THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.


 


ILUSTRATO
PICTURES INTERNATIONAL, INC.


CONVERTIBLE PROMISSORY NOTE


 


 


Principal Amount: $500,000.00 USD


August
10, 2022


 


 


WHEREAS
on August 10, 2022, RB Capital Partners, Inc., with its offices at 2856 Torrey Pines Road, La Jolla, California 92037 (the "Holder'')
loaned funds totaling, $500,000.00 to Ilustrato Pictures International, Inc., a Nevada corporation
with its office at 26 Broadway; Suite 934; New York, NY 10004 (the "Company"). Payment for the loan was made directly to the
Company in the form of a Wire Transfer.


 


WHEREAS
the Company and Holder further agreed that such services provided
by the Holder to the Company would be evidenced in
a convertible note, which convertible note would be convertible into shares of common stock of the Company at the rate of $0.50
in accordance with Section 3 below;


 


NOW
THEREFORE THIS AGREEMENT WITNESSES that for and in consideration of the
mutual premises and the mutual covenants and agreements contained herein, the parties covenant and agree
each with the other as follows:


 


		1	. Principal and Interest.



 


1.1  
The Company, for value received, hereby promises to pay to the order of the Holder the sum of Five Hundred Thousand Dollars ($5001000.00),
which amount represents the amount owed to Holder as of August 10, 2022.


 


1.2 This Convertible Promissory Note (the ''Note") shall bear five percent (5%) interest per annum. The Note is for a period of (24)
months and cannot be converted until (12) months from the date first written above has passed.


 


1.3  
Upon payment in full of the principal, this Note shall be surrendered to the Company for cancellation.








 




    	 		 



    	 



    

 


1.4  
The principal under this Note shall be payable at the principal office of the Company and shall be forwarded to the address of
the Holder hereof as such Holder shall from time to time designate.


 


2.   
Attorney's Fees. If the indebtedness represented
by this Note or any part thereof is collected in
bankruptcy, receivership or other judicial proceedings or if this Note is placed
in the hands of attorneys for collection after default, the Company agrees to pay, in addition to the principal payable hereunder, reasonable
attorneys' fees and costs incurred by the Holder.


 


		3.	Conversion.



 


3.1  
Voluntary Conversion. The Holder shall have the right; exercisable in whole or in part, to convert the outstanding principal
into a number of fully paid and non-assessable whole shares of the Company's $0.001 Par Value common stock ("Common Stock")
determined in accordance with Section 3.2 below.


3.2   Shares
Issuable. The number of whole shares of Common Stock into which
this Note may be voluntarily converted (the ''Conversion Shares") shall be determined by dividing the aggregate principal
amount borrowed hereunder by $0.50 (the "Note Conversion
Price"); provided, however, that, in no event, shall Holder be entitled to convert any portion of this Note in excess
of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common stock beneficially owned by
Holder and  its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the
unconverted portion of this Note or the unexercised or unconverted portion of any other security of Maker subject to a limitation on
conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of common stock issuable upon the
conversion of the portion of this Note with respect to which the determination
of this proviso is being made, would result in the beneficial ownership by Holder and its affiliates
of more than 4.99% of the outstanding shares of common stock of the Company. For purposes of the proviso to the immediately
preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934
and Regulation 13D-G thereunder, except as otherwise
provided in clause (1) of such
proviso. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing
the Conversion Amount (as defined below) by the Note Conversion Price. The Term ''Conversion Amount"
means, with respect to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such
conversion plus, (2) at the Company's option, accrued and unpaid interest, if any, on such principal amount at the interest rate
provided in this Note to the conversion date, provided; however, that the Company shall have the right to pay any or all interest in
cash.


