CANCELLATION OF PROMISSORY NOTE


 


This Cancellation of Promissory Note (“Cancellation
Agreement”) is entered into this 13th day of March, 2014, between San Lotus Holding Inc. (“SLH”) and
Lo, Fun-Ming (the “Land Seller”).


 


RECITALS


 


		A.	WHEREAS, SLH assumed a certain Promissory Note dated as of March 13, 2014 and originally held by
Green Forest Management Consulting Inc. in the original principal amount of Eight Hundred Thirty Million Four Hundred Ninety Thousand
Three Hundred Four New Taiwan Dollars (TWD $830,490,304), in favor of the Land Seller (the “Note”);



 


		B.	WHEREAS, the Land Seller used the funds owed under the Note
to subscribe to shares of SLH common stock, which stock was distributed pursuant to the instructions of the Land Seller as indicated
on Schedule A attached hereto;



 


		C.	WHEREAS, the parties hereto agree that there are no obligations outstanding among the parties whatsoever relating to the Note;
and



 


		D.	NOW, THEREFORE, the parties hereto desire to cancel the Note.



 


AGREEMENT


 


The Note is hereby terminated and cancelled
and is of no further force and effect. The Land Seller hereby agrees to promptly return the Note to SLH.


 


IN WITNESS WHEREOF, the parties hereto have
executed this Cancellation Agreement.


 


San Lotus Holding Inc.


 


	By:	/s/ Chen, Li Hsing	 	 	/s/ Lo, Fun-Ming
	 	Chen, Li Hsing	 	 	Lo, Fun-Ming
	 	Chairman of the Board	 	 	 
	 	 	 	 	 
	Green Forest Management Consulting Inc.	 	 
	 	 	 	 	 
	By:	/s/ Chiang, Yu-Chang	 	 	 
	 	Chiang, Yu-Chang	 	 	 
	 	Director	 	 	 


 




    	1



    	 



    

 


Schedule A


PURCHASER LIST





 


	Purchaser	 	Purchase Amount (TWD)	 	 	Purchase Amount(USD)	 	 	Purchasing Shares	 
	 	 	 	 	 	 	 	 	 	 
	DA TEH FU CO., LTD.	 	$	477,531,925	 	 	 	16,195,208.70	 	 	 	80,134,630	 
	DENG DONG LTD	 	$	114,577,430	 	 	 	3,885,824.80	 	 	 	19,227,238	 
	Ocean Reserve Ltd.	 	$	134,741,181	 	 	 	4,569,666.30	 	 	 	22,610,917	 
	WHITE SMALL FISH LTD.	 	$	50,727,912	 	 	 	1,720,406.70	 	 	 	8,512,651	 
	Cheung, Ngai	 	$	99,321	 	 	 	3,368.40	 	 	 	16,667	 
	Wang Wang Ltd.	 	$	1,324	 	 	 	44.90	 	 	 	222	 
	LIAO, MEI-HSUEH	 	$	476,730	 	 	 	16,168.00	 	 	 	80,000	 
	CHEN, CHIH-YEN	 	$	238,365	 	 	 	8,084.00	 	 	 	40,000	 
	Tree of Knowledge Ltd.	 	$	1,324	 	 	 	44.90	 	 	 	222	 
	Aeki Ltd.	 	$	99,321	 	 	 	3,368.40	 	 	 	16,667	 
	CHANG, CHIA-CHEN	 	$	99,315	 	 	 	3,368.20	 	 	 	16,666	 
	UHAO LTD.	 	$	31,780	 	 	 	1,077.80	 	 	 	5,333	 
	HO, CHEN-YEN	 	$	67,493	 	 	 	2,289.00	 	 	 	11,326	 
	YANG, CHUN-YI	 	$	60,968	 	 	 	2,067.70	 	 	 	10,231	 
	YIN,CHIEN	 	$	10,618	 	 	 	360.10	 	 	 	1,782	 
	HSU,CHEN-EN	 	$	2,657	 	 	 	90.10	 	 	 	446	 
	LIU, MING-KUN	 	$	21,852	 	 	 	741.10	 	 	 	3,667	 
	HUANG, CHIN-YEN	 	$	59,591	 	 	 	2,021.00	 	 	 	10,000	 
	JIANG, JIN-AN	 	$	25,821	 	 	 	875.70	 	 	 	4,333	 
	WENG, PENG-HSIANG	 	$	967,105	 	 	 	32,798.80	 	 	 	162,290	 
	Lo, Kun Yuan	 	$	23,836	 	 	 	808.40	 	 	 	4,000	 
	CHEN, CHENG-HUNG	 	$	11,918	 	 	 	404.20	 	 	 	2,000	 
	LIU, YU-LIN	 	$	11,918	 	 	 	404.20	 	 	 	2,000	 
	LU, TIEN-CHANG	 	$	2,981	 	 	 	101.10	 	 	 	500	 
	LIAO, HUI-HSIU	 	$	71,509	 	 	 	2,425.20	 	 	 	12,000	 
	LIU, CHUN-CHENG	 	$	26,818	 	 	 	909.50	 	 	 	4,500	 
	Ocean Reserve Ltd.	 	$	8,757,690	 	 	 	297,011.80	 	 	 	1,469,628	 
	YU, LI-HSIA	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	WANG, CHING-WEN	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	WANG, CHI-TSAI	 	$	17,696	 	 	 	600.10	 	 	 	2,969	 
	KU, TSUI-LING	 	$	73,732	 	 	 	2,500.60	 	 	 	12,373	 
	AN, YUNG-CHINA	 	$	943,781	 	 	 	32,007.80	 	 	 	158,376	 
	CHU, WEN-YUAN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	CHU, MIN-HUA	 	$	53,088	 	 	 	1,800.40	 	 	 	8,908	 
	CHU, SHU-YUN	 	$	324,425	 	 	 	11,002.70	 	 	 	54,442	 
	CHIANG, MIN-CHANG	 	$	115,023	 	 	 	3,900.90	 	 	 	19,302	 
	CHIANG, HUNG-YI	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	CHIANG, CHIN-HSIANG	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	CHIANG, CHING-PO	 	$	70,784	 	 	 	2,400.60	 	 	 	11,878	 
	HO, YU-CHING	 	$	557,420	 	 	 	18,904.60	 	 	 	93,541	 
	HO, HSIV-LAN	 	$	14,454	 	 	 	490.20	 	 	 	2,426	 
	HO, CHING-CHU	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	HO, CHU-CHEN	 	$	12,391	 	 	 	420.20	 	 	 	2,079	 
	WU, HSU-TIEN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	WU, CHENG-TE	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	WU, MEI-YU	 	$	117,972	 	 	 	4,000.90	 	 	 	19,797	 
	WU, HUA-YING	 	$	825,809	 	 	 	28,006.80	 	 	 	138,579	 
	WU, LUNG-CHENG	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	LEE, YUNG-PAO	 	$	504,332	 	 	 	17,104.10	 	 	 	84,632	 
	LEE, CHAO-TANG	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 



