----

| PARAGRAPH | PAGE NO.                            |
|-----------|-------------------------------------|
|      |                                |
| 1.        | GRANT OF LICENSE                    |
|      | a.                                  | Grant | 10 - 12 |
|      | b.                                  | Term | 12 - 13 |
|      | c.                                  | License Year and License Quarter | 13 |
|      | d.                                  | Territory | 13 |
|      | e.                                  | Minimum Net Sales | 13 |
|      |                                |
| 2.        | COVENANTS OF LICENSEE               |
|      | a.                                  | Use | 13 - 14 |
|      | b.                                  | (i) | Maintaining Goodwill | 14 - 15 |
|      |                                | (ii) | Compliance with Law | 15 |
|      | c.                                  | Distribution Channels | 15 |
|      | d.                                  | Royalties |   |
|      |                                | (i) | Product Development Fee | 15 |
|      |                                | (ii) | Guaranteed Royalties | 15 - 16 |
|      |                                | (iii) | Earned Royalties | 16 |
|      |                                | (iv) | Interest | 16 |
|      |                                | (v) | Letter of Credit | 16 |
|      | e.                                  | Statements and Payments | 16 - 18 |
|      | f.                                  | Records and Audit | 18 - 19 |
|      | g.                                  | Expenses of Conducting Examinations | 19 |
|      | h.                                  | Product Quality | 19 |
|      | i.                                  | Approval of Products and the Materials | 20 - 22 |
|      | j.                                  | Title and Protection and Preservation |   |
|      |                                | of Playboy Properties and Copyrights | 22 - 23 |
|      | k.                                  | Right to Subcontract, Licensee Financial Statements |   |
|      |                                | and Lists of Sources and Accounts | 23 - 24 |
|      | l.                                  | Inventory and Holograms | 24 - 25 |
|      | m.                                  | Playboy Properties and Non-Competitive Brands | 25 - 26 |
|      | n.                                  | Indemnification and Product |   |
|      |                                | Liability Insurance | 26 - 27 |
|      | o.                                  | Marketing Spend, Marketing Fund Payment, |   |
|      |                                | Advertising Plans and Public Relations | 27 - 28 |
|      |                                |   |
| 3.        | ADDITIONAL COVENANTS OF THE PARTIES |
|      | a.                                  | Reservation of Rights | 28 |
|      | b.                                  | Certain Sales | 28 |
|      |                                |
| 4.        | TITLE AND PROTECTION                |   |
|      | a.                                  | Indemnification by Licensor | 28 - 29 |
|      | b.                                  | Enforcement | 29 |

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| 5.     | RELATIONSHIP BETWEEN THE PARTIES   |                                      |
|--------|------------------------------------|-------------------------------------------|
|   | a.                                 | No Joint Venture                          | 29 |
|   | b.                                 | Assignment                                | 29 - 30 |
|   |                               |                                      |   |
| 6.     | SUBLICENSING                       | 30                                        |
|   |
| 7.     | DEFAULTS AND RIGHTS OF TERMINATION |                                      |
|   | a.                                 | Defaults and Right to Cure                | 30 |
|   | b.                                 | Bankruptcy or Assignment for              |   |
|   |                               |  Creditors, Business Discontinuance  | 30 - 31 |
|   | c.                                 | Loss of Trademark Rights                  | 31 |
|   | d.                                 | Qualified Auditor’s Report          | 31 |
|   | e.                                 | Cross-Default                             | 31 |
|   |
| 8.     | EXPIRATION OR TERMINATION          |                                      |
|   | a.                                 | Effect of Expiration or Termination       | 31 |
|   | b.                                 | Reserved Rights                           | 31 - 32 |
|   | c.                                 | Continued Sales After Expiration          |   |
|   |                               |  or Termination                      | 32 |
|   | d.                                 | Inventory After Expiration or Termination | 32 - 33 |
|   | e.                                 | Equitable Relief and Legal Fees           | 33 |
|   | f.                                 | Termination Fee                           | 33 |
|   | g.                                 | Continuity of Sales                       | 33 - 34 |
|   |
| 9.     | NOTICES                            |                                      |
|   | a.                                 | Effectiveness                             | 34 |
|   | b.                                 | Address Change                            | 34 |
|   |
| 10.    | CONFIDENTIAL INFORMATION           | 34 - 35                                   |
|   |
| 11.    | SEVERABILITY                       | 35                                        |
|   |
| 12.    | CONSENTS AND APPROVALS             | 35                                        |
|   |
| 13.    | APPLICABLE LAW                     | 35                                        |
|   |
| 14.    | NO BROKER                          | 35                                        |
|   |
| 15.    | CONSTRUCTION                       | 35                                        |
|   |
| 16.    | LIMITATION OF LIABILITY            | 35                                        |
|   |
| 17.    | SURVIVABILITY                      | 35                                        |
|   |
| 18.    | RIGHTS CUMULATIVE                  | 36                                        |
|   |
| 19.    | ENTIRE AGREEMENT                   | 36                                        |
|   |
| 20.    | SIGNING DEADLINE                   | 36                                        |

