the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any application for the winding up or dissolution of the Company or the appointment of any liquidator
or trustee in bankruptcy in respect of the Company or any of its assets,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">as notice of these matters might not
be entered on the Register of Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself
may not be publicly available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the
summary court. Claims in the summary court are limited to a maximum of CI $20,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limited liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">We are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability
of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Companies Act of the Cayman Islands and English
common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English authorities,
circumstances in which a court would attribute personal liability to a shareholder are very limited, and include: (a) such shareholder
expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; (c) the company being
incorporated by or at the behest of such shareholder for the purpose of committing or furthering such shareholder&rsquo;s fraud, or for
a sham transaction otherwise carried out by such shareholder. In the absence of these circumstances, we are of the opinion that a Cayman
Islands&rsquo; court would have no grounds to set aside the limited liability of a shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Assessable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">In this opinion, the phrase &ldquo;non-assessable&rdquo; means, with respect to the Shares in the Company,
that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Shares
by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship
or an illegal or improper purpose or other circumstance in which a court may be prepared to pierce or lift the corporate veil).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Choice of law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">6</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The courts of the Cayman Islands will not recognise the choice of its Proper Law as the governing law
of the Documents to the extent that such choice of Proper Law would be incompatible with the public policy of Cayman Islands law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">in any action brought in respect of the Documents in the courts of the Cayman Islands, those courts will
not apply its Proper Law unless that law is pleaded and proved in the courts of the Cayman Islands, nor will they apply that law:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(i)</TD><TD STYLE="text-align: justify">to matters of procedure; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt">(ii)</TD><TD STYLE="text-align: justify">to the extent the application of that Proper Law would be incompatible with the public policy of Cayman
Islands law or contrary to mandatorily-applicable provisions of Cayman Islands law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Enforceability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">In this opinion, the term &ldquo;enforceable&rdquo; means that the relevant obligations are of a type
that the courts of the Cayman Islands will ordinarily enforce, but it does not mean that those obligations will necessarily be enforced
in all circumstances in accordance with their terms. In particular, but without limitation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">enforcement may be limited by insolvency or similar laws affecting the rights of creditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">enforcement may be limited by general principles of equity. In particular, equitable remedies, such as
specific performance and injunction, will only be granted by a court in its discretion and may not be available where the court considers
damages to be an adequate remedy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">a claim may be barred by statutes of limitation, or it may be or become subject to defences of set-off,
abatement, laches or counterclaim and the doctrines of estoppel, waiver, election, forbearance or abandonment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">a court may refuse to allow unjust enrichment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">enforcement of an obligation of a party under the Documents may be invalidated or vitiated by reason of
fraud, duress, misrepresentation or undue influence or it may be limited by Cayman Islands law dealing with frustration of contracts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">a provision of the Documents that fetters any statutory power of a Cayman Islands&rsquo; company, such
as a provision restricting the company&rsquo;s power to commence its winding up, to alter its memorandum and articles of association or
to increase its share capital, may not be enforceable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the effectiveness of a provision in the Documents releasing a party from a liability or duty otherwise
owed may be limited by law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">a court will not enforce a provision of the Documents to the extent that it may be illegal or contrary
to public policy in the Cayman Islands or purports to bar a party unconditionally from, seeking any relief from the courts of the Cayman
Islands or any other court or tribunal chosen by the parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a provision of the Documents that is construed as being penal in nature, in that it provides that a breach
of a primary obligation results in a secondary obligation that imposes a detriment on the contract-breaker out of all proportion to any
legitimate interest of the innocent party in the enforcement of the primary obligation, will not be enforceable (and we express no opinion
as to whether such a provision is proportionate);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">a court may refuse to give effect to a provision in the Documents (including a provision that relates
to contractual interest on a judgment debt) that it considers usurious;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">a court may not enforce a provision of the Documents to the extent that the transactions contemplated
by it contravene economic or other sanctions imposed in respect of certain states or jurisdictions by a treaty, law, order or regulation
applicable to the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">a court may refuse to give effect to a provision in the Documents that involves the enforcement of any
foreign revenue or penal laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">where a contract provides for the payment of legal fees and expenses incurred by a party to that contract
in enforcing the contract, a party who succeeds in enforcing the contract is entitled to recover by court judgment the amount of the legal
fees and expenses found to be due under the terms of the contract. In all other cases, costs of legal proceedings can only be recovered
from another party to the proceedings by a court order, which is a matter for the discretion of the court, and such costs are liable to
taxation (assessment by the court.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dragon Victory International Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31 March 2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="text-align: justify">A court may determine in its discretion the extent of enforceability of a provision of the Documents that
provides for or requires, as the case may be:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">severability of any provision of the Documents held to be illegal or unenforceable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any calculation, determination or certificate to be conclusive or binding, including if that calculation,
determination or certificate is fraudulent or manifestly inaccurate or has an unreasonable or arbitrary basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the vesting in a party of a discretion or of a power to determine a matter in its opinion, if that discretion
is exercised unreasonably or the opinion is not based on reasonable grounds; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">written amendments or waivers of the Documents if a purported amendment or waiver is effected by oral
agreement or course of conduct,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and we express no opinion on any provisions
of that type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="text-align: justify">The law of the Cayman Islands may not recognise a difference between negligence and gross negligence.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: justify">Where a Document is dated &ldquo;as of&rdquo; a specific date, although the parties to that Document have
agreed between themselves that, as a matter of contract and to the extent possible, their rights and obligations under it take effect
from a date prior to the date of execution and delivery, that Document still comes into effect on the date it is actually executed and
delivered. Rights of third parties under that Document also take effect from the date that Document is actually executed and delivered,
rather than the &ldquo;as of&rdquo; date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Jurisdiction clauses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any provision of the Documents providing for the exclusive jurisdiction of the courts
of another country, the courts of the Cayman Islands may not stay or strike out proceedings brought in contravention of such a provision
if the claimant shows that it is just and proper to allow such proceedings to continue. In relation to some matters the courts of the
place of incorporation have exclusive jurisdiction and, where that place of incorporation or registration is not the Cayman Islands, the
Cayman Islands court will not accept jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any provision of the Documents providing for the non-exclusive jurisdiction of the courts
of another country, a Cayman Islands court will only refuse leave to serve a writ outside of the Cayman Islands if the Cayman Islands
are not the most appropriate forum and will only stay or strike out proceedings if pursuing the case in the Cayman Islands court would
be vexatious or oppressive. There is no presumption that the nomination of a non-exclusive forum will give priority to that forum over
the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Stamp duty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="text-align: justify">Cayman Islands stamp duty will be payable if the Documents are executed in, or brought to, the Cayman
Islands (including being produced to a court of the Cayman Islands).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Public offering in the Cayman Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">14</FONT></TD><TD STYLE="text-align: justify">The Company is prohibited by section 175 of the Companies Act from making any invitation to the public
in the Cayman Islands to subscribe for any of its securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
