<SEC-DOCUMENT>0001144204-19-041669.txt : 20190826
<SEC-HEADER>0001144204-19-041669.hdr.sgml : 20190826
<ACCEPTANCE-DATETIME>20190826161651
ACCESSION NUMBER:		0001144204-19-041669
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190821
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190826
DATE AS OF CHANGE:		20190826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jerash Holdings (US), Inc.
		CENTRAL INDEX KEY:			0001696558
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				814701719
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38474
		FILM NUMBER:		191053113

	BUSINESS ADDRESS:	
		STREET 1:		260 EAST MAIN STREET
		STREET 2:		SUITE 2706
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604
		BUSINESS PHONE:		2125759085

	MAIL ADDRESS:	
		STREET 1:		260 EAST MAIN STREET
		STREET 2:		SUITE 2706
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14604
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv528306_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</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: center"><FONT STYLE="font-size: 10pt">Date of Report
(Date of earliest event reported):</FONT> <B>August 21, 2019</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jerash Holdings (US), Inc</B>.</P>

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<P STYLE="font: 14pt 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">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; layout-grid-mode: line">Delaware</TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">001-38474</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">81-4701719</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">260 East Main Street, Suite 2706, Rochester,
NY 14604</P>

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<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">(Address of principal executive offices)
(Zip Code)</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"><FONT STYLE="font-size: 10pt">Registrant's
telephone number, including area code: </FONT><B>(212) 575-9085</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</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-indent: 0in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&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: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P></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 0pt 0.25in">Securities registered pursuant to Section 12(b) of
the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">JRSH</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Stock Market LLC</FONT></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">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect; 230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</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">Emerging growth company <FONT STYLE="font-family: Wingdings">&#120;</FONT></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">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

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<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: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 21, 2019, two subsidiaries of Jerash Holdings (US),
Inc. (the &ldquo;Company&rdquo;), Jerash Garments and Fashions Manufacturing Company Ltd. (&ldquo;Jerash Garments&rdquo;) and Treasure
Success International Limited (&ldquo;Treasure Success&rdquo;), entered into an amendment (the &ldquo;Amendment&rdquo;) to the
existing import credit facility with Hongkong and Shanghai Banking Corporation Limited (&ldquo;HSBC&rdquo;). The Amendment further
amends the original credit facility, which was entered into on May 29, 2017 and initially amended on June 19, 2018.</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">The Amendment increases the availability under the credit facility
from $8.0 million to $11.0 million by adding a feature for post-shipment seller loans. This feature allows the Company to draw
down from the credit facility upon providing invoices for purchased goods and evidence of the goods being transported to the buyer.
Accordingly, the Company does not intend to renew its prior factoring agreement with HSBC. Drawdowns under the post-shipment seller
loan feature are charged a handling commission of 0.25% in addition to a range of fees based on the amount of the drawdown balance.
The Company will be charged 0.25% of the amount of the balance for the first $50,000, 0.125% for balances of $50,000 to $100,000
and 0.0625% for balances exceeding $100,000. Outstanding balances under the facility accrue interest at a rate of 1.5% over LIBOR
or HIBOR, as applicable, per annum.</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">The term of the credit facility will extend until HSBC proposes
a subsequent amendment or terminates the facility. HSBC will charge each of Jerash Garments and Treasure Success a fee of HKD15,000
(approximately $2,000) annually in August to maintain the availability of the credit facility.</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">Also on August 21, 2019, HSBC released the personal guarantees
of Mr. Choi Lin Hung, the Company&rsquo;s President and Chief Executive Officer, and Mr. Ng Tsze Lun, one of the Company&rsquo;s
significant stockholders. The credit facility remains collateralized by the guarantees of the Company, Jerash Garments and Treasure
Success.</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">The preceding description of the Amendment is a summary of its
material terms, does not purport to be complete, and is qualified in its entirety by reference to the Amendment, a copy of which
is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</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%"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">(d) <I>Exhibits</I>.</FONT></P>