 




    	2



    	 



    

 


	LEE, HSIN-CHIN	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	LI, CHIN-YING	 	$	534,712	 	 	 	18,134.40	 	 	 	89,730	 
	LI, KUEI-MEI	 	$	123,871	 	 	 	4,201.00	 	 	 	20,787	 
	LEE, SHIOU-BIN	 	$	1,179,726	 	 	 	40,009.70	 	 	 	197,970	 
	LEE, CHAO-WEN	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	TU, SU-YUN	 	$	324,425	 	 	 	11,002.70	 	 	 	54,442	 
	CHO, YUNG-LANG	 	$	324,425	 	 	 	11,002.70	 	 	 	54,442	 
	CHO, YUNG-FU	 	$	324,425	 	 	 	11,002.70	 	 	 	54,442	 
	CHOU, WEI-CHUN	 	$	6,190	 	 	 	209.90	 	 	 	1,039	 
	CHOU, WEI-TING	 	$	6,190	 	 	 	209.90	 	 	 	1,039	 
	CHOU, WEI-PING	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	KUAN, JUI-YUN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	KUAN, JUI-CHEN	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	LIN, HSIU-FEN	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	LIN, HSIU-CHUN	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	LIN, LIANG-MEI	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	LIN, YI-SHENG	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	LIN, KUO-HUNG	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	LIN, YU-SHENG	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	LIN, CHING-HAN	 	$	67,835	 	 	 	2,300.60	 	 	 	11,383	 
	LIN, CHAUR-KWANG	 	$	123,871	 	 	 	4,201.00	 	 	 	20,787	 
	CHIU, HSIU-YU	 	$	10,317	 	 	 	349.90	 	 	 	1,731	 
	CHIU, HSIU-MEI	 	$	265,438	 	 	 	9,002.20	 	 	 	44,543	 
	CHIU, JUI-FENG	 	$	92,909	 	 	 	3,151.00	 	 	 	15,591	 
	CHIANG, KUEI-LAN	 	$	117,972	 	 	 	4,000.90	 	 	 	19,797	 
	KO, MEI-CHING	 	$	103,227	 	 	 	3,500.90	 	 	 	17,323	 
	HU, JIAN-HUNG	 	$	44,240	 	 	 	1,500.40	 	 	 	7,424	 
	HU, CHING-HSIEN	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	FAN, KUANG-HUNG	 	$	227,098	 	 	 	7,701.90	 	 	 	38,109	 
	HSU, HSIU-CHU	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	HSU, YU-HSIN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	HSU, LIEN-FA	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	KAO, YU-TSAI	 	$	309,678	 	 	 	10,502.50	 	 	 	51,967	 
	CHANG, LAI-CHU	 	$	117,972	 	 	 	4,000.90	 	 	 	19,797	 
	CHANG, MIN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	CHANG, CHIA-CHOU	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	CHANG, TE-SUNG	 	$	14,747	 	 	 	500.10	 	 	 	2,475	 
	HSU, YU-LIN	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	KUO, FANG-CHIEN	 	$	589,863	 	 	 	20,004.80	 	 	 	98,985	 
	CHEN, CHIEN-YUN	 	$	235,946	 	 	 	8,002.00	 	 	 	39,594	 
	CHEN, JIAN-YI	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	CHEN, CHUN-HSIANG	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	CHEN, SHU-HUI	 	$	132,719	 	 	 	4,501.10	 	 	 	22,272	 
	CHEN, LI-MEI	 	$	8,254	 	 	 	279.90	 	 	 	1,385	 
	CHEN, HUANG KUEI-CHIN	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	CHEN, JUI-CHEN	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	CHEN, CHIN-HSIUNG	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	CHEN, TSAI-LIEN	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	CHEN, YING-CHIU	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	CHEN, LUNG-HSIUNG	 	$	796,314	 	 	 	27,006.50	 	 	 	133,629	 
	CHEN, HUNG-KUN	 	$	2,300,466	 	 	 	78,018.90	 	 	 	386,041	 
	PENG, YUNG-CHE	 	$	176,959	 	 	 	6,001.50	 	 	 	29,696	 
	PENG, HSING-CHIH	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	PENG, HSIU-CHIN	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	PERNG, JIANN-JANG	 	$	442,397	 	 	 	15,003.60	 	 	 	74,238	 
	PENG RSU, YU-MEI	 	$	103,227	 	 	 	3,500.90	 	 	 	17,323	 
	PENG, SU-CHUN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 