----

| S.1.   | LICENSOR: | PLAYBOY ENTERPRISES INTERNATIONAL, INC.                                          |
|--------|-----------|----------------------------------------------------------------------------------|
|   |      | 680 North Lake Shore Drive                                                       |
|   |      | Chicago, IL  60611                                                     |
|   |      |                                                                             |
|   |      |                                                                             |
| S.2.   | LICENSEE: | GLORY RABBIT INTERNATIONAL INVESTMENT CO., LIMITED                               |
|   |      | 锦兔国际投资有限公司 |
|   |      | Flat A, 7/F, Kwun Ngan House                                                     |
|   |      | 751A Nathan Road                                                                 |
|   |      | Mongkok, Kowloon, Hong Kong                                                      |
|   |      | Contact:                                                                         | Li Cai Xia 委托联络人:李彩霞 |
|   |      | Title:                                                                           | Chairman Assistant |   |
|   |      | Telephone:                                                                       | 86-13795376578 |   |
|   |      | Facsimile:                                                                       | 8621-63322599 |   |
|   |      | Email:                                                                           | ***** |   |

| S.3.-1 | LICENSOR’S AGENT:                                                                                                                                                                                                                                                                                | INTERNATIONAL MANAGEMENT GROUP (UK) LIMITED                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|
|   |                                                   | McCormack House, Burlington Lane                                      |
|   |                                                                                                                                                                                                                                                                                                   | Chiswick W4 2TH                                                       |
|   |                                                                                                                                                                                                                                                                                                   | Contact:  Bruno Maglione                                    |
|   |                                                                                                                                                                                                                                                                                                   | Telephone: 44 208 233 5300                                            |
|   |                                                                                                                                                                                                                                                                                                   | Facsimile: 44 208 233 5301                                            |
|   |                                                                                                                                                                                                                                                                                                   |                                                                  |
| S.3.-2 | COLLECTING AGENT:                                                                                                                                                                                                                                                                                      | IMG Hong Kong                                                         |
|   |                                                                                                                                                                                                                                                                                                   | 11th Floor, Sunning Plaza                                             |
|   |                                                                                                                                                                                                                                                                                                   | 10 Hysan Avenue, Causeway Bay                                         |
|   |                                                                                                                                                                                                                                                                                                   | Hong Kong                                                             |
|   |                                                                                                                                                                                                                                                                                                   | Telephone:                                                            | 852 2894 0288 |
|   |                                                                                                                                                                                                                                                                                                   | Facsimile:                                                            | 852 2882 2557 |
|   |                                                                                                                                                                                                                                                                                                   |                                                                  |   |
|   |                                                                                                                                                                                                                                                                                                   | IMG Hong Kong is a group company of Licensor’s Agent.           |
|   |                                                                                                                                                                                                                                                                                                   | “Collecting Agent” shall mean IMG Hong Kong, which is the |
|   |                                                                                                                                                                                                                                                                                                   | agent who collects the payments made by Licensee                      |
|   |                                                                                                                                                                                                                                                                                                   | pursuant to the provisions of this Agreement.                         |
|   |                                                                                                                                                                                                                                                                                                   |                                                                  |

| S.4.   | THE TRADEMARKS:                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | - PLAYBOY                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | - Rabbit Head Design                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | - (HUA HUA GONGZI)                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | -The “Labels” (as defined in Paragraph S.5. below) (in their entirety and as depicted in Exhibit A attached hereto and made a part hereof).  Under no circumstances shall Licensee modify the Labels or use any component thereof independently of the Labels.  The Labels must be used only on the Products in the Product categories as specifically set forth in Paragraphs S.5. and S.7. below. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | The Chinese Trademark Registration Numbers and Chinese Trademark Application Numbers for those Trademarks that have not yet registered are set forth on Exhibit B attached hereto and made a part hereof.  As to the Labels Trademarks, for which                                                                                                                                                                         |

----

|   | applications have been instructed, Licensor will use commercially reasonable efforts to get the Labels Trademarks registered by the State Trademark Office of the P.R.C. at its own expense within not more than seven (7) years following the Commencement Date.                                                                                                                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | THE IMAGES:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Certain images, patterns and graphics from Licensor’s art and photo archives and style guides, which are approved in advance in writing by Licensor on a case-by-case basis.  Although Licensee may submit to Licensor a request to use certain images, patterns and graphics, any specific images to be added to the Agreement will be granted in Licensor’s sole discretion in writing and based on appropriateness for the Products, Licensor’s current strategic or business plans and availability of rights. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| S.5.   | THE TYPE OF LICENSE:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Non-Exclusive as to the PLAYBOY, Rabbit Head Design and (HUA HUA GONGZI) Trademarks and the Images.                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Non-Exclusive as to the M PLAYBOY MANSION COLLECTION & Rabbit Head Design Label Trademark.  The M PLAYBOY MANSION COLLECTION & Rabbit Head Design Label may only be used in connection with the “Home Products” (as such term is defined in Paragraph S.7. below).                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Exclusive as to the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label subject to the provisions in Paragraph S.9. below, PLAYBOY BUNNY & Rabbit Head Design Label and PLAYBOY JEANS Label.  These Labels may only be used in connection with the Products in the following Product categories (which are defined in Paragraph S.7. below):                                                                                                                                                                                 |

|   | Label                                                   |   | For Use Only With                                                                                                              |
|--------|---------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|   |                                                    |   |                                                                                                                           |
|   | PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label |   | Men’s Apparel Products, Men’s Footwear Products, Men’s Leather Products, and Men’s Formalwear Products |
|   |                                                    |   |                                                                                                                           |
|   | PLAYBOY BUNNY & Rabbit Head Design Label            |   | Women’s Apparel Products                                                                                                 |
|   |                                                    |   |                                                                                                                           |
|   | PLAYBOY JEANS Label                                     |   | Men’s/Women’s Denim Products                                                                                       |