 


3.3    
Notice and Conversion Procedures. After receipt of demand for repayment, the Company agrees to give the Holder notice at
least five (5) business days prior to the time that the Company repays this Note. If
the Holder elects to convert this Note, the Holder shall provide the Company with a written notice of conversion setting forth
the amount to be converted. The notice must be delivered to the Company together with this Note. Within twenty (20) business days of
receipt of such notice, the Company shall deliver to the Holder certificate(s) for the Common Stock





 




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issuable upon
such conversion and, if the entire principal amount was not so converted, a new note representing such balance.


 


		3.4	Other Conversion Provisions.



 


(a)              
Adjustment of Note Conversion Price. In the event the Company shall in any manner, subsequent to the issuance of
this Note, approve a reclassification involving a reverse stock split and subdivision
of the Company's issued and outstanding shares of Common Stock, the Note Conversion Price shall forthwith be unaffected. In the event
the Company shall in any manner, subsequent to the issuance of
this Note, approve a reclassification involving a forward stock split
and subdivision of the Company's issued and outstanding shares of Common Stock, the Note Conversion Price shall forthwith be unaffected.


 


(b)         
Common Stock Defined. Whenever reference is made in this Note to the shares of Common Stock, the term "Common Stock"
shall mean the Common Stock of the Company authorized as of the date hereof, and any other class of stock ranking on a parity with such
Common Stock. Shares issuable upon conversion hereof shall include only shares of Common Stock of the Company.


 


3.5  
No Fractional Shares, No fractional shares of Common Stock shall be issued upon conversion of this Note. In
lieu of the Company issuing any fractional shares to the Bolder upon the conversion of this Note, the Company shall pay to the
Holder the amount of outstanding principal hereunder that is not so converted.


 


4. 
Representations, Warranties and Covenants of the Company. The Company represents, warrants and covenants with the Holder
as follows:·


 


(a)   
Authorization: Enforceability. All corporate action on the part
of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Note
and the performance of all obligations of the Company hereunder has been taken, and this Note constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors' rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or
other equitable remedies.


 


(b) 
Governmental Consents. No consent, approval, qualification, order or authorization of, or filing with, any local,
state or federal governmental authority is required on the part of the Company in connection with the Company's valid execution, delivery
or performance of this Note except any notices required to be filed with the Securities and Exchange Commission under Regulation D of
the Securities Act of 1933, as amended (the "1933 Act"), or such filings as may be required under applicable state securities
laws, which, if applicable, will be timely filed within the applicable periods therefor.


 


(c) 
No Violation. The execution, delivery and performance by the Company of this Note and the consummation of the transactions
contemplated hereby will not result in a violation of its


 







    	 	3	 



    	 



    

 


Certificate
of Incorporation or Bylaws, in any material respect of any provision of any mortgage, agreement, instrument or contract to which it is
a party or by which it is bound or, to the best of its knowledge, of any federal or state judgment, order. writ, decree,
statute, rule or regulation applicable
to the Company or be it a material conflict with or constitute, with
or without the passage of time or giving
of notice, either a material default under any such provision or an event that results
in the creation of any material lien, charge or encumbrance upon any assets of the Company or
the suspension, revocation, impairment, forfeiture or non-renewal of any material permit, license, authorization or approval
applicable to the Company, its business or operations, or any of its assets or properties.


 


5. 
Representations and Covenants of the Holder. The Company has entered into this Note
in reliance upon the following representations and covenants of the Holder:


 


(a) 
Investment Purpose. This Note and the Common Stock issuable upon conversion of the Note
are acquired for investment and not with a view to the sale or distribution of any part thereof, and the Holder has no present intention
of selling or engaging in any public distribution of the same except pursuant to a registration or exemption.


 


(b)  Private
Issue. The Holder understands (i) that
this Note and the Common Stock issuable upon conversion of this Note are not registered under the 1933 Act or qualified under
applicable state securities laws, and (ii) that
the Company is relying on an exemption from registration predicated on the
representations set forth
in this Section 8.


 


(c)  
Financial Risk. The Holder has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment.