 




    	3



    	 



    

 


	PENG, MIN-LI	 	$	1,546,922	 	 	 	52,462.90	 	 	 	259,589	 
	PENG, CHEN-CHUAN	 	$	958,528	 	 	 	32,507.90	 	 	 	160,851	 
	TSENG, CHUNG-HSUAN	 	$	117,972	 	 	 	4,000.90	 	 	 	19,797	 
	TSENG, TSAI-HSUAN	 	$	117,972	 	 	 	4,000.90	 	 	 	19,797	 
	TSENG, CHIA-HSUAN	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	TSENG, YUAN-SHUN	 	$	324,425	 	 	 	11,002.70	 	 	 	54,442	 
	TANG, TUNG-SHENG	 	$	61,936	 	 	 	2,100.50	 	 	 	10,393	 
	TANG, SHENG-HANG	 	$	61,936	 	 	 	2,100.50	 	 	 	10,393	 
	HUANG, MIAO-YING	 	$	737,330	 	 	 	25,006.10	 	 	 	123,731	 
	HUANG, MING-JEN	 	$	330,322	 	 	 	11,202.70	 	 	 	55,431	 
	HUANG, MING-YU	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	HUANG, CHIN-CHUN	 	$	247,742	 	 	 	8,402.00	 	 	 	41,573	 
	HUANG, PING-UEN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	HUANG, KUEI-YUAN	 	$	299,361	 	 	 	10,152.60	 	 	 	50,236	 
	HUANG, SU-CHING	 	$	412,904	 	 	 	14,003.40	 	 	 	69,289	 
	HUANG, CHI-SHIN	 	$	712,265	 	 	 	24,156.00	 	 	 	119,525	 
	HUANG, KUO-HSIEN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	HUANG, SHU-YING	 	$	103,227	 	 	 	3,500.90	 	 	 	17,323	 
	HUANG, TIEN-SUN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	HWANG, SHEUE-HUEY	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	HUANG, KUEI-CHU	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	HUANG, CHIN-CHUNG	 	$	1,007,489	 	 	 	34,168.40	 	 	 	169,067	 
	HUANG, HUANG-CHANG	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	HUANG, SHIH-WEN	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	HUANG, TSAI HIS-CHIAO	 	$	144,516	 	 	 	4,901.20	 	 	 	24,251	 
	HUANG, YI-CHING	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	WAN, CHUNG-YANG	 	$	471,891	 	 	 	16,003.90	 	 	 	79,188	 
	WAN, YU-HUI	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	WAN, YEN-TING	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	WAN, HOW-YEH	 	$	314,108	 	 	 	10,652.80	 	 	 	52,711	 
	WEN, CHIN-LIEN	 	$	648,850	 	 	 	22,005.40	 	 	 	108,884	 
	WAN, SHU-YUAN	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	WAN, HIS-MEI	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	WAN, JUNG-PING	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	WAN, CHIN-LANG	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	WAN, LI-PING	 	$	1,575,529	 	 	 	53,433.10	 	 	 	264,389	 
	YEH, MU-CHENG	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	YEH, YI-TING	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	LEE YEH, SHU-FEN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	HSIEH, PEI-CHEN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	CHAN, YI-KUO	 	$	1,179,726	 	 	 	40,009.70	 	 	 	197,970	 
	LIAO, PO-CHAN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	LIU, TZU-LUNG	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	LIU, TIN-YU	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	LIU, MEI-LI	 	$	123,871	 	 	 	4,201.00	 	 	 	20,787	 
	LIU, CHUN-HSUN	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	LIU, SHEN-MEI	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	LIU, HUI-LING	 	$	10,317	 	 	 	349.90	 	 	 	1,731	 
	LIU, HSING-CHAO	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	LIU, LAN-JU	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	TSAI, KUN-CHIH	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	TSAI, SHU-CHIN	 	$	61,936	 	 	 	2,100.50	 	 	 	10,393	 
	TSAI, HUI-HUANG	 	$	165,162	 	 	 	5,601.40	 	 	 	27,716	 
	TENG, CHIA-PIN	 	$	619,368	 	 	 	21,005.50	 	 	 	103,936	 
	TENG, CHIA-CHI	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	TENG, CHU-YUN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	TENG, TE-SUNG	 	$	117,972	 	 	 	4,000.90	 	 	 	19,797	 
	CHENG, CHIEN-SHAN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 