|   | The PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label, the PLAYBOY BUNNY & Rabbit Head Design Label and the PLAYBOY JEANS Label may sometimes be collectively referred to in this Agreement as the “Exclusive Labels” and the Exclusive Labels and the M PLAYBOY MANSION COLLECTION & Rabbit Head Design Label Trademarks may sometimes be collectively referred to herein as the “Labels.”  The design of the Labels may be changed only by Licensor.  In such event, Licensor shall provide prior written notice to Licensee.  The Playboy Established 1953 Label does not require the use of “Established 1953” in all creative applications on or associated with Products, for example on advertising, point of sale materials, store fixtures or the Products themselves, except, however, that the use of “Established 1953” will occur on hangtags, garment labels and similar branding items as Licensor may determine in its discretion from time to time. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Licensee acknowledges and accepts that Licensee’s exclusivity is limited solely to the use of the Exclusive Labels on the Product categories set forth above and through the Distribution Channels set forth in Paragraph S.6. below.  Licensor retains the right to, itself and to license to third parties the right to, design, manufacture, advertise, sell and/or distribute in the Territory through any channel of distribution, including, but not limited to, the channels of distribution set forth in Paragraph S.6. below any one of the Products set forth in Paragraph S.7. below provided such exercise or grant of rights does not violate Licensee’s exclusivity as set forth herein with respect to the Labels and the Product categories and the Distribution Channels. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | Licensor retains the right to, itself and to license to third parties the right to, design, manufacture, advertise, sell and/or distribute in the Territory through any channel of distribution, including, but not limited to the channels of distribution set forth in Paragraph S.6. below, any one of the Products set forth in Paragraph S.7. below using the Trademarks and labels other than or different from the Labels and which may or may not incorporate the PLAYBOY, Rabbit Head Design and/or (HUA HUA GONGZI) Trademarks and/or any of the Images.                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | Licensor will in all cases determine in its absolute discretion if products by any other 3rd party constitute Products as defined under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

| S.6.   | DISTRIBUTION CHANNELS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (i) Playboy-branded retail stores (i.e., physical stores), which rights shall be non-exclusive and subject to the provisions of Paragraph 1.a.(ii)(c) and Paragraph 1.a.(iii) of the Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (ii) Mid-tier department stores and mid-tier specialty stores for all Products and Labels (i.e. physical stores) located in the Territory.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (iii) Playboy-branded paper (printed) catalogs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | All of the above shall be referred to herein as the “Distribution Channels.”  Licensee may not sell and distribute the Products to or through duty-free outlets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| S.7.   | THE PRODUCTS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | Men’s non-technical casual fashion apparel including t-shirts, polo shirts, dress shirts, sweaters, cardigans, handkerchiefs, pants, trousers, shorts, skirts, wool sweaters, cashmere sweaters, knit sweaters, leather clothing, trench coats, overcoats, jackets and blazers (specifically excluding down jackets).  Licensee must only use the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Men’s Apparel Products.”  Technical apparel, such as apparel that is designed and fabricated for specific sports and athletic use and having technical performance features and specialized fabrics and microfibers for such purpose such as, quick-dry, gore-tex, breathability, aerodynamic, weatherproof qualities, etc., is specifically excluded from the Agreement. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | Women’s non-technical casual fashion apparel including t-shirts, polo shirts, dress shirts, sweaters, cardigans, pants, handkerchiefs, wool sweaters, cashmere and cashmere-blend sweaters, knit sweaters, cotton and cotton-blend sweaters, shorts, skirts, jackets and blazers (specifically excluding down jackets).  Licensee must use only the PLAYBOY BUNNY & Rabbit Head Design Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Women’s Apparel Products.”  Technical apparel, such apparel that is designed and                                                                                                                                                                                                                                                                                                   |

----

|   | fabricated for specific sports and athletic use and having technical performance features and specialized fabrics and microfibers for such purpose such as, quick-dry, gore-tex, weatherproof, breathable, aerodynamic, etc., is specifically excluded from the Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | Men’s and women’s denim apparel, including pants, skirts, shorts, vests, jackets, and shirts.  Licensee must use only the PLAYBOY JEANS Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Denim Products.”  The composition of the Denim Products must in all cases be over 70% denim.  Licensee may use the PLAYBOY JEANS Label on a limited range of small leather goods for men effective as of the Commencement Date and for women effective as of April 1, 2011 to specifically consist of belts and wallets for men and belts, wallets, small purses and clutch bags for women provided that such items are in all instances sold together and alongside of (and not independently of) the Denim Products.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | Men’s formal and casualwear footwear, including brown shoes, leather sandals and boots, but specifically excluding athletic shoes/sneakers or specialized technical footwear such as hiking boots or ski boots.  Licensee must use only the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Men’s Footwear Products.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | Men’s leather goods, including belts, backpacks without trolley wheels, wallets, money purses, key chains, leather folders, slim briefcases (i.e. for avoidance of doubt as in office cases for papers and folders), small satchels without trolley wheels (but not travel luggage which is specifically excluded as a Product under this Agreement).  Licensee must use only the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Men’s Leather Products.” Notwithstanding anything in this Agreement to the contrary, mobile phone cases, PDA holders and laptop cases all for men and all made of leather will be included on a non-exclusive basis through and including December 31, 2011 and, thereafter, exclusive only as to the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label in the men’s leather goods Product category subject to the final clearance of the PLAYBOY, Rabbit Head Design, and (HUA HUA GONGZI) Trademarks and the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label Trademark by Licensor and only upon a subsequent written authorization from Licensor which must be countersigned by Licensee.  As of the date of this Agreement, Licensor’s counsel has been instructed to file all relevant applications in connection therewith. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | Men’s formal suits (i.e., business suits), including formal rimmed hats (non-baseball caps, non-athletic hats), dress shirts, neckties, cufflinks, tie clips, tie pins, and high-end formal (metallic) writing instruments such as formal ballpoint pens, lead pencils and fountain pens.  Licensee must use only the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Men’s Formalwear Products.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | Home textiles for adults, including pillow cases, blankets, throws, duvet covers, bed sheets, kitchen and bath towels, quilt covers, seat cushions, napkins, handkerchiefs, and tablecloths.  Licensee must use only the M PLAYBOY MANSION COLLECTION & Rabbit Head Design Label on all of the foregoing Products.  For ease of reference, the foregoing Products may sometimes be collectively referred to herein as the “Home Products.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| S.8.   | THE TERRITORY:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | China (excluding Hong Kong and Taiwan)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