 


(d)  Risk
of No Registration. The Holder understands that if the Company does not register with the Securities and Exchange Commission
pursuant to Section 12 of
the Securities Exchange Act of 1934 (the "1934 Act"), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement
coveting the securities under the 1933 Act is
not in effect when it desires to sell the Common Stock issuable upon conversion of the Note, it may be required to hold such
securities for an indefinite period. The Holder also understands that any sale of the Note or the Common Stock which might be made
by it in reliance upon Rule 144 under the 1933 Act may be made only in accordance
with the terms and conditions of that Rule.


 


6.  
Assignment. Subject to the restrictions on transfer described in Section 8 below, the rights
and obligations of the Company and the Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of the parties.


 


7.   
Waiver and Amendment. Any provision
of this Note may be amended, waived or modified upon the written consent of the Company and the Holder.


 


8. 
Transfer of This Note or Securities Issuable on Conversion Hereof. With respect to any offer,
sale or other disposition of this Note or securities into which this Note may be converted, the Holder will give written notice to the
Company prior thereto, describing briefly the manner


 




    	 	4	 



    	 



    

 


thereof.
Unless the Company reasonably determines that such transfer would violate applicable securities laws, or that such transfer would adversely
affect the Company's ability to account for future transactions to which
it is
a party as a
pooling of interests, and notifies the
Holder thereof within five (5)
business days after receiving notice of the transfer, the Holder may effect such transfer.
The Note thus transferred and each certificate representing the securities thus transferred shall bear a legend as to the applicable restrictions
on transferability in order to ensure compliance with the 1933 Act, unless in
the opinion of counsel for the Company such legend is
not required in order to ensure
compliance with the 1933 Act.
The Company may issue stop transfer instructions to its
transfer agent in connection with such restrictions.


 


9.  
Notices, Any notice, other communication or payment required or permitted
hereunder shall be in writing and shall be deemed to have been given upon delivery
if personally delivered or three (3) business days after deposit if deposited
in the United States mail for mailing by certified mail, postage prepaid.
Each of the above addressees may change its address for purposes of this Section by giving to the other addressee notice of such new address
in conformance
with


this Section.


 


10.  
Governing Law. This Note is being delivered in and shall be construed in accordance with
the laws of the State of California, without regard to the
conflicts of law provisions thereof.


 


11. 
Heading; References. All headings used herein are used for convenience only and shall not
be used to construe or interpret this Note. Except as otherwise indicated, all references herein to Sections refer to Sections hereof.


 


12.   
Waiver by the Company. The Company hereby waives demand, notice, presentment, protest and
notice of dishonor.


 


13. 
Delays. No delay by the Holder in exercising any power or right hereunder shall operate
as a waiver of any power or right.


 


14.   Severability. If
one or more provisions of this Note are held to be unenforceable under applicable
law, such provision. shall be excluded from this Note and the balance of the Note shall be
interpreted as if such provision was so excluded and shall be enforceable
in accordance with its terms.


 


15.  
No Impairment. The Company will not, by any voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all
times in good faith assist in the carrying out of all the provisions of this Note and in the taking of all such
action as may be necessary
or appropriate in order to protect the rights of the Holder of this Note against impairment.


 


 


 


 


[SIGNATURE PAGE
TO FOLLOW]


 


 




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IN
WITNESS WHEREOF, Ilustrato Pictures International, Inc. has caused this Note
to be executed in its corporate name and this Note to be dated, issued and delivered, all on the date first above written.


 


	 	 	 	ILUSTRATO PICTURES INTERNATIONAL,
INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	Date:
August 10, 2022	 	By /s/ Nicolas Link	 
	 	 	 	Nicolas Link	 
	 	 	 	Its: CEO & Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	RB CAPITAL PARTNERS, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	Date: August 10, 2022		By: /s/ Brett Rosen	 
	 	 	 	Brett Rosen	 
	 	 	 	Its: Managing Member	 



 






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