 




    	4



    	 



    

 


	CHENG, SAEN-CHUAN	 	$	663,595	 	 	 	22,505.40	 	 	 	111,358	 
	LU, FU-HSIUNG	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	HSIAO, CHUNG-HUNG	 	$	70,784	 	 	 	2,400.60	 	 	 	11,878	 
	HSIAO, LI-CHUN	 	$	29,492	 	 	 	1,000.20	 	 	 	4,949	 
	LAI, JIH-HSUAN	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	LAI, YUEH-ER	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	LAI, CHIH-LIN	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	LAI, MING-CHUN	 	$	433,549	 	 	 	14,703.60	 	 	 	72,754	 
	LAI, MING-CHU	 	$	132,719	 	 	 	4,501.10	 	 	 	22,272	 
	TAI, CHIEN-KUEI	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	TAI, TANG-CHIN	 	$	1,445,165	 	 	 	49,011.90	 	 	 	242,513	 
	TAI, I-HUAN	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	TAI, I-YEN	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	TAI, YU-HUAN	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	TAI, CHIA-SHENG	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	HSUEH, WIN-CHUNG	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	HSUEH, CHIN-LUNG	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	HSIEH, PEI-CHI	 	$	2,063	 	 	 	70.00	 	 	 	346	 
	HSIEH, FENG-CHI	 	$	41,291	 	 	 	1,400.40	 	 	 	6,929	 
	CAUNG, WEN-CHENH	 	$	20,645	 	 	 	700.20	 	 	 	3,465	 
	CHUGN, TSAI-MIN	 	$	73,732	 	 	 	2,500.60	 	 	 	12,373	 
	CHIEN, CHIH-MING	 	$	58,987	 	 	 	2,000.50	 	 	 	9,899	 
	CHIEN, SHU-LIN	 	$	88,479	 	 	 	3,000.70	 	 	 	14,848	 
	CHIEN, SHU-HUI	 	$	147,466	 	 	 	5,001.20	 	 	 	24,746	 
	SU, CHIEN-MIN	 	$	600,775	 	 	 	20,374.90	 	 	 	100,816	 
	SU, YUAN	 	$	294,931	 	 	 	10,002.40	 	 	 	49,492	 
	HIS, HUI-MIN	 	$	61,936	 	 	 	2,100.50	 	 	 	10,393	 
	LAI, YI-CHUN	 	$	206,451	 	 	 	7,001.70	 	 	 	34,645	 
	Ocean Reserve Ltd.	 	$	3,765,917	 	 	 	127,718.80	 	 	 	631,958	 
	Joseph Shashaty	 	$	1,787,736	 	 	 	60,630.00	 	 	 	300,000	 
	Vadim Brunell	 	$	1,787,736	 	 	 	60,630.00	 	 	 	300,000	 
	Craig Scott Galper	 	$	1,787,736	 	 	 	60,630.00	 	 	 	300,000	 
	Total:	 	$	830,490,304	 	 	 	28,165,580.60	 	 	 	139,364,582	 



 




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