----

| S.9.   | THE COMMENCEMENT DATE:                                                                                                                                                                                                                                                                                                            |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                              |
|   | As to all Products not bearing the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label, the last date this Agreement becomes fully executed, subject to the provisions of Paragraph 20. of the Agreement.  As to all Products bearing the PLAYBOY ESTABLISHED 1953 & Rabbit Head Design Label, January 1, 2011. |
|   |                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                              |
| S.10.  | THE EXPIRATION DATE:                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                              |
|   | December 31, 2015                                                                                                                                                                                                                                                                                                                 |

| S.11.  | THE MINIMUM NET SALES:                    |   |   |
|--------|-------------------------------------------|--------|--------|
|   |                                      |   |   |
|   | License Year                              |   | Amount |
|   | LY 1 (Commencement Date – 12/31/11) |   | *****  |
|   | LY 2 (01/01/12 – 12/31/12)          |   | *****  |
|   | LY 3 (01/01/13 – 12/31/13)          |   | *****  |
|   | LY 4 (01/01/14 – 12/31/14)          |   | *****  |
|   | LY 5 (01/01/15 – 12/31/15)          |   | *****  |

| S.12.  | PRODUCT DEVELOPMENT FEE:                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                    |
|   | ***** due and payable within not more than fifteen (15) days of the date of Licensee’s signing of this Agreement. |

| S.13.  | GUARANTEED ROYALTIES:                     |   |   |   |                                                        |
|--------|-------------------------------------------|--------|--------|--------|-------------------------------------------------------------|
|   |                                      |   |   |   |                                                        |
|   | License Year                              |   | Amount |   | Payment Due Date                                            |
|   | LY 1 (Commencement Date – 12/31/11) |   | *****  |   | Due in full upon Licensee’s signing of this Agreement |
|   | LY 2 (01/01/12 – 12/31/12)          |   | *****  |   | October 1, 2011                                             |
|   |                                      |   | *****  |   | June 1, 2012                                                |
|   | LY 3 (01/01/13 – 12/31/13)          |   | *****  |   | October 1, 2012                                             |
|   |                                      |   | *****  |   | June 1, 2013                                                |
|   | LY 4 (01/01/14 – 12/31/14)          |   | *****  |   | October 1, 2013                                             |
|   |                                      |   | *****  |   | June 1, 2014                                                |
|   | LY 5 (01/01/15 – 12/31/15)          |   | *****  |   | October 1, 2014                                             |
|   |                                      |   | *****  |   | June 1, 2015                                                |

|   | Subject to the provisions of Paragraphs 2.e.(v)(a) and (b) of the Agreement, Licensee understands and accepts that all Development Fee, Guaranteed Royalties and Earned Royalties payments to be remitted to Licensor hereunder are intended to be net amounts without any deductions whatsoever so that, for example and purposes of clarification only, the amount of Guaranteed Royalties Licensor receives in License Year 1 is *****. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| S.14.  | ROYALTY RATE:                                                                                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                           |
|   | ***** percent (*****%) of Net Sales until the amount of the Minimum Net Sales are met for each License Year; and ***** percent (*****%) of Net Sales for sales of the Products beyond Minimum Net Sales for each License Year. |

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|   | Subject to the provisions of Paragraph 2.d.(i) of the Agreement, payments shall be reported on the Statements, broken out by Product item in a format reasonably requested by Licensor from time to time with within not more than fifteen (15) days following the end of each calendar month. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| S.15.  | EARNED ROYALTIES:                                                                                                                                                                                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                     |
|   | The Earned Royalties, calculated at the Royalty Rate, on the total Net Sales (as defined in Paragraph 2.e.(ii) of the Agreement) of all Products sold during the Term and Sell-Off Period (if any). |
|   |                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                     |
| S.16.  | MARKET DATE:                                                                                                                                                                                             |
|   |                                                                                                                                                                                                     |
|   | January 1, 2011                                                                                                                                                                                          |
|   |                                                                                                                                                                                                     |
| S.17.  | MARKETING SPEND:                                                                                                                                                                                         |
|   |                                                                                                                                                                                                     |
|   | Not less than ***** percent (*****%) of Net Sales for each License Year.                                                                                                                                 |
|   |                                                                                                                                                                                                     |
| S.18.  | MARKETING FUND PAYMENT:                                                                                                                                                                                  |
|   |                                                                                                                                                                                                     |
|   | ***** percent (*****%) of Net Sales for each License Year.                                                                                                                                               |
|   |                                                                                                                                                                                                     |
| S.19.  | SELL-OFF PERIOD:                                                                                                                                                                                         |
|   |                                                                                                                                                                                                     |
|   | Ninety (90) days after the Expiration Date or notice of termination together with Licensor’s consent (pursuant to Paragraph 8.c. below).                                                           |
|   |                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                     |
| S.20.  | THE ADDRESS WHERE BOOKS KEPT:  See Paragraph S.2. above of this Schedule.                                                                                                                      |

| S.21.  | CREATIVE DIRECTION AND ADDITIONAL TERMS AND CONDITIONS: |
|--------|---------------------------------------------------------|
|   |                                                    |   |
|   | 1.                                                      | In each License Year, at Licensor’s request, Licensee will provide for Licensor’s promotional purposes, at no charge to Licensor, three (3) units of each SKU of the Products in such mix and in such quantities as Licensor may request. |
|   |                                                    |   |
|   | 2.                                                      | Licensee will ensure that the Products will have a consumer target of ages 18-34 and be positioned both in image and pricing as trendy, youth-oriented fashion-forward clothing comparable to competitive fashion casual labels *****.  Product distribution channels and the appearance and quality of store fixtures, catalogues, advertising and other marketing materials will be aligned to this positioning and Licensee will work closely with Licensor and Licensor’s Agent to achieve and fine-tune the targeted design, distribution and price positioning. |