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    <TD STYLE="width: 14%; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 84%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line; text-align: center"><A HREF="tv528306_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><A HREF="tv528306_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Letter Agreement for Banking Facilities, dated as of August 12, 2019, by and between Hongkong and Shanghai Banking Corporation Limited, Treasure Success International Limited and Jerash Garments and Fashions Manufacturing Company Limited</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</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-indent: 0.25in">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
hereunto duly authorized.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>JERASH HOLDINGS (US), INC.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;August 26, 2019</FONT></TD>
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Richard J. Shaw</FONT></TD>
    <TD STYLE="width: 10%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-size: 10pt">Richard J. Shaw</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv528306_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_002.gif" ALT=""></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">Commercial Banking</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(CARM 190531 &amp; CM 190711 / 190724)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jerash Garments and Fashions Manufacturing Company Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19/F Ford Glory Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">37-39 Wing Hong Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cheung Sha Wan</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 STYLE="width: 50%; padding: 0; text-align: justify; font-size: 10pt; text-indent: 0">Kowloon</TD>
    <TD STYLE="width: 50%; padding: 0; text-align: right; font-size: 10pt; text-indent: 0">12 August 2019</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">Attn: Mr. Samuel Choi</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">Dear Sir</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"><B>BORROWER(S) </B></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 STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding: 0; text-indent: 0">Treasure Success International Limited</TD>
    <TD STYLE="width: 8%; padding: 0; text-indent: 0">[TSL]</TD>
    <TD STYLE="width: 28%; padding: 0; text-indent: 0">[Customer No. 741-027148]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD>
    <TD STYLE="padding: 0; text-indent: 0">[JBL]</TD>
    <TD STYLE="padding: 0; text-indent: 0">[Customer No. 741-023774]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BANKING FACILITIES &mdash; facility
letter dated 19 June 2018, as amended or supplemented from time to time (the &ldquo;Facility Letter&rdquo;)</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">With reference to our recent discussions,
we confirm that the Facility Letter will be amended as set out below. Save as amended by this letter, the terms of the Facility
Letter and (if any) all related documents shall remain unchanged and continue in full force and effect. The Bank shall have an
unrestricted discretion to cancel, reduce or suspend, or determine whether or not to permit drawings in relations to, the facilities.
The facilities are subject to review at any time, and also subject to the Bank&rsquo;s overriding right of repayment on demand
including the right to call for cash cover on demand for prospective and contingent liabilities.</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 defined differently, a term defined
in the Facility Letter has the same meaning in this letter.</P>