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|   | 3. | Licensee will assign a 100% dedicated management team to be reasonably agreed with Licensor but which shall at a minimum include a design team or third party design agency of a high caliber capable of working with Licensor and Licensor’s Agent to design the Products to a design and fashion level comparable to competitive fashion casual labels such as those cited in Paragraph 2. above. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GLORY RABBIT INTERNATIONAL                                                       |              | PLAYBOY ENTERPRISES |   |
|----------------------------------------------------------------------------------|-------------------|---------------------|--------|
|  INVESTMENT CO., LIMITED                                                    |              | INTERNATIONAL, INC. |   |
| 锦兔国际投资有限公司 |              | (LICENSOR)          |   |
|  (LICENSEE)                                                                 |              |                |   |
|                                                                             |              |                |   |   |
| By:                                                                              | /s/ Wang Chengjin |                | By:    | /s/ Howard Shapiro |
|                                                                             |              |                |   |   |
| Title:                                                                           | Chairman          |                | Title: | Executive Vice Pres. |
|                                                                             |              |                |   |   |
| Date:                                                                            | 2010.08.20        |                | Date:  | 8-24-10 |

| By:                | /s/ Wang Chengjin |
|--------------------|-------------------|
|               |              |
| Title:             | Chairman          |
|               |              |
| Date:              | 2010.08.20        |
|               |              |
| Chop/Company Seal: |

----

----

----

----

----

----

----

----

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| Bank:           | ***** |
|-----------------|-------|
| Branch:         | ***** |
| Account name:   | ***** |
| Account number: | ***** |
| Swift Code:     | ***** |

----

----

----

----

----

----

----

----

----

----

----

----

----

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|   | To Licensor: | Address:   | 680 North Lake Shore Drive   |
|--------|--------------|------------|------------------------------|
|   |         |       | Chicago, IL  60611 |
|   |         | Attention: | Sarah Haney                  |
|   |         |       | c/o Veronica Reyes           |
|   |         | Facsimile: | 312 988 9857                 |
|   |         | Telephone: | 312 373 2369                 |

|   | With a copy to:                                                                                                                                                                | Address:   | 680 North Lake Shore Drive   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------|
|   |                               |       | Chicago, IL  60611 |
|   |                                                                                                                                                                           | Attention: | General Counsel              |
|   |                                                                                                                                                                           | Facsimile: | 312 266 2042                 |
|   |                                                                                                                                                                           | Telephone: | 312 751 8000                 |

|   | And to: | Address:   | IMG                    |
|--------|---------|------------|------------------------|
|   |    |       | McCormack House        |
|   |    |       | Hogarth Business Park  |
|   |    |       | Burlington Lane        |
|   |    |       | Chiswick London W4 2TH |
|   |    | Attention: | Bruno Maglione         |
|   |    | Facsimile: | 44 208 233 5301        |
|   |    | Telephone: | 44 208 233 5300        |

|   | To Licensee: | The address specified in Paragraph S.2. of the Schedule |
|--------|--------------|---------------------------------------------------------|
|   |         | Attention:                                              | Li Cai Xia 委托联络人:李彩霞 |
|   |         | Facsimile:                                              | 8621-63322599 |
|   |         | Telephone:                                              | 86-13795376578 |

----

----

| GLORY RABBIT INTERNATIONAL                                                       |              |   |
|----------------------------------------------------------------------------------|-------------------|--------|
| INVESTMENT CO., LIMITED                                                          |              |   |
| 锦兔国际投资有限公司 |              |   |
| (LICENSEE)                                                                       |              |   |
|                                                                             |              |   |   |   |   |
| By:                                                                              | /s/ Wang Chengjin |   | By: | /s/ Howard Shapiro |   |
|                                                                             |              |   |   |   |   |
| Title:                                                                           | Chairman          |   | Title: | Executive Vice Pres. |   |
|                                                                             |              |   |   |   |   |
| Date:                                                                            | 2010.08.20        |   | Date: | 8-24-10 |   |

| By:                | /s/ Wang Chengjin |   |
|--------------------|-------------------|--------|
|               |              |   |
| Title:             | Chairman          |   |
|               |              |   |
| Date:              | 2010.08.20        |   |
|               |              |   |
| Chop/Company Seal: |              |

----

----

----

| * | Any revisions to the above list and depictions will be granted only upon Licensor’s receipt of a fully-signed amendment to this Exhibit A. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

| TRADEMARKS         | CLASS  | APPLICATION OR REGISTRATION NUMBER |
|--------------------|--------|-----------------------------------------|
|               |   |                                    |   |
| PLAYBOY            | 14     | Reg. No.                                | 272935 |
|               | 16     | Reg. No.                                | 272934 |
|               | 18     | Reg. No.                                | 743057 |
|               | 20     | Reg. No.                                | 3063158 |
|               | 24     | Reg. No.Reg. No.                        | 644920382729 |
|               | 25     | Reg. No.                                | 727725 |
|               | 34     | Reg. No.                                | 271776 |
|               |   |                                    |   |
| Rabbit Head Design | 14     | Reg. No.                                | 271791 |
|               | 16     | Reg. No.                                | 271793 |
|               | 18     | Reg. No.                                | 756057 |
|               | 20     | Reg. No.                                | 3094698 |
|               | 24     | Reg. No.Reg. No.                        | 271792644921 |
|               | 25     | Reg. No.                                | 807637 |
|               | 34     | Reg. No.                                | 271780 |
|               |   |                                    |   |
| HUA HUA GONGZI     | 14     | Application Instructed                  |
|               | 16     | Application Instructed                  |
|               | 18     | Reg. No.                                | 1926928 |
|               | 20     | Reg. No.                                | 3063157 |
|               | 24     | App. No.                                | 5277706 |
|               | 25     | Reg. No.                                | 4082284 |
|               | 34     | Reg. No.App. No.                        | 8828037281740 |