<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">Amendments</P>

<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; text-align: justify">The following changes shall be made to
the Facility Letter.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Hongkong and Shanghai Banking Corporation Limited </B></P></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Main Building, 1 Queen&rsquo;s Road Central, Hong Kong</P></TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: (852) 2822 1111</P></TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Web: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.hsbc.com.hk</FONT></TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> of 9</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Incorporated in the Hong Kong SAR with limited liability </I></P></TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Registered at the Hong Kong Companies Registry No. 263876</I></P></TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0; margin-left: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 57%; padding-right: 0; padding-left: 0">Treasure Success International Limited /</TD><TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">12 August 2019</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The first opening paragraph starting with the words &ldquo;With reference to our recent discussions&rdquo; be deleted in its
entirety and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">With reference to our recent
discussions, we are pleased to confirm our agreement to renewing the following facilities. The facilities will be made available
subject to (a) the specific terms and conditions outlined herein; (b) the Bank&rsquo;s Terms and Conditions for Facilities; and
(c) the general terms and conditions governing your account(s) with the Bank or (as the case may be) the relationship terms of
business. In case of any conflict, the terms of the Facility Letter shall prevail. Definitions contained in the Bank&rsquo;s Terms
and Conditions for Facilities apply to the Facility Letter. The Bank shall have an unrestricted discretion to reduce, cancel or
suspend, or determine whether or not to permit drawings in relations to, the facilities. The facilities are subject to review at
any time, and also subject to the Bank&rsquo;s overriding right of repayment on demand including the right to call for cash cover
on demand for prospective and contingent liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.5in">2.</TD><TD>The second opening paragraph starting with the words &ldquo;In the event of a renewal of the facilities next year&rdquo; be
deleted in its entirety and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In consideration of us continuing
to make the facilities available to you, we will charge each borrower an annual fee of HKD15,000.- and such amount shall be debited
automatically from TSL&rsquo;s and JGL&rsquo;s account in August each year after the date of the Facility Letter until the facilities
have been cancelled and all sums due or to become due from you under the Facility Letter have been fully paid to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.5in">3.</TD><TD>The following be inserted as the third opening paragraph:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Save as stated otherwise, the
terms of the Facility Letter shall continue to apply unless we send you a new, revised or supplemental facility letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.5in">4.</TD><TD>The paragraph starting with the words &ldquo;None of the Borrower(s), any of its subsidiaries&rdquo; of the provision entitled
 &ldquo;Representations and Warranties&rdquo; under the section entitled &ldquo;Schedule of Further Notes&rdquo; be deleted in its
entirety and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">None of the Borrower(s), any
of its subsidiaries, any director or officer or any employee, agent, or affiliate of the Borrower or any of its subsidiaries is
an individual or entity (&ldquo;Person&rdquo;) that is, or is owned or controlled by Persons that are, (1) the subject of any sanctions
administered or enforced by the US Department of the Treasury&rsquo;s Office of Foreign Assets Control, the US Department of State,
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or the Hong Kong Monetary Authority (collectively,
 &ldquo;Sanctions&rdquo;), or (ii) located , organised or resident in a country or territory that is, or whose government is, the
subject of Sanctions, including, without limitation, the Crimea region, Cuba, Iran, North Korea and Syria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.5in">5.</TD><TD>The paragraph starting with the words &ldquo;Sanctions: The Borrower(s) will not, directly or indirectly, use the proceeds&rdquo;
of the provision entitled &ldquo;Undertakings&rdquo; under the section entitled &ldquo;Schedule of Further Notes&rdquo; be deleted
in its entirety and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Sanctions: The Borrower(s) will
not, directly or indirectly, use the proceeds of the facilities set out in this letter, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other Person, (1) to fund any activities or business of or with any Person,
or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions or (ii)
in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the facilities,
whether as lender, underwriter, advisor, investor or otherwise).</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0; margin-left: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 57%; padding-right: 0; padding-left: 0">Treasure Success International Limited /</TD><TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">12 August 2019</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><B>FACILITIES</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><B>New</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><B>Previously</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0"><B>Facilities available to TSL and JGL</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Utilization of the facilities below may be made by, TSL and/or JGL.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Combined Limit for the following facilities within which the following sub-limits apply, provided that the aggregate amount outstanding of such facilities shall at no time exceed the stated combined limit:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD11,000,000.-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Import Facilities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(Usance period up to 120 days)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Within which</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">(i)</TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Loan Against Import (&ldquo;LAI&rdquo;)</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">(USD8,000,000.-)</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 0; text-indent: 0">(USD8,000,000.-)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(Maximum Tenor 120 days)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(ii)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Trust Receipts</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(USD8,000,000.-)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(USD8,000,000.-)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Notwithstanding the foregoing, the Bank&rsquo;s overriding right to demand repayment at any time shall not be affected.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Post-Shipment Buyer Loans</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">(Maximum tenor 120 days)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Notwithstanding the foregoing, the Bank&rsquo;s overriding right to demand repayment at any time shall not be affected.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Post-Shipment Seller Loans</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD3,000,000.-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">NIL</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">(Maximum tenor 90 days)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Notwithstanding the foregoing, the Bank&rsquo;s overriding right to demand repayment at any time shall not be affected.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">(d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Advance to Manufacturer against Purchase Order</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">USD8,000,000.-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">(Maximum tenor 120 days)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">Notwithstanding the foregoing, the Bank&rsquo;s overriding right to demand repayment at any time shall not be affected.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0; margin-left: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 57%; padding-right: 0; padding-left: 0">Treasure Success International Limited /</TD><TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">12 August 2019</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF FACILITIES</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; border: Black 1pt solid"><B>POST-SHIPMENT
SELLER LOANS</B></P>