----

| 1. | By execution of this Supplier/Subcontractor Contract (“Contract”), _______________ (“Supplier”) agrees and acknowledges that:  (i) all images and/or trademarks including, but not limited to PLAYBOY, (the “Playboy Properties”) applied at the request of Glory Rabbit International Investment Co., Limited (锦兔国际投资有限公司) (“Purchaser”) to merchandise covered by this Contract are properties of Playboy Enterprises International, Inc. (“Playboy”), and when used upon merchandise means that such merchandise is sponsored, approved, recommended or sold by Playboy or its licensees; (ii) Supplier will not sell, ship or otherwise dispose of any such merchandise except upon the order of Purchaser or Playboy; (iii) Supplier will never make, cause others to make or assist others in making, any claim whatsoever to any or all of the Playboy Properties or any trademark, image, designation, name, phrase, design or symbol similar thereto in connection with the manufacture, advertising, promotion, sale or distribution of merchandise; and (iv) Supplier will defend, indemnify and hold harmless Purchaser and Playboy and the distributors and dealers and the officers and employees of each of the foregoing against all liability whatsoever which may be incurred by them or any of them as a result of any alleged defects in material or workmanship in the merchandise covered by this Contract. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Supplier agrees that no production or manufacture of any merchandise covered by this Contract will commence until this Contract has been signed, dated and returned by Supplier to Purchaser.  Supplier further agrees that it will not produce, cause to be produced or assist in the production of more units than are specified by Purchaser nor will Supplier produce, cause to be produced or assist in the production of any product or item not specifically requested by Purchaser using any or all of the Playboy Properties or any trademarks, images, designations, names, phrases, designs or symbols similar to any or all of the Playboy Properties during or at any time after the completion of merchandise requested by this Contract. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Supplier will, upon request from Purchaser or Playboy, deliver to Purchaser or will destroy in the presence of Purchaser or its representative(s), all molds, designs or any other elements used in reproducing any or all of the Playboy Properties. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Playboy is an intended third-party beneficiary of this Contract. |
|----|------------------------------------------------------------------|

| 5. | This Contract, when attached to a purchase order, shall consist of the entire agreement between the parties and shall supersede any conflicting or contrary terms and conditions of any purchase order or other order form whether supplied by Purchaser or Supplier. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | This Contract may not be modified or terminated except in writing, and no claimed modification, termination or waiver shall be binding unless also signed by an authorized representative of Playboy. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Supplier will comply with Playboy’s Code of Conduct (attached hereto and incorporated herein by reference) in connection with the manufacture, packaging, supply and distribution of any merchandise covered by this Contract |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8. | VIOLATION OF THIS AGREEMENT BY SUPPLIER MAY RESULT IN PROSECUTION FOR TRADEMARK INFRINGEMENT, UNFAIR COMPETITION AND OTHER CAUSES OF ACTION AND THE IMPOSITION OF FINES AND/OR CRIMINAL PENALTIES. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| SUPPLIER                         |   | PURCHASER                  |                                                                             |
|----------------------------------|--------|----------------------------|----------------------------------------------------------------------------------|
|                             |   |                       |                                                                             |   |   |
|                             |   | GLORY RABBIT INTERNATIONAL |                                                                             |
| (Name of Company - Please Print) |   | INVESTMENT CO., LIMITED    |                                                                             |
|                             |   |                       | 锦兔国际投资有限公司 |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
| By:                              |   |                       | By:                                                                              | /s/ Wang Chengjin |   |
|                             |   |                       |                                                                             |   |   |
| Title:                           |   |                       | Title:                                                                           | Chairman |   |
|                             |   |                       |                                                                             |   |   |
| Date:                            |   |                       | Date:                                                                            | 2010.08.20 |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
| SUPPLIER INFORMATION        |   | PLAYBOY                    |                                                                             |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
| Name:                            |   |                       | Name:                                                                            | PLAYBOY ENTERPRISES |   |
|                             |   |                       |                                                                             | INTERNATIONAL, INC. |   |
|                             |   |                       |                                                                             |   |   |
| Address:                         |   |                       | Address:                                                                         | 680 North Lake Shore Drive |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             | Chicago, IL  60611 |   |
|                             |   |                       |                                                                             |   |   |
| Contact:                         |   |                       | Contact:                                                                         | Sarah Haney |   |
|                             |   |                       |                                                                             | c/o Veronica Reyes |   |
|                             |   |                       |                                                                             |   |   |
| Telephone:                       |   |                       | Telephone:                                                                       | 312 373 2369 |   |
|                             |   |                       |                                                                             |   |   |
| Facsimile:                       |   |                       | Facsimile:                                                                       | 312 988 9857 |   |

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| Child Labor             | Manufacturers will not use child labor.  The term “child” refers to a person younger than 16 (or 14 where local law allows) or, if higher, the local legal minimum age for employment or the age for completing compulsory education.  Manufacturers employing young persons who do not fall within the definition of “children” will also comply with any laws and regulations applicable to such persons.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Involuntary Labor       | Manufacturers will not use any forced or involuntary labor, whether prison, bonded, indentured or otherwise.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Coercion and Harassment | Manufacturers will treat each employee with dignity and respect, and will not use corporal punishment, threats of violence or other forms of physical, sexual, psychological or verbal harassment or abuse.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Nondiscrimination       | Manufacturers will not discriminate in hiring and employment practices, including salary, benefits, advancement, discipline, termination or retirement, on the basis of race, religion, age, nationality, social or ethnic origin, sexual orientation, gender, political opinion or disability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Association             | Manufacturers will respect the rights of employees to associate, organize and bargain collectively in a lawful and peaceful manner, in accordance with all applicable laws, without penalty or interference.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Health and Safety       | Manufacturers will provide employees with a safe and healthy workplace in compliance with all applicable laws and regulations, ensuring at a minimum, reasonable access to potable water and sanitary facilities, fire safety, and adequate lighting and ventilation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                    | Manufacturers will also ensure that the same standards of health and safety are applied in any housing that they provide for employees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Compensation            | We expect manufacturers to recognize that wages are essential to meeting employees’ basic needs.  Manufacturers will, at a minimum, comply with all applicable wage and hour laws and regulations, including those relating to minimum wages, overtime, maximum hours, piece rates and other elements of compensation, and provide legally mandated benefits.  If local laws do not provide for overtime pay, manufacturers will pay at least regular wages for overtime work.  Except in extraordinary business circumstances, manufacturers will not require employees to work more than the lesser of (a) 48 hours per week and 12 hours overtime or (b) the limits on regular and overtime hours allowed by local law or, where local law does not limit the hours of work, the regular work week in such country plus 12 hours overtime.  In addition, except in extraordinary |