<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">DETAILS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.25in">1.</TD><TD STYLE="text-align: justify">Drawdown of Post-shipment Seller Loans is allowed upon presentation of [a] certified true copy(ies)
of [an] invoice(s) evidencing purchase of goods and valid transport documents evidencing shipment of goods related to the invoice(s)
stated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in">2.</TD><TD STYLE="text-align: justify">The finance period of the Post-shipment Seller Loans is up to the maximum tenor as stipulated under
the heading &ldquo;Facilities&rdquo; and is calculated from the date of the transport documents evidencing shipment of goods. Loan
amounts will be repaid on the due date by debiting the Borrower(s)&rsquo;s Current account. Notwithstanding the foregoing, the
Bank&rsquo;s overriding right to demand repayment at any time shall not be affected.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in">3.</TD><TD STYLE="text-align: justify">Pre-shipment Loan outstanding due within 7 days to be repaid by Post-shipment Seller Loans.</TD></TR></TABLE>

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

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

<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; text-align: justify">Commission in lieu of exchange (to be charged
if bills/loans are settled without foreign currency conversion with HSBC) will be charged as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 81%">&mdash; For the first USD50,000.- or its equivalent</TD>
    <TD STYLE="width: 19%">0.25%</TD></TR>
<TR>
    <TD>&mdash; Balance in excess of USD50,000.- and up to USD100,000.- or its equivalent</TD>
    <TD>0.125%</TD></TR>
<TR>
    <TD>&mdash; Balance in excess of USD100,000.- or its equivalent</TD>
    <TD>0.0625%</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A handling commission of 0.25% of the bill
amount will be collected upon each drawdown of the Post-shipment Seller Loans.</P>