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|                          | business circumstances, employees will be entitled to at least one day off in every 7-day period.                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                          | Where local industry standards are higher than applicable legal requirements, we expect manufacturers to meet the higher standards.                                                                                                                                                                                                                                                                                                                                                                                            |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Protection of the Environment | Manufacturers will comply with all applicable environmental laws and regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Other Laws                    | Manufacturers will comply with all applicable laws and regulations, including those pertaining to the manufacture, pricing, sale and distribution of merchandise.                                                                                                                                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                          | All references to “applicable laws and regulations” in this Code of Conduct include local and national codes, rules and regulations as well as applicable treaties and voluntary industry standards.                                                                                                                                                                                                                                                                                                               |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Subcontracting                | Manufacturers will not use subcontractors for the manufacture of Playboy merchandise or components thereof without Playboy’s express written consent, and only after the subcontractor has entered into a written commitment with Playboy to comply with this Code of Conduct.                                                                                                                                                                                                                                           |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Monitoring and Compliance     | Manufacturers will authorize Playboy and its designated agents (including third parties) to engage in monitoring activities to confirm compliance with this Code of Conduct, including unannounced on site inspections of manufacturing facilities and employer-provided housing; reviews of books and records relating to employment matters; and private interviews with employees.  Manufacturers will maintain on site all documentation that may be needed to demonstrate compliance with this Code of Conduct. |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Publication                   | Manufacturers will take appropriate steps to ensure that the provisions of this Code of Conduct are communicated to employees, including the prominent posting of a copy of this Code of Conduct, in the local language and in a place readily accessible to employees, at all times.                                                                                                                                                                                                                                          |

----

| Child Labor             | Manufacturers will not use child labor.  The term “child” refers to a person younger than 16 (or 14 where local law allows) or, if higher, the local legal minimum age for employment or the age for completing compulsory education.  Manufacturers employing young persons who do not fall within the definition of “children” will also comply with any laws and regulations applicable to such persons.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Involuntary Labor       | Manufacturers will not use any forced or involuntary labor, whether prison, bonded, indentured or otherwise.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Coercion and Harassment | Manufacturers will treat each employee with dignity and respect, and will not use corporal punishment, threats of violence or other forms of physical, sexual, psychological or verbal harassment or abuse.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Nondiscrimination       | Manufacturers will not discriminate in hiring and employment practices, including salary, benefits, advancement, discipline, termination or retirement, on the basis of race, religion, age, nationality, social or ethnic origin, sexual orientation, gender, political opinion or disability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Association             | Manufacturers will respect the rights of employees to associate, organize and bargain collectively in a lawful and peaceful manner, in accordance with all applicable laws, without penalty or interference.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Health and Safety       | Manufacturers will provide employees with a safe and healthy workplace in compliance with all applicable laws and regulations, ensuring at a minimum, reasonable access to potable water and sanitary facilities, fire safety, and adequate lighting and ventilation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                    | Manufacturers will also ensure that the same standards of health and safety are applied in any housing that they provide for employees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Compensation            | We expect manufacturers to recognize that wages are essential to meeting employees’ basic needs.  Manufacturers will, at a minimum, comply with all applicable wage and hour laws and regulations, including those relating to minimum wages, overtime, maximum hours, piece rates and other elements of compensation, and provide legally mandated benefits.  If local laws do not provide for overtime pay, manufacturers will pay at least regular wages for overtime work.  Except in extraordinary business circumstances, manufacturers will not require employees to work more than the lesser of (a) 48 hours per week and 12 hours overtime or (b) the limits on regular and overtime hours allowed by local law or, where local law does not limit the hours of work, the regular work week in such country plus 12 hours overtime.  In addition, except in extraordinary business circumstances, employees will be entitled to at least one day off in every |

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|                          | 7-day period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                          | Where local industry standards are higher than applicable legal requirements, we expect manufacturers to meet the higher standards.                                                                                                                                                                                                                                                                                                                                                                                            |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Protection of the Environment | Manufacturers will comply with all applicable environmental laws and regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Other Laws                    | Manufacturers will comply with all applicable laws and regulations, including those pertaining to the manufacture, pricing, sale and distribution of merchandise.                                                                                                                                                                                                                                                                                                                                                              |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                          | All references to “applicable laws and regulations” in this Code of Conduct include local and national codes, rules and regulations as well as applicable treaties and voluntary industry standards.                                                                                                                                                                                                                                                                                                               |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Subcontracting                | Manufacturers will not use subcontractors for the manufacture of Playboy merchandise or components thereof without Playboy’s express written consent, and only after the subcontractor has entered into a written commitment with Playboy to comply with this Code of Conduct.                                                                                                                                                                                                                                           |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Monitoring and Compliance     | Manufacturers will authorize Playboy and its designated agents (including third parties) to engage in monitoring activities to confirm compliance with this Code of Conduct, including unannounced on site inspections of manufacturing facilities and employer-provided housing; reviews of books and records relating to employment matters; and private interviews with employees.  Manufacturers will maintain on site all documentation that may be needed to demonstrate compliance with this Code of Conduct. |
|                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Publication                   | Manufacturers will take appropriate steps to ensure that the provisions of this Code of Conduct are communicated to employees, including the prominent posting of a copy of this Code of Conduct, in the local language and in a place readily accessible to employees, at all times.                                                                                                                                                                                                                                          |

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| 1. | By execution of this Distributor Contract (“Contract”), _______________ (“Distributor”) agrees and acknowledges that:  (i) all trademarks and/or images including, but not limited to, PLAYBOY (the “Playboy Properties”) used on _______________ (the “Products”) distributed in China (the “Territory”) at the request of Glory Rabbit International Investment Co., Limited (锦兔国际投资有限公司) (“Playboy’s Licensee”) are trademarks of Playboy Enterprises International, Inc. (“Playboy”), and when used upon the Products means that such Products are sponsored, approved, recommended or sold by Playboy or its licensees; (ii) Distributor will not sell, ship or otherwise dispose of any Products except upon the order and within the specifications and guidelines of Playboy’s Licensee or Playboy; (iii) Distributor will never make, cause others to make or assist others in making, any claim whatsoever to any or all of the Trademarks or any trademark, designation, name, phrase, design or symbol similar thereto in connection with the manufacture, advertising, promotion, sale or distribution of merchandise; and (iv) Distributor will defend, indemnify and hold harmless Playboy’s Licensee and Playboy and the distributors and dealers and the officers and employees of each of the foregoing against all liability whatsoever which may be incurred by them or any of them as a result of Distributor’s distribution of the Products covered by this Contract.  In no event may Distributor advertise, sell or distribute the Products outside of the Territory. |
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| 2. | Distributor agrees that no distribution of the Products covered by this Contract will commence until this Contract has been signed, dated and returned by Distributor to Playboy’s Licensee.  Distributor further agrees that it will not distribute, cause to be distributed or assist in the distribution of the Products outside the Territory or other than as specified by Playboy’s Licensee nor will Distributor distribute, cause to be distributed or assist in the distribution of any product or item not specifically requested by Playboy’s Licensee which bears any or all of the Playboy Properties or any trademarks, images, designations, names, phrases, designs or symbols similar to any or all of the Trademarks during or at any time after the distribution of the Products requested by this Contract. |
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| 3. | Distributor will be responsible for ensuring all of its distributors (not retailers) for the Products adhere to and perform their duties in accordance with the terms and conditions of this Contract including adhering to the Territory restrictions. |
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| 4. | Distributor will maintain accurate records concerning the distribution of the Products and shall supply within ten (10) days of a request from Playboy or Playboy’s Licensee a statement detailing Distributor’s accounts for the Products.  Upon request from Playboy’s Licensee and/or Playboy, Playboy’s Licensee and/or Playboy shall also have the right at all reasonable hours to conduct an examination of Distributor’s books and records and shall have the right to make extracts therefrom in order to ensure Distributor’s compliance with this Contract. |
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| 5. | Playboy is an intended third-party beneficiary of this Contract. |
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| 6. | This Contract, when attached to a distribution order, shall consist of the entire agreement between the parties and shall supersede any conflicting or contrary terms and conditions of any distribution order or other order form whether supplied by Distributor or Playboy’s Licensee. |
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| 7. | This Contract may not be modified or terminated except in writing, and no claimed modification, termination or waiver shall be binding unless also signed by an authorized representative of |
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| 8. | If Distributor violates any of the terms and conditions of this Contract, Playboy’s Licensee will have the right to immediately terminate this Contract upon written notice to Distributor.  In such event, Distributor must provide Playboy’s Licensee within ten (10) days of the date of such notice of termination with a statement setting forth the number of Products on hand and a listing of all of Distributor’s accounts for the Products. |
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| 9. | In the event the Product License Agreement between Playboy and Playboy’s Licensee dated as of the Commencement Date (the “Agreement”) expires or is terminated, this Distributor Contract shall immediately terminate upon the expiration or termination of the Agreement. |
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| 10. | VIOLATION OF THIS AGREEMENT BY DISTRIBUTOR MAY RESULT IN PROSECUTION FOR TRADEMARK INFRINGEMENT, UNFAIR COMPETITION AND OTHER CAUSES OF ACTION AND THE IMPOSITION OF FINES AND/OR CRIMINAL PENALTIES. |
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| DISTRIBUTOR                      |   | PLAYBOY'S LICENSEE         |                                                                             |
|----------------------------------|--------|----------------------------|----------------------------------------------------------------------------------|
|                             |   |                       |                                                                             |   |   |
|                             |   | GLORY RABBIT INTERNATIONAL |                                                                             |
| (Name of Company - Please Print) |   | INVESTMENT CO., LIMITED    |                                                                             |
|                             |   |                       | 锦兔国际投资有限公司 |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
| By:                              |   |                       | By:                                                                              | /s/ Wang Chengjin |   |
|                             |   |                       |                                                                             |   |   |
| Title:                           |   |                       | Title:                                                                           | Chairman |   |
|                             |   |                       |                                                                             |   |   |
| Date:                            |   |                       | Date:                                                                            | 2010.08.20 |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
| SUPPLIER INFORMATION        |   | PLAYBOY                    |                                                                             |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             |   |   |
| Name:                            |   |                       | Name:                                                                            | PLAYBOY ENTERPRISES |   |
|                             |   |                       |                                                                             | INTERNATIONAL, INC. |   |
|                             |   |                       |                                                                             |   |   |
| Address:                         |   |                       | Address:                                                                         | 680 North Lake Shore Drive |   |
|                             |   |                       |                                                                             |   |   |
|                             |   |                       |                                                                             | Chicago, IL  60611 |   |
|                             |   |                       |                                                                             |   |   |
| Contact:                         |   |                       | Contact:                                                                         | Sarah Haney |   |
|                             |   |                       |                                                                             | c/o Veronica Reyes |   |
|                             |   |                       |                                                                             |   |   |
| Telephone:                       |   |                       | Telephone:                                                                       | 312 373 2369 |   |
|                             |   |                       |                                                                             |   |   |
| Facsimile:                       |   |                       | Facsimile:                                                                       | 312 988 9857 |   |

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