<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">PRICING</P>

<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; text-align: justify"><B>For drawings in HKD</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">Interest will be charged at Hong Kong Interbank
Offered Rate (HIBOR) + 1.5% p.a.</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"><B>For drawings in USD/CHF/EUR/GBP/JPY</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">Interest will be charged at London Interbank
Offered Rate (LIBOR) + 1.5% p.a.</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">For details of benchmark interest rates,
please refer to the attached Appendix.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0; margin-left: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 57%; padding-right: 0; padding-left: 0">Treasure Success International Limited /</TD><TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">12 August 2019</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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">APPENDIX : DETAILS OF BENCHMARK RATES</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Benchmark</B></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Applicable Currency</B></TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Definition of Benchmark</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Hong Kong Interbank Offered Rate (HIBOR) <SUP>* and 1</SUP></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">HKD</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;HIBOR&rdquo;</B> means, in relation
        to any advance, the applicable Screen Rate at or around 11.00 am Hong Kong time on the proposed date of advance (or such other
        time or day if the market practice differs in the Hong Kong interbank market, as determined by the Bank), if any such rate is below
        zero, TIMOR will be deemed to be zero.</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"><B>&ldquo;Screen Rate&rdquo;</B> means
        the Relevant Administrator&rsquo;s Interest Settlement Rate for Hong Kong dollars and for the relevant period displayed on the
        appropriate page of the Reuters screen provided that (a) if in the Bank&rsquo;s sole determination its funding cost is in excess
        of HIBOR, the Bank may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced,
        not available or such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.</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"><B>&ldquo;Relevant Administrator&rdquo;</B>
        means the Hong Kong Association of Banks or any other person to whom the administrator function of the HIBOR fixing process is
        transferred from time to time.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">London Interbank Offered Rate (LIBOR) <SUP>* and 1</SUP></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EUR</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GBP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JPY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">USD</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;LIBOR&rdquo;</B> means, in relation
        to any advance, the applicable Screen Rate at or around 11:00 am London time two Business Days (or such other time or day as determined
        by the Bank if the market practice differs) before the proposed date of advance and, if any such rate is below zero, LIBOR will
        be deemed to be zero.</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"><B>&ldquo;Business Day&rdquo;</B> means
        a day other than a Saturday or Sunday on which banks are open for general business in London.</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"><B>&ldquo;Screen Rate&rdquo;</B> means
        the Relevant Administrator&rsquo;s Interest Settlement Rate for the relevant currency and period displayed on the appropriate page
        of the Reuters screen provided that (a) if in the Bank&rsquo;s sole determination its funding cost is in excess of LIBOR, the Bank
        may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced, not available or
        such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.</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"><B>&ldquo;Relevant Administrator&rdquo;</B>
        means ICE Benchmark Administration Limited or any other person to whom the administrator function of the LIBOR fixing process is
        transferred from time to time.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Note:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<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: 0.25in"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Interpolated rates, which refers to rate calculated using linear interpolation method as recommended
by the International Swaps and Derivatives Association (ISDA) for a situation where there is no current quote available for below
maturities:-</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">LIBOR: 2 weeks, 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">HIBOR: 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in">*</TD><TD STYLE="text-align: justify">For tenors where fixing is not published by the relevant administrator and the interpolated rate
does not apply, the benchmark rate shall be the rate as specified by the Bank in its sole discretion as its cost of funding the
relevant facility or financial arrangement.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0; margin-left: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 57%; padding-right: 0; padding-left: 0">Treasure Success International Limited /</TD><TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">12 August 2019</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<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; text-align: justify">This letter shall be governed by and construed
in accordance with the laws of the Hong Kong Special Administrative Region. No one other than the Bank and the Borrower(s) will
have any right to enforce the terms of this letter.</P>

<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">Acceptance</P>

<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; text-align: justify">Please arrange for the authorised signatories
of TSL and JGL, in accordance with the terms of the mandates given to the Bank, to sign and return the duplicate copy of this letter
with Appendix by 2 September 2019 to signify the Borrower(s)&rsquo;s understanding and acceptance of the terms of this letter.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Hongkong and Shanghai Banking Corporation
Limited</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">&nbsp;</P>

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

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0; margin-left: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 57%; padding-right: 0; padding-left: 0">Treasure Success International Limited /</TD><TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0">Jerash Garments and Fashions Manufacturing Company Limited</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">12 August 2019</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Acceptance and Confirmation</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">We, Treasure Success International Limited
and Jerash Garments and Fashions Manufacturing Company Limited, confirm our acceptance of and agreement to all of the terms and
conditions set out above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For and on behalf of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Treasure Success International Limited</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Signature</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">/s/ Choi Lin Hung</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Signature</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">/s/ Ng Tsze Lun</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Name</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Choi Lin Hung</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Name</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Ng Tsze Lun</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Title</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Title</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Date</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">August 21, 2019</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Date</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">August 21, 2019</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For and on behalf of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jerash Garments and Fashions Manufacturing Company Limited</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Signature</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">/s/ Choi Lin Hung</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Signature</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">/s/ Ng Tsze Lun</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Name</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Choi Lin Hung</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Name</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Ng Tsze Lun</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Title</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Title</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">Authorized Person</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Date</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">August 21, 2019</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-indent: 0">Date</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-indent: 0">August 21, 2019</TD>
    <TD>&nbsp;</TD></TR>
<TR>
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    <TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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

<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">INTEREST RATE BENCHMARKS DISCLOSURE</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"><B><I>The following is provided for general
information only and you should conduct your own Independent research and analysis regarding the risks involved in conjunction
with your legal, tax and/or accountancy advisors. The statements below are not exhaustive, and HSBC is not in a position to express
a view on the likelihood of any particular event occurring nor is HSBC providing any advice or recommendation.</I></B></P>

<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"><I>What are LIBOR &amp; EURIBOR?</I></P>

<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; text-align: justify"><I>The London Interbank Offered Rate (&ldquo;LIBOR&rdquo;)
and the Euro Interbank Offered Rate (&ldquo;EURIBOR&rsquo;) are interest rate benchmarks often used to determine the interest payable
under banking products including loan and/or trade facilities.</I></P>

<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"><I>What&rsquo;s changing?</I></P>

<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; text-align: justify"><I>Widely used across the banking industry,
LIBOR and EURIBOR are subject to national and international regulatory guidance and reforms, and recent developments may cause
them to perform differently than they have in the past or to disappear entirely. For example:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>the UK financial regulatory authority which regulates the calculation of LIBOR has stated that
after 2021 it will no longer compel banks to submit rates used for the calculation of LIBOR and that firms should treat the discontinuation
of LIBOR as something that will happen</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>financial regulatory authorities are encouraging the use of alternative risk-free rates (RFRs)
which have been developed as alternative interest rate benchmarks but are calculated in a different way to existing benchmark rates
such as LIBOR or EURIBOR</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>the administrator of EURIBOR has announced that it intends to change the way in which it is
determined, although it remains a possibility that EURIBOR will cease to be published or continue to be published but its use in
products is restricted.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>In such circumstances, a loan or trade
facility may have provisions to address the temporary unavailability of LIBOR and EURIBOR as interest rate benchmarks. However,
these provisions may not be appropriate or work on a permanent discontinuation of LIBOR or EURIBOR. This may create uncertainty
in the value and calculation of interest payments due under the relevant product.</I></P>

<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"><I>Why are we sending this to you?</I></P>

<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; text-align: justify"><I>As you are considering using products
from us that use LIBOR or EURIBOR to calculate payments, we wanted to make you aware of the potential impact these changes and
the use of RFRs may have on such products in the future. This information may help you decide whether a different product is more
appropriate.</I></P>

<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"><I>What&rsquo;s the impact for you?</I></P>

<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; text-align: justify"><I>While the banking industry is developing
a more permanent solution, the current expectation is that impacted loans may need to be amended to refer to an alternative interest
rate benchmark. This may affect you in the following ways:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>RFRs would typically be a lower rate than LIBOR or EURIBOR as a result of the different way
RFRs are calculated. Therefore, if the most appropriate alternative benchmark for your facility is a RFR, an amount may need to
be added to the RFR to make it equivalent to LIBOR or EURIBOR (this additional amount is often referred to as an &lsquo;adjustment
spread&rsquo;).</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Notwithstanding the application of an &lsquo;adjustment spread&rsquo; it is possible that use
of a RFR may result in changes to the amounts payable under the facility. Those amounts might be lower or higher than would have
been payable if LIBOR or EURIBOR had applied.</I></TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>We also expect the way interest is calculated may change. This may include only being able to
determine interest payable at the end of an interest period. This could mean that you need to make operational changes, resulting
in potential additional administrative costs.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>if you are using a derivative product
to hedge your facility with us or any other provider, the fallback interest rates that may apply may no longer match and could
result in the facility ceasing to be hedged appropriately by that product.</I></P>

<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"><I>Where can I find further information?</I></P>

<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; text-align: justify"><I>We are unable to provide specific advice
or recommendations to you on this issue. However, given the current levels of uncertainty and the complexity of this issue, we
strongly recommend you seek guidance from your usual professional advisors if you have any questions.</I></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"><I>Further information is available at:
www.dbm.hsbc.com/ibor</I></P>

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



